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Getting a home loan is not like ordering a pizza!

I have noticed that online mortgage platforms (Uno, RateCity, Lendi, Mozo, Finder etc) have been aggressively marketing online and on tv about how the consumer can do their own search online and get the best deal. Not only will they get the best rate, but they can do so in a matter of minutes…
It all sounds too good to be true because it is… Seriously, does the average consumer, coupled with an online mortgage platform have enough scope to navigate complex lender policies to make an accurate recommendation? No bloody way!
What I am seeing all too often is clients jumping on these platforms, wasting minutes/hours/days trying to decide which loan to apply for and then getting turned away because they don’t fit the lender’s policy. And then even worse, they apply for a loan and get declined, which has negative effects on their credit file.
The mortgage market is complicated at the best of times, it’s not as simple as just ordering a pizza.
Dim – The Bare Broker
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