The core difference: one lender or many
If you go direct to your bank, they'll tell you what they can offer. That's it — one set of policies, one rate sheet, one set of servicing rules. If it's a fit, great. If it isn't, you don't hear about the alternatives.
A mortgage adviser works across a panel of lenders. That doesn't mean 'better rate' automatically — it means the application gets sent to whichever lender is the best fit for your specific situation, not whichever one you happen to bank with.
Who actually pays the adviser
The lender pays the adviser a commission when the loan settles. The borrower doesn't pay a fee in the normal course of things. This is the same commercial model that operates in insurance and much of financial services in New Zealand.
Advisers have to disclose how they're paid — it's a regulatory requirement. It's a fair question to ask upfront if it isn't offered.
How an application actually gets structured
Lenders don't all read the same borrower the same way. One bank's servicing calculator might be tighter on rental income. Another might have a more generous view of bonus income. Some are stricter on credit history, others weight it less if the story around it is good.
An experienced adviser knows the current settings across lenders and matches your situation to the ones most likely to approve at the terms you want. That's a lot of the value — not the rate itself, but knowing where to send the file.
When going direct still makes sense
If you have a straightforward salary, a strong deposit, no complications, and a genuinely competitive offer from your existing bank, going direct can be perfectly fine. Some private banking relationships also offer terms that don't turn up on adviser panels.
It's when things get more nuanced — self-employed income, more than one property, restructuring existing debt, low deposit, non-standard income — that the whole-of-market view starts to earn its keep.
What to do
You don't have to commit either way to have the conversation. A short call with an adviser will usually tell you whether they can improve on the offer in front of you, or whether the bank's offer is genuinely strong for your situation.
This is general information, not personalised advice. Your situation is its own thing — the right answer for you depends on the details. Have a chat with one of our advisers and we'll walk you through it.