Is Your Loan Out-of-Date?

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Everyday, prompted by pressure from the government, banks are changing their lending policies. What happens if, last week, your bank indicates you will get a loan approval, but this week they decline you?

Let’s face it, if the lending manager from the local branch declines you, they are hardly likely to want to send you to the competition. And, even if they were being generous and wanted to point you in the right direction, how would they know what their competitors’ lending policies were?

This is the benefit of using a Mortgage Broker. Brokers know which lenders will lend what, and to whom.

And, in a rapidly-changing world, really good brokers stay in close-touch with the banks and lenders so that they are ready for lending policy changes; that way clients don’t have the rug pulled from under them.

This is particularly the case with the reputable non-bank lenders who can match the Big Four for rates and products but are not facing the same government restrictions.


Chan & Naylor Finance

Some members of the Chan & Naylor Finance team at a recent briefing with non-bank lender, Mortgage Mart.  Lenders such as this will play an increasingly key role now that banks are turning off the tap


When you are choosing which mortgage broker to go with, you may want to ask them key questions such as:

  • How often do they attend Professional Development sessions
  • How many lenders do they have on their panel
  • Which non-bank lenders are on their panel
  • Are they part of a wider group where fellow brokers share industry tips and updates
  • How long have group members been in the mortgage broking profession
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Chances are, if a client goes with Chan & Naylor, they are likely to get the best deal.


Jenna Ford

Partner – Chan & Naylor Finance

Jenna Ford

Disclaimer: This article contains general information. Before you make any financial or investment decision you should seek professional advice to take into account your individual objectives, financial situation and individual needs.

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