Which lender should you choose?
No matter what transaction you’re making, price is not always the most important thing. Most of the time, we’re conditioned to go for the cheapest option, only to find out that the reason why it was cheap was that it was missing certain qualities or features.
Applying for a home loan is no different, which is why we’ve gathered feedback from Peasy customers, lender rating websites, and even our own personal experiences, and rated our lenders in 4 categories, with a maximum score of 4 stars.
We’ve provided a table below with all of our lenders and their star ratings in each category, plus a note at the bottom about how we scored them and how these scores may relate to your individual situation.
Important Note & Disclaimer
The scores were determined as follows;
Zero Stars – the lender performs poorly amongst its peers in the rating category
Half a star – the lender can be considered satisfactory in the category
Full star – the lender is amongst the best of the other lenders and will usually meet and exceed expectations
When rating the lenders, we used our experience in dealing with the lenders, customer feedback, Google, Facebook & Product Review reviews, and also our team’s personal banking experiences. Everyone’s banking experience will be different to each other depending on personal requirements and criteria, so this should not be relied upon as the only reference point when choosing a lender. The purpose of this rating is to give some insight as to how the lenders compare against each other as opposed to whether they are suitable in general. For example, lenders who rate low on Approval Consistency may take longer than their agreed turnaround times to process a loan application, although speed might not be an important factor for you. You may also not require advanced banking features or good customer service if you’re looking for a basic “set and forget” type loan. For specific product and features, please refer to your product comparison, or alternatively, please contact our friendly team or book a time to speak with your broker.
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