Why Chasing the Lowest Rate Nearly Cost This Client $120K

A Cautionary Tale From a Mortgage Broker on the Northern Beaches

Every now and then, a client situation comes along that reminds you why experience matters.

This one? Let’s just say it was eye-opening—and it might just save you from making a very expensive mistake.

The Enquiry That Started It All

A Northern Beaches local reached out, looking to upgrade the family home. He needed a pre-approval, but it was subject to the sale of his current property.

His place was already on the market, and he’d just found another home he loved. Timing was everything.

So, I did what any good mortgage broker on the Northern Beaches would do: I compared options from a wide range of lenders, tailoring them to his situation and urgency.

But Then... the Low Rate Obsession Took Over

He wasn’t thrilled with the comparison I’d sent through.

Why? Because he’d seen a shiny online ad for a super low rate from a big-name lender—let’s call them ABC Bank. That’s the deal he wanted, no questions asked.

I explained that while that rate looked great on paper, ABC Bank had a 30+ day turnaround time just to look at applications.

Given his timeline, going with that lender could jeopardise the whole deal. He needed a solution that worked fast—not just a rate that looked good in an ad.

But he wasn’t having it.

So, I respectfully stepped aside. I told him if he was set on that lender, he’d have to apply directly.

Fast-Forward 30 Days…

Guess what happened?

He called me back. That application didn’t go through in time—and now, he was about to lose a $120,000 deposit on his new property.

As a matter of principle, I didn’t want to take the deal.

But as a Northern Beaches mortgage broker who genuinely cares about outcomes, I couldn’t watch him lose that kind of money.

When Time Matters, Rate Doesn’t

We kicked into gear, found a lender who could settle the whole deal in five days, and saved the transaction (and his deposit).

And you know what?

That low interest rate? Didn’t matter anymore.

What mattered was speed, certainty, and a broker who knew how to get it done.

Here’s the Lesson (Especially If You’re Buying on the Northern Beaches)

When you're buying in a competitive market like the Northern Beaches, you need to remember one thing:

💡 Solution over rate. Every. Single. Time.

Here’s what actually matters when you're upgrading or purchasing:

✅ A lender who can act fast

✅ A broker who understands your urgency

✅ Pre-approvals structured for your situation

✅ A seamless process that gives you confidence to move quickly

Sure, a low rate is appealing. But it’s not worth anything if it comes at the cost of your dream home—or a six-figure deposit.

Final Thoughts

As a trusted mortgage broker Northern Beaches buyers rely on, my job isn’t just to chase the cheapest headline rate.

It’s to guide you to the right solution—based on your timeline, your goals, and your financial reality.

So, if you're planning a purchase or upgrade and want honest, experienced advice that puts your outcome first—get in touch.

Because in real estate (and life), the cheapest option isn’t always the smartest one.