As a report released by Choice has indicated, using a broker to find a home loan may not be all it is cracked up to be.

One of the issues Choice raises in their article is the false perception that brokers can offer the absolute best loan to each client based on the borrower’s individual circumstances.

But the reality is that not all lenders have agreements in place to issue loans through all brokers. Should the best loan for you be offered by an organisation that your broker doesn’t have an deal with, they can’t live up to their reputation of being able to find you the absolute best product.

In fact, as Choice states,

the law only requires that mortgage brokers do not suggest a home loan that’s unsuitable for your needs.

Take our own product for example. Our Ultimate Home Loan has won Canstar‘s five star rating five years in a row, while we have won Australia’s Best Credit Union from Mozo’s People’s Choice Awards two years in a row, as well as being named Credit Union of the Year 2016 by Smart Investor Magazine.

We feel comfortable that we offer an outstanding value home loan that is well worth recommending. However, as we choose not to accept loans from brokers, even if our product suits you and your needs, there is no possible way a broker can recommend it to you.

Instead of putting all your faith in a broker who may not have as large a range of products to select from as it first appears, doing a little research of your own by using comparison websites like Mozo can give you a better overall picture of the home loans available to you.

And given your home could be the biggest purchase of your life, it would be worth taking the time to do your own homework rather than relying on someone – even a broker – who doesn’t have all the information.