Frequently Asked Questions
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Frequently Asked Questions
How long does it take to get approved?
This depends on the finance product, the amount of the finance, complexity of the transaction and the information available. Timing can also be impacted by demand factors such as the time of year, or promotions. For example the end of financial year is always busy for cars, equipment and business loans, while the end of calendar year is always busy for property. We always discuss the importance of turnaround time with our customers so as to set expectations and help them chose a suitable solution. We know ahead of time how long each lenderr is taking and this can be one of the factors that features in choice of lender where timeframe is important.
For cars and equipment, smaller amounts from $10,000 to $150,000 can often be approved with limited information in a matter of a few hours. Approval of a medium sized funding amounts from $150,000 to $1,500,000 can take from one day up to a week. Larger lending limits from $1,500,000 to $10,000,000 can take from a few days up to a couple of weeks to arrange.
Unsecured Business loans, from $5,000 to $250,000 are usually approved in 24-48 business hours, approvals last for 30 days.
Residential mortgages take from 1 day to approve, commercial mortgages, refinances and secured business term loans can take from 1 week to approve, the longest time to approve is up to 4 weeks.
Once approved, credit approvals last for 1-3 months at a time before needing to be refreshed.
What are your rates?
Rates depend on a number of factors such as, lending product, purpose, features, term, data available, time available, how long borrower is established, asset-backing of the borrower, credit history, credit rating/score, available lenders, loan to value ratio (LVR), gearing, in relation to asset finance, whether goods are new or used, dealership or private purchase, specialised or not.
We always strive to present competitive and flexible finance products to our customers, to keep them coming back to us and referring their friends and associates. We are competitive with going direct to a lender or your bank, yet with us you get more service and advice, more finance approved, more choice of financier and products, often with less security than going direct.
Is NFG Finance competitive with a bank or larger firm?
Absolutely, our accreditations with finance companies and banks are mostly held via our affiliation with our aggregators, who represent hundreds of other broking firms as well as NFG Finance. Finance brokers represent around 60% of all mortgage and asset finance in the Australian marketplace, brokers use aggregation firms to pool finance volumes so as to get better deals for clients, while banks love dealing with aggregators as brokers are the lowest cost distribution for their products. We offer our customers access to more than 50 banks and independent financiers. We also have access to white-label finance programs, international finance companies and private financiers not otherwise available to borrowers in the market.
If the bank has to pay brokerage, wouldn't it be cheaper going direct?
This is a common misconception, in reality brokerage is not an additional cost borne by customers, as brokers effectively replace requirement for banks to hire additional sales people, in fact brokers are the lowest cost business acquisition channel a bank can have as brokers are commission only sales people. Banks provide branches, sales people and relationship managers within their direct businesses at a much higher cost than their broker channel. If you go direct to a bank, the bank needs to make additional margin to pay all the overheads. Effectively you are paying the same, but without the service level, choice of product or independent advice (such as the Best Interests Duty) that you get from your broker.
No financials? New Business? We can Help!
We help lots of newly established businesses, from 1 x day ABN’s to businesses who have been going longer but haven’t completed their first year of financials. Get in touch with us to discuss your requirements.
Been declined for Finance, can you help?
Shopping around for finance or being declined is not good for your credit rating, each application you make direct to a lender puts a credit enquiry on your credit file. Each enquiry can reduce your credit score, reducing your chances of approval. If you are not sure of your prospects of approval, or have been declined for finance, please get in touch with us. We will review your application, we can often see why you were declined and will be able to workshop your application with appropriate lenders prior to making a formal application. This process limits your credit enquiries and improves your chance of approval, as well as saving you a lot of time and stress.
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