You’ve got your deposit sorted (nice work!) and you’re ready to take the next step towards buying your first home. Now comes the big question – do you go straight to your bank, or talk to a mortgage adviser first?
It’s a question we get from first home buyers all the time, and the answer really depends on what you’re after. Let’s break it down so you can decide what’s right for you.
Talking to Your Bank Directly
Most people’s first thought is to walk into their bank, after all, they already know you, you’ve probably had an account there for years, and you might even have your KiwiSaver with them.
Pros:
Familiarity - They know your transaction history and spending habits
Simple communication - You deal with one organisation
Existing relationship - You don't have to go through the process of switching banks
Cons:
Limited options – Your bank can only offer their own products, interest rates and amount of lending their calculations allow
Stricter rules – Some banks are more conservative with lending than others, especially for first home buyers.
Time pressures – You may have to fit into their schedule, and during busy times, it can take a while to get an appointment or branch opening times might not work
Working with a Mortgage Adviser
A mortgage adviser (like us at My Mortgage) is basically your personal home loan matchmaker, but with a lot more coffee. We work with multiple banks and lenders, so you’re not locked into just one option.
Pros:
Access to multiple banks and lenders - More choice often means better chances of approval and better interest rates.
Expert, independent guidance - We know what each bank likes (and doesn’t like) and can structure your application to give you the best shot of getting the result you want
We do the legwork - Comparing offers, chasing approvals, explaining the fine print. We handle all that for you.
Same cost as the bank - In most cases, there’s no charge to you, we’re paid by the lender once your loan settles.
Cons:
Extra step in the process - If you’re dead-set on one bank, going through a mortgage adviser may feel like an extra layer.
Varies by adviser - Not all advisers have the same lender panel or experience, so choose one with proven first home buyer expertise.
So, Which Should You Choose?
If you’ve got a straightforward situation, a strong existing relationship with your bank, and you’re confident they’ll approve your loan, going direct can work fine.
But if:
You want the best possible deal across multiple banks
You’re unsure how your application stacks up
You want someone to explain things in plain English
You want independent advice and someone on your team
Or you just don’t want the hassle of running around comparing rates and criteria
…then talking to a mortgage adviser first is your best bet.
Our Tip for First Home Buyers
Even if you’re leaning towards your bank, there’s no harm in getting a second opinion from an adviser. We often find we can either:
Get you a sharper rate,
Secure better lending terms, or
Find an approval when your bank says no.
You’ve worked hard to save your deposit – make sure you’re getting the most out of it.
Keen to chat about your first home loan?
Book a free, no-obligation chat with one of our team at My Mortgage. We’ll walk you through your options and help you get into your first home with confidence.
