What is the difference between a bank and a lender?
When you are getting a home loan, a 'bank' and a 'lender' provide a similar service, offering you funds to buy a property, and securing the loan on that property. The difference is that banks have a banking license, meaning they are also authorised to take deposits from the public and hold them (for example in a savings account).
The experience and service you may get can vary between banks and lenders, so it's important to consider all of this when comparing home loans. One of the main advantages of borrowing from a bank is ease of access, as it allows you to combine a range of financial products together, while non-bank lenders may offer competitive rates.
Your Aussie Broker can help you find the right lender or bank for you. This service is part of your free appointment with an expert Aussie broker.