Over the course of 2019, we submitted hundreds of home loans. While we have access to dozens of lenders, there’s a handful that we’ve consistently turned to because we think they provide the best outcomes.
What makes a lender more suitable than others? It depends on the circumstances, and it might not be what you think. Of course, the rate plays a part, we want our customers owning their own home as soon as possible or getting the maximum cashflow that they can attain. The following lenders have been our go-to over the last twelve months.
They happen to be the biggest bank in the country and largest home loan provider. Sometimes bigger is better. Because of the volumes we write, we get priority treatment and can get lightning quick approvals. That kind of speed gives you the ability to get out of the blocks and bid on a house that you love which just came on the market with confidence. Our customers also love the experience of being a Commonwealth Bank customer, with best in class customers service, internet banking and onboarding process.
As mortgage brokers, Commonwealth Bank’s policy is based around common sense. They are one of the few lenders that look at properties on the smaller end in size, which is essential for our inner city customers. They also are very consistent with the way that they assess applications. Surprises are rarely good when it comes to getting a home loan approved, and with CBA you don’t get many.
Macquarie’s star has risen in the home loan market, they are now close to being the top lender in NSW! They’ve invested heavily in technology on both the application process side and the customer experience side and it really shows. Macquarie is one of the few banks that you can get same day approval, which customers love! They are also priced really well for loans with high deposit, they are pretty much market leading in this sector.
St George Bank
St George have some interesting niches which they specialise in. For example, St George offer some of the best prices for low deposit home loans. St George look quite favourably on self-employed and bonus income, which means these kinds of borrowers are in a stronger position to borrow with this lenders. They also have some great extras, with their marketing department masterminding cashbacks and rebates regularly, great for helping you furnish your home once you settle on your loan or to put back into your offset.
NAB really support first home buyers, with great rates and favourable terms around the amount of deposit these borrowers need to have saved. NAB also service the prestige end of the market, with borrowers of multi-million dollar properties not needing to provide as large a deposit as they would with other lenders.
Liberty is a non-bank lender which really come into their own with scenarios that sit outside of the box. They pride themselves on being a solutions based lender. They also price very competitively and in many instances, they are able to lend borrowers more than other lender calculators allow. Liberty also do not use credit scores for automatic decisions, which leads to more common sense outcomes.