Hi,
Is there any major advantage of using an in-house broker vs. an external broker when going for a builder? For instance, most builders partner with financial services to provide you with broker services, and I like the idea of everything being in-house, but I'm still questioning whether it has any major advantage over going with an external broker?
The reason I ask is that I have had numerous meetings with an external broker that I've been more comfortable with.
Best Regards.
Salman K.
Finance - External Broker vs. In-house Broker?
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Hi Salman,
FULL DISCLOSURE UP FRONT - I am an external broker so I have a bias.
There's no advantage with an internal broker over external - in my opinion, in fact it could go the other way if the broker and sales agent are talking and the agent becomes aware that you can afford a little more and walks you up in your spend.
If I am really searching for an advantage it would be in terms of supplying paperwork backwards and forwards which isn't really a big deal anyway.
There's major advantage in dealing with someone you trust and are comfortable with, I would go with that.
hope you enjoy the build process.
Bec
FULL DISCLOSURE UP FRONT - I am an external broker so I have a bias.
There's no advantage with an internal broker over external - in my opinion, in fact it could go the other way if the broker and sales agent are talking and the agent becomes aware that you can afford a little more and walks you up in your spend.
If I am really searching for an advantage it would be in terms of supplying paperwork backwards and forwards which isn't really a big deal anyway.
There's major advantage in dealing with someone you trust and are comfortable with, I would go with that.
hope you enjoy the build process.
Bec
I went external. She was fantastic. Plus she could comiserate with me when the build lagged.
Hi Salman,
FULL DISCLOSURE UP FRONT - I am an external broker so I have a bias.
There's no advantage with an internal broker over external - in my opinion, in fact it could go the other way if the broker and sales agent are talking and the agent becomes aware that you can afford a little more and walks you up in your spend.
If I am really searching for an advantage it would be in terms of supplying paperwork backwards and forwards which isn't really a big deal anyway.
There's major advantage in dealing with someone you trust and are comfortable with, I would go with that.
hope you enjoy the build process.
Bec
FULL DISCLOSURE UP FRONT - I am an external broker so I have a bias.
There's no advantage with an internal broker over external - in my opinion, in fact it could go the other way if the broker and sales agent are talking and the agent becomes aware that you can afford a little more and walks you up in your spend.
If I am really searching for an advantage it would be in terms of supplying paperwork backwards and forwards which isn't really a big deal anyway.
There's major advantage in dealing with someone you trust and are comfortable with, I would go with that.
hope you enjoy the build process.
Bec
Thanks for your input! I was thinking the same, that much comfort level with the broker may be more important than anything!!
Thanks! 🙂
I went external. She was fantastic. Plus she could comiserate with me when the build lagged.
Hahaha!! Yes, that probably would have been the best thing about it! Hope you got your place ready without much delay and are loving every bit of it!
Yep msalmank, have to agree with Bec. Go with whoever you feel comfortable with.
Having everything done in house might seem easier, however you need to realise that there is probably a bit of conflict of interest happening, as the builder is getting a kickback from the broker for having clients referred. So to them it doesn't matter what happens loan wise, as they will still get their cut of the action.
Don't feel pressured into going with their nomination. Not saying that it means their preferred broker is incapable of doing the right thing by you, but when you are talking about the biggest purchase of your life, you want someone you can trust and feel comfortable with over anything else, and if that is someone external, by all means go down that road!
Cheers,
Tom
Having everything done in house might seem easier, however you need to realise that there is probably a bit of conflict of interest happening, as the builder is getting a kickback from the broker for having clients referred. So to them it doesn't matter what happens loan wise, as they will still get their cut of the action.
Don't feel pressured into going with their nomination. Not saying that it means their preferred broker is incapable of doing the right thing by you, but when you are talking about the biggest purchase of your life, you want someone you can trust and feel comfortable with over anything else, and if that is someone external, by all means go down that road!
Cheers,
Tom
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you were just referred to get advice from your solicitor. This is a legal matter. Separately, why would you use a buyers agent for a house and land package?