Big banks vs smaller lender – the pros and cons
Most borrowers in Australia choose a big bank, often because they don’t do the legwork to find a better deal, or because they don’t know about the smaller lenders.
- Some of the pros and cons of the non-major lenders vs big banks are:
- Small online lenders tend to be the cheapest.
- Big banks generally offer better package rates.
- Non-majors tend to offer better customer service but have fewer, if any, branches.
- People tend to trust major institutions but young people are more inclined to deal with the non-majors because they are more open to dealing with other brands.
Source: Perth Now