Bank or Broker???

Is It Better to Go to a Bank or a Broker?

If you’re thinking about getting a home loan, one of the first questions you’ll probably ask is: should I go straight to the bank, or use a mortgage broker?

The short answer? It depends. The better answer? Let’s break it down.

The Bank Route: Familiar, But Limited

For a lot of people, walking into their local bank branch feels like the obvious first step. You may already have your everyday accounts there, maybe even your car loan or credit card. It feels convenient, and you might assume loyalty comes with perks.

But here’s the thing: a bank can only offer their own products. That means one lender, one policy set, and one pricing structure. If your financial situation is straightforward and you meet their criteria perfectly, that might be fine.

But if you’re self-employed, have a more complex income, want to explore better rates, or just want to compare your options, going to a bank is like walking into a shoe shop that only sells one brand. It might fit. Or it might not.

Enter the Mortgage Broker: Your Personal Loan Matchmaker

Mortgage brokers work with multiple lenders (often 20, 30, or more) and have access to a wide range of loan products. Their job isn’t to sell you one bank’s product, it’s to find the best fit based on your specific situation.

Think of a broker as your loan translator, negotiator, and advocate, all in one. They’ll explain the jargon, chase the bank, and help package your application properly to avoid delays or rejections.

Good brokers know which lenders are generous with bonuses, flexible with policies, or quicker with approvals. They also understand that not everyone fits into the “9–5 PAYG” box.

Is There a Catch?

Not really. Most brokers are paid by the lender once your loan settles, and there’s usually no cost to you. The key is choosing a reputable broker who’s accredited, experienced, and genuinely interested in getting you the right outcome, not just any approval.

So, Which One Should You Choose?

If you want the fastest path, the most tailored advice, and access to more than one option, a broker is usually the smarter route.

But if you’re loyal to your bank and just want to compare a few options first, there’s no harm in doing both.

Just don’t assume your bank will always give you the best deal, especially when there’s a broker who can do the shopping around for you.