Finance advice
Philippe Brach

Big 4 bank or boutique lender?

By Philippe Brach

When you are in the market for a mortgage, choosing between a big four bank and a smaller lender is a big decision.

Blogger: Philippe Brach, CEO, Multifocus Properties and Finance

Approaching one of the big four banks is many people’s first choice.

It’s completely understandable why people turn to the most well-known banks when getting a loan. When you do all of your banking with one financial institution, you unconsciously build a relationship with that brand, so you naturally lean towards your own bank first when you’re in need of finance.

Many people also think that if they have a long history of banking with one institution, it may work in their favour when they apply for a mortgage.

The reality of the situation, however, is that the days of building a relationship with your local branch manager and getting better service or discounts in return for your years of loyalty – well, they are long gone. These days, it’s all about the numbers.

Banks and lenders rely on sophisticated software programs to help them assess the ‘risk’ of lending you money. They decide whether you’re a ‘good’, ‘bad’ or ‘average’ credit risk and if you don’t pass their criteria, you don’t get the loan.

But here’s the crucial difference: every lending institution uses different criteria. That’s why it’s so important to do your research when applying for a loan, because while you might sail through the application process with Lender A, you could find the door closing in your face with Lender B.

How can a smaller lender benefit you?

If you’re in the market to buy a home or investment property, or to refinance your existing loans, the best way to find a loan that suits your specific situation is to use a trusted mortgage broker.

Brokers work with different lending institutions day in, day out and know the different ‘quirks’ that can help or hinder your loan application experience.

For example, one of the big four banks currently has a policy in place that means any loan application they receive is assessed as if the applicant wants a 25-year loan. As you can imagine, the loan repayments on a $500,000 mortgage are substantially higher when spread over 25 years than they are when spread over 30 years.

This bank has recently enforced this policy as a form of risk mitigation. There has been a lot of chatter in the media recently about banks and potentially irresponsible lending practices and some financial institutions are going out of their way to ensure their customers can repay their loans.

Now, if you’re applying for a home loan and you have plenty of serviceability – which means you have a strong income position to support your mortgage repayments – then this policy won’t be a problem for you. However, if you have reached a point where your serviceability is tight, which can happen quite easily for investors who own multiple properties, then this particular lender is probably not the right fit for you.

Instead, a niche or boutique lender that has a more relaxed serviceability criteria would be a better fit. A good broker will be able to direct you towards the most suitable lender.

So while some people will always defer to the big four banks because they’re the most well-known, it often pays to work with a smaller niche lender who better suits your personal situation. This is why it’s so important to work with a mortgage broker to get the right loan from the outset. 

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About the Blogger

Philippe Brach

Philippe Brach

Multifocus Properties & Finance was established in 2005 with the aim of mentoring investors to create wealth and invest in their future by building an investment property portfolio.

The company is led by Philippe Brach who has over 25 years experience in the international corporate world specializing in finance, accounting and investment. He is a fully qualified and extremely experienced real estate agent, concentrating his attention solely on investment opportunities around Australia. In addition he is a highly regarded mortgage broker, being accredited with around 35 different lenders.

FROM THE WEB

podcast

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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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Caifu Property\u2019s Automatic Equity program is designed to add a minimum of double the value of your salary to your portfolio every 12-18 months.\u00a0The program deals with five to six figures of instant equity, helps time poor investors generate equity in the shortest time possible without compromising your lifestyle or demanding your time.\u00a0<\/p>\r\n

In this episode of Property Showcase, Drew Evans joins\u00a0editor of Real Estate, Tim Neary, to discuss the softening of traditionally strong markets and why he believes that investors should still see opportunities to create equity.<\/p>\r\n

In this episode, hear from\u00a0Drew about:<\/p>\r\n

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    In this episode of Property Showcase, Michael Beresford joins editor of Wealth James Mitchell to unpack why recent political changes are not reason for concern for Australian investors.<\/p>\r\n

    In this episode, hear from\u00a0Michael\u00a0about:<\/p>\r\n

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      More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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When buying property, it’s important to focus on what’s important. Investor Katarina Taurian shares just what exactly is important to her: having the mindset of looking past superficial cosmetic matters and homing in on the structural suitability and potential of a property.

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In this episode of the Smart Property Investment Show, Katarina joins host Tim Neary to unpack her entry into the property market and experiences of rentvesting, and how the Smart Property Investment Show was vital  in a number of decisions which she made along the way.

Katarina discusses about the team that she had help her along the way, why she thinks that you should never skimp on a good solicitor and accountant, and the red flags which tell her why buying a new property doesn’t necessarily mean buying a better property.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Why buying new property doesn’t mean buying better property

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