What’s the Difference Between a Bank and a Mortgage Broker?
May 20, 2025 at 2:42 PM
Working with your Bank
Your bank knows you, and it can feel easy to just pop in and ask for a loan. But here’s the thing — they can only offer their own loan products.
So if they say no, or their rates aren’t the best, you’re back to square one.
Pros:
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You already bank with them
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Everything stays in one place
Cons:
- Limited to one bank’s options
- No help comparing other offers
- May be stricter with low deposits
Working with a Mortgage Broker
A mortgage broker is like a personal shopper for home loans. We compare options from different banks and lenders to find one that suits you — not just what suits the bank.
Best of all? It doesn’t cost you anything. We’re usually paid by the lender once your loan is sorted.
Pros:
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More lenders = more choice
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Help with low deposit options (like 5%)
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Expert advice at no cost
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Less stress — we handle the paperwork!
Cons
- You’ll get more info (which is a good thing!
- Some complex situations may take extra time — but we guide you through it
Real Talk: Which One’s Better for First-Home Buyers?
If you’re a first-home buyer in Invercargill — especially if you’ve got a smaller deposit or want to explore more than just one option — a mortgage broker is a great place to start.
We can:
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Help you access 5% deposit loans (through Kāinga Ora lenders)
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Compare offers from multiple banks
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Explain your options clearly (no jargon!)
Local Help, Real Support
I’m based right here in Southland and work with first-home buyers every week. Whether you’re just starting out or already have a house in mind, I can help make the process easier — and give you confidence in your choices.
Let’s have a quick chat — no pressure, no cost. Just good advice.