Why Use a Broker?
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Why Use a Broker?
Here are some of the reasons why you should use a mortgage or finance broker.
Mortgage brokers have a legal responsibility outlined in the National Consumer Credit Protection Act 2009 (National Credit Act) to act in the best interests of consumers. Banks are not subject to the Best Interests Duty, and do not have any obligation to act in the best interests of consumers under the Act. Only a mortgage broker will assist consumers to find the lowest cost product that best meets the clients objectives and needs.
Brokers are a preferred and growing channel for Australian banks and financiers, brokers generate over 60% of all new finance and mortgages.
A good broker has many different lending options. We have over 50 different financiers on our panel, including banks, independent and private finance companies, peer to peer lenders and more. Each has a different credit policy, many can only be accessed by brokers. Approaching a bank or financier directly can be like finding a needle in a haystack. A good mortgage or finance broker will get to know your objectives and challenges before selecting the appropriate lender, a process which could take you weeks or months.
A broker can help preserve your credit rating. Applications made by trial and error to your bank or random online finance companies can put a bad mark on your credit file, as each application can reduce your credit score.
A broker saves the banks time by packaging and presenting applications that meet credit policy, this leads to lower processing time and better outcomes. Banks only pay brokers on settled loans, saving them money employing sales staff. Savings are passed on to the broker and clients in form of rate discounts.
In most standard lending scenarios a broker’s services are provided to the customer for no additional payment.
Your broker is most likely more experienced than your direct bank contact. Our finance industry experience is 23 years, and we have previously worked for Australian, international and private banks and finance companies, in a variety of positions and industry sectors.
Because your broker can speak the bank’s language we can advocate effectively for our customers in ways that direct applicants cannot. As such you have a better chance of approval if you apply with an experienced broker fighting in your corner.
For businesses, brokers help you reduce your reliance on the bank. Having all your lending with the one bank exposes you to lender concentration risk, especially where the same bank has security over your property or business. By spreading finance among a number of lenders, business finance brokers can help you reduce this risk.
Your bank is not going to tell you if they don’t need your house as security for business lending, a broker knows how much collateral you need to offer the lender reducing your risk, and leaving collateral free for other purposes.
By spreading your lending requirements across multiple suitable lenders, a business finance broker can multiply the amount you can borrow, enabling you grow your business quicker, increasing your returns.
Finance brokers are business owners too, we understand the challenges of running a business. We are available to our customers.
Why choose Us as your Broker?
We are accessible and experienced and we aim to make the finance process easy for you.
We are paid by the bank or finance company once your finance has settled, most of our customers receive our service for no additional payment. Being paid on your success motivates us to work hard on getting your application accepted by the financier.
While we have a very high approval rate, if your finance can’t be approved, we will let you know what is possible, or what could be improved to get a better future result.
As your broker it is our mission to help you achieve your goals with appropriate and timely access to finance.
We are licensed and accredited brokers, we hold our own Australian Credit Licence (#459022) issued by ASIC. We are full members of the Finance Brokers Association of Australia (FBAA) and members of the Australian Financial Complaints Authority (AFCA).
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