Do some brokers have better *in* with some banks than others?

Asking out of curiosity/ignorance:

Depending on the loan volume say Bank A gets from Broker B, will Broker B be able to push tight cases compared to Broker C who doesn't do as much volume with Bank A?

What I am really asking is - if going with a particular bank is it better to go with particular broker as well?

 

It can be. Sometimes brokers who do more volume with a certain lender get quicker turnaround times, pricing etc.

 

The lady that called me a few weeks ago from BoM and mentioned that some brokers manage to get the $500 per year annual fee waived or simply pay it out of their pockets for their clients.

This would seem to suggest that some brokers have it better than others with a particular bank

 

Different brokers have different relationships with lenders - certain brokers might be able to get things done quicker and/or have certain pricing that's available to their clients. Some might have good relationships with credit assessors.

Personally - one of the biggest perks I have with a lender is direct access to a senior credit assessor who I can email tricky scenarios to - and he'll respond with either a yes/no. That decision is then upheld when the deal is submitted (so far, so good anyway - hopefully it continues....but I never take anything for granted when it comes to banks).

Cheers

Jamie

 

The marginal benefit of have a 'good' relationship with any one lender, is far outweighed by having a long term relationship with a single broker.

A tailored finance structure from start to finish is worth it's weight in gold - imagine it like writing a book. Do you think a book would be more cohesive if it has a single author, or if at random pages the author and story changed completely as someone else takes over the reigns.

 

Quite a few lenders have some sort of preferred broker program of some description or another. The volume requirements are usually quite significant and many brokers favour one lender or another in order to qualify.

The perks tend to be things like faster turnaround times, access to upfront valuations or access to credit assessors. They'll often give invites to exclusive events (lunches, footy corporate boxes, etc).

Personally I'm not enamoured by the prospect of nice meals or sporting tickets, and most lenders allow upfront valuations and access to credit anyway. Fast turn around times is sometimes useful, but if it's a deal breaker things have already done wrong anyway.

I'm a member of several of these groups although at least one is going to lapse due me not sending them any more business since the APRA changes. Realistically I don't see this as a significant point of difference from the perspective of the borrower. Impartial advice beats favouritism for a few perks.

 

Who's got time to use them anyways? Too busy writing the loans needed to qualify for them!

I do like the fast approvals though - that's something that makes a noticeable difference to the client experience.

 

I won't lie - I do take them up on the sporting events

 

If you are partial to a particular bank/lender, it may be worth asking the broker how much they work with that lender.

 

Thanks for all the replies. I do agree that there is more value in maintaining good relation with one broker but was nevertheless curious

 

Feel free to send those perks my way, Jess