Big Banks Vs Small Banks – Who should you choose?

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Which bank is best for you?

So, it’s come time to decide on a lender for your home loan. Many of us choose to approach our own banks at the beginning, not taking the time to shop around and consider other options. Maintaining a competitive rate on your mortgage can save you tens of thousands of dollars over the life of your loan. We feel it always pays to shop around!

Here are some of the perceptions out there around small lenders:

  1. My debt will not be secure – remember you are holding the banks money, it’s them that have to make sure you are secure.
  2. They don’t have great rates – on the contrary most of the more competitive rates, on the market, are offered by the non-major lenders.
  3. They can be difficult to deal with – many of the smaller lenders we deal with win regular awards for their customer service, and in fact pride themselves on their service.
  4. They don’t have a broad range of products to offer – this can be true for some lenders who are not banks, but you can always keep your banking with your major and just have a low cost loan with another lender. You don’t have to have all your eggs in one basket. In addition there are many smaller banks that do offer a full suite of products with excellent online banking.
  5. They have tougher lending criteria – true. Larger lenders tend to be able to absorb more risk and can therefore be more flexible.
  6. Approval times are longer – this is not always true. We find that a well structured application with all lenders have reasonable turn around times.

There is no right or wrong answer as to which bank you should choose. However, we feel that it makes sense to shop around and make sure you are getting a great deal.

Remember by using Lime Mortgage Brokers:

  1. We will shop around for you making sure that you meet lender policy
  2. We will prepare and submit your loan for you, no back and forth with the bank trying to work out what you need. Our experience is yours.
  3. We will manage your application process which can then give you stress free access to multiple lenders. We do the hard work for you.
  4. We will keep you informed throughout the lending process and also set your expectations with approval times.

“our knowledge and experience is yours”

Shawn Swart – 0415 761 799

Facebook – Mortgages Perth – Shawn Swart

Disclaimer – last updated March 19, 2019

The information contained on website and posts are for general information purposes only. Lime Mortgage Brokers assumes no responsibility for errors or omissions in the contents of this service. The information we provide may not be relevant for all individual circumstances. You should always seek professional advice before you take action in relation to any of the matters written about in this publication.