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It's a fact that the mortgage industry is competitive, however statements that non-banks are not able to keep up with other lenders is a myth. There are many ways non-banks stay competitive against the big banks.

In a post Global Financial Crisis (GFC) environment, some borrowers have opted to go with the big banks as they felt they were the safer option; however non-banks survived the GFC and have continued to be just as competitive and offering customer service that is way above the rest.

The question is how do non-banks remain competitive against other lenders? Unlike the big banks, non-banks are not weighed down by the cost of having large corporate structure and branch networks. This allows non-banks to be more flexible by being able to offer more competitive interest rates, flexible loan options and tailored communication with their borrowers. This flexibility also enables non-banks to remain at the forefront of the latest technologies and quickly adjust their services and loans to meet the needs of customers. One example of this is the Online Pre-Approval provided by State Custodians which can be accessed on your phone or computer.  Being able to assess you borrowing power quickly and simply is a great benefit to customers looking at loan options outside normal business hours.

Interest rates are one of the main factors people consider when looking for a home loan. This is just one area where non-bank State Custodians is at the top of the pack. We are constantly working towards providing borrowers with the best possible interest rate and were the winner of Money Magazine’s “Cheapest Flexible Home Loan Non-Bank” award for 2013. State Custodians ranks higher above many of the big lenders on mortgage comparison websites like RateCity, Infochoice and Your Mortgage comparison table.

According to the Choice Report on Better Banking, “The most common complaints include hard-to-decipher terms and conditions, fees and charges, and poor customer service.” State Custodians know the importance of providing people with the best customer service and have recently taken out the award for Best Overall Customer Service at the 2013 Australian Home Loan Awards.

Non-banks are competitive and offer innovative services and sharp home loans. Non-banks, such as State Custodians, will continue to thrive and grow and provide competition which will help mould the future of the mortgage industry.