No Fee Mortgage Broker

Davies Home Loans won’t Charge you a Brokerage Fee.

At Davies Home Loans, we think the best way to explain how this works is to use the analogy of a branch loan officer.  If you were to take time off work to visit a branch for a loan, the branch loan officer will conduct the interviews, if they can help, they will offer a product from that bank and prepare and submit all the paperwork with you.  For their efforts they get paid a salary.  In the background, the bank is also paying for the loan officer’s uniform, desk, computer, staff room and other overheads such as building maintenance, electricity and insurance.

When you get a Davies Home Loans Broker to help you, they will listen to your situation, compare this across many lenders and propose a solution.  They will then prepare and submit all the paperwork for you.  For this effort, the bank will pay Davies Home Loans to cover our costs such as salaries, vehicles, computers, staff room, building maintenance, electricity and insurance.

In both cases, banks have already factored all of this into their interest rates.

If brokers cost more than a branch loan officer, banks would simply hire more loan officers and we would be out of business.  As they are not doing this, clearly we are the lower cost to the bank.

 

mortgage broker banora point
finance lender tweed heads

Serving Tweed Heads & Norther Rivers

Great News

This is great news for you, as we believe that because we cost less than a branch loan officer, when we approach the banks head office for a discount on your interest rate, two things happen.  First the bank is fearful we will change lenders and suggest you go to a more competitive lender, and secondly because we are cheaper, they have a little room to move anyway, hence a better rate than a branch.

Now we all know a branch loan officer can request a discount as well, but we believe when they approach head office for this, they face the consequence of a pay drop to cover this (usually in the form of risking the Christmas Bonus – yes most bank loan officers also get commissions and bonuses).

There is however a third option being DIY.  Yes you can do a loan yourself, but …….

Lenders calculate the interest rate, terms and conditions based on their overheads, just like any other business.  So if you were to do some aspect of the work yourself, hoping to save money, they still need to pay someone (head office loan officer) to check things and as a result they do not compensate people for their time. Nevertheless, the bank does save a bit in this regards. We would only recommend this path to sophisticated borrowers, as when you go the DIY path, if you get it wrong, there is no avenue for compensation.

Now that we have covered that, there are a few questions we often get asked;

Q1.  Why would someone use Davies Home Loans for a loan against a well know big bank brand.

A1.  The answer is simply, that the loan is the same. People can get the big bank brand loan from us.  The bigger question is why would someone got to a branch loan officer, who is obligated under law to look after their employers interests versus a broker who under law must look after the borrower best interest.

Q2.  Doesn’t using a broker costs more than going direct.

A2.  Whether you use a broker or the loan officer in a branch, both are paid by the lender.

Q3.   Surely you can get a better deal going direct to a lender.

A3.   Whatever deal you can get, Davies Home Loans can also get (or better). We deal in hundreds of loans and have access to lots of lenders (including broker only lenders).  Davies Home Loans has a stronger negotiating position.

Q4.  I have been with my current bank for years and I’m sure they will look after me.

A4.  They will do the minimum to keep you happy. Unfortunately Banks are owned by shareholders, they look after the shareholder first.  We suggest chat with us first, get educated and hit your bank with full knowledge of what is out there and available.  Unfortunately all too often they will only offer a token gesture and rarely give existing customers the same as a new customer special.

Q5.  Is there any occasion where Davies Home Loans does charge a fee.

A5.  Yes. Customers can pay for our Mortgage Broker to travel to them if they wish and for some complex or unique situations we may need to charge a fee for our time and resources to determine if a loan is even viable in the first place.

Testimonials

Helen Simkins
Helen Simkins
21. June, 2022.
Greg and Narelle Davies and team provide a stellar service. I have used them for both my original home loan and a recent refinance of the loan also. Their care and communication has been above and beyond our expectations across the board. Putting our most important financial decisions into their hands has been nothing short of exceptional and we wholeheartedly recommend their services
Edwina Waddell
Edwina Waddell
1. June, 2022.
Went over and above to help us buy our dream. Thank you!
Marina Chiovetti
Marina Chiovetti
1. June, 2022.
"Greg and his team have helped us find mortgages for two of our very tricky properties in an unconventional lending scenario. In both instances, Greg came through when we thought we had no options left. We are very grateful to have Greg and his crew working on our property team. Thanks Greg! We have breathed so many sighs of relief when the phone rings and you're at the other end. You have been a tremendous help on our property journey!"
Andrew R
Andrew R
17. May, 2022.
Thanks Greg for getting the outcome we wanted in these challenging times. Your team did an outstanding job from the beginning to the settlement. Thanks again, Andrew
Bethany Collingwood
Bethany Collingwood
7. April, 2022.
The team at Greg Davies Home Loans were amazing, I’m a first home buyer and honestly didn’t know anything to do with the whole process. They were really kind and helpful guiding me along the whole process and not once did I feel I couldn’t ask about anything I needed help with or made to feel I was asking stupid questions. They also kept me in the loop with everything that was going which to me was amazing. Will 100% be recommending to anyone I know looking for loan broker.
Rachel J Weller
Rachel J Weller
15. March, 2022.
The team at Davies Home Loans are amazing! so helpful, communicated with me throughout the whole process, and were always so friendly! I was a first home buyer and they made me feel very supported and informed. thankyou!
Phil
Phil
9. February, 2022.
This Mortgage Broker understand the needs of it clients. The service provided to me and my wife was outstanding. I will continue too use there services moving forward and highly recommend to all that need financial advice.
Karen Betts
Karen Betts
5. January, 2022.
We highly recommend Greg and the whole team. They really took a lot of the stress and complication out of the mortgage process. They assisted where ever they could to simplify the process for us, and do the leg work that is so time consuming. The admin team were very responsive and communication between their office and us throughout the process was second to none. Thank you so much!!
Raquel Bruno
Raquel Bruno
15. October, 2021.
Greg and his team are extremely helpful and easy to work with. I was originally referred to Davies Home Loans by friends who were really happy with their services for my first home loan application a few years ago. Due to their excellent work, I recently returned as a client to re-finance my mortgage and again, they provided excellent services. The team is pretty on top of the process and are excellent communicators. Thank you Greg and the team for making this process easy and straight forward.
Adam de
Adam de
19. August, 2021.
I have now used the services of Davies Home Loans twice, and both times have been impressed with the friendly service, great communication and ability to deliver results. Both times Greg and his staff have closely worked through the loan application process with me, regularly giving progress updates and clear instructions. Any queries have always been promptly answered and both times they have secured suitable finance with low interest rates. I wouldn't hesitate to use Davies Home Loans again, and would highly recommend their services.