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