Banks Sell Products - Mortgage Advisers Give Advice. Here’s Why That Matters for Your Wallet.

The truth is, your bank can only sell you their products. They can't tell you if a competitor has a better rate, a more flexible structure, or a cashback offer that blows theirs out of the water. That's not their job.

The Bank's Menu vs. The Whole Market

The main banks offer a solid range of products: fixed and floating rates, offset accounts, and cashback sweeteners. These are great tools.

But bank staff are there to explain these products, not to provide personalised financial advice. They cannot, and will not, tell you if another lender's offering is a better fit for your long-term goals.

Then you have the challenger banks, rolling out attention-grabbing packages. You might see a "First Home Combo" with a discounted one-year rate, a few thousand in cash, a contribution to your insurance, and a KiwiSaver top-up.

It sounds brilliant, but this is where an expert eye is critical.

• Is that $2,000 cash better than a $5,000 offer from a main bank?
  
• What do their rates look like after that one-year honey-moon period ends?
  
• Does that KiwiSaver bonus require you to move your fund, and is that the best long-term move for your retirement?
  

For some, it's the perfect fit. For others, the shine wears off quickly.

The Adviser Difference: Strategy, Not Just a Product

This is where a Mortgage Adviser's value becomes crystal clear. Unlike a bank, an Adviser works for you. We are legally bound by a duty to put your best interests first.

This means we:

1. Compare All Options: We analyse the rates, fees, and structures from all the major banks, challenger banks, and specialist non-bank lenders side-by-side.
   
2. Access the Whole Market: We have access to lenders you may not even know exist - lenders who might say 'yes' when your main bank says 'no'.
   
3. Build a Strategy: We look beyond the flashy sign-up offer. We talk about your goals - paying off the loan fast, starting a family, building a rental portfolio - and then build a mortgage structure to match.
   

The Bottom Line

The difference is simple: Banks sell products. Advisers provide advice.

Your mortgage is a 30-year commitment. Settling for the default option because it's "easy" could leave tens of thousands of dollars on the table over the life of your loan.

Don’t just take the product they have to sell. Get advice, compare the entire market, and make your mortgage work harder for you. I'm always happy to share insights, so feel free to get in touch.