1) Product Choice
Banks can only offer their own products. That means you’re limited to their lending policies and pricing. While that may work for some, it also means you’re only seeing a small slice of the market. A broker, on the other hand, can access dozens of lenders — from big banks to credit unions to specialist financiers. That wider view increases your chances of finding the product that best fits your situation.
2) Brokers Work for You
Bank staff represent the bank’s interests. Brokers represent yours. A good broker will compare products across lenders, weighing up the pros and cons of each. They’re not tied to one institution, which means they’re free to recommend the most suitable option based on your personal goals, not the bank’s sales targets.
3) Ongoing Support
Your relationship with a bank tends to be transactional: apply, get approved (or not), and that’s that. Brokers, however, provide end-to-end support. They guide you through the application, help prepare your documents, and communicate with lenders on your behalf. Even after settlement, many brokers will check in to make sure your loan remains competitive.
4) Better Chances of a “Yes”
Brokers often know the back-end policies of each lender and can position your application in the best light. If you’ve had past credit issues or unusual circumstances (like self-employment), a broker can explain your story directly to the credit assessor. This tailored approach can significantly increase your chances of approval compared to a one-size-fits-all application through a single bank.
The Bottom Line: If you value choice, personalised service, and someone advocating for your best outcome, a broker can give you the edge. That said, if you already have a strong relationship with your bank and they’re offering a deal you’re happy with, that may be the right fit for you. The key is knowing your options — and that’s where brokers really shine.
Tip: With platforms like Loan Pantry, you don’t have to choose between doing it all yourself or relying entirely on a broker. You can explore your options upfront, then decide whether to apply directly or get extra help.
