- Lender access
- Broker: whole panel; direct: one lender
- Broker fee
- Often paid on completion, sometimes lender-funded
- Rate impact
- Broker access can offset any fee
- Time saved
- Broker pre-qualifies before formal application
What you lose applying direct
Applying direct to one lender means you see only that lender's rates, criteria and appetite for your specific deal, with no comparison and no fallback if they decline or price it unfavourably. A declined application can also leave a mark that complicates a second attempt elsewhere.
What a broker actually does
A broker with whole-of-market access places the case with the lender most likely to say yes on the best terms for your specific circumstances, rather than the only lender you happened to approach. That includes specialist and private lenders that don't take applications directly from the public at all.
When each option wins
There are cases where going direct is genuinely fine.
- Direct can work if you have an existing relationship manager and simple, mainstream needs
- Broker wins for anything time-sensitive, unusual, or previously declined elsewhere
- Broker wins when you want to compare terms rather than accept the first offer
- Direct can work for very small, standardised facilities with your existing bank
Cost of using a broker
Broker fees vary and are usually disclosed and agreed before work begins, sometimes payable by the lender rather than you. In many cases the wider access to competitive terms more than offsets any fee, particularly on complex or larger transactions where rate differences compound quickly.
Frequently asked
Does using a broker cost more overall?
Not usually — access to a wider panel often secures better terms that offset any fee, and fees are agreed transparently upfront.
Can a broker get me finance a bank declined?
Often yes, because the reason for decline is frequently specific to that lender's appetite rather than the underlying deal.
Do brokers have access to lenders I can't approach directly?
Yes — many specialist and private lenders only accept introductions through brokers, not direct public applications.
Will a broker slow down my application?
No, a good broker pre-qualifies the case before submission, which typically speeds up underwriting rather than slowing it.
Is it worth using a broker for a simple loan?
For straightforward, small facilities with an existing bank relationship, going direct can be perfectly adequate.
Considering going direct?
Tell us what you've been quoted and we'll show you whether whole-of-market access improves on it.
Related reading
Situations this applies to
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