“There’s no downside to having something in place, but there is certainly a risk in waiting particularly in a market where rate movements remain unpredictable,” he said. “You secure today’s rate, but you don’t lose tomorrow’s opportunity.”
Miles also challenged the perception that approaching a lender directly produces the best outcome, warning that automated decisions can disadvantage borrowers whose circumstances fall outside standard criteria.
“In reality, this can often result in a ‘computer says no’ scenario — where a case doesn’t neatly fit a lender’s standard criteria and is declined without further consideration,” he pointed out. “This is where brokers truly add value.”
He said brokers with established lender relationships are better placed to support clients with minor credit issues, self-employed borrowers with limited trading history, or those with complex income structures.
“A strong broker understands lender nuances, knows where there is discretion, and can often have informed conversations that go beyond what an automated system will allow,” he explained.