Frequently Asked Questions
Why choose a Finance Broker when I can go to the bank?
Choosing a finance broker offers several distinct advantages over going directly to a bank. First and foremost, brokers provide access to a wide range of lenders, not just one bank, which means you have more options to explore and potentially better rates to secure. Additionally, brokers offer personalized service, taking the time to understand your specific financial needs and finding a loan solution that best suits you. They also handle all the paperwork and negotiations on your behalf, saving you time and hassle. Lastly, brokers often have access to exclusive deals and discounts that may not be available directly through a bank. Ultimately, working with a finance broker can streamline the loan process and increase your chances of finding the best possible financing solution for your needs..
How much will it cost me?
Services of a finance broker typically don't come directly out of your pocket. Brokers are usually compensated by the lenders they work with, so there are often no upfront fees for you as the client. Additionally, brokers can often negotiate better rates and terms on your behalf, potentially saving you money in the long run. By working with a broker, you gain access to their expertise and network of lenders without incurring additional expenses. Ultimately, the value of finding the right financing solution tailored to your needs often outweighs any potential costs associated with using a broker..
I'm not sure if I can trust a finance broker.?
Trust is paramount in any financial transaction. Finance brokers are regulated professionals who adhere to strict industry standards and ethical guidelines. By choosing a licensed broker, you can feel confident that your interests are being prioritized and that you're receiving sound financial advice tailored to your needs..
Why can’t I find better deals on my own.?
While it's true that you can research loan options independently, finance brokers have access to a wide network of lenders and exclusive deals that may not be readily available to the general public. Brokers can also help you navigate complex financial products and negotiate better terms on your behalf, potentially saving you time and money in the long run..
I don't want to deal with a middleman.
Working with a finance broker can actually streamline the loan process for you. Brokers handle all the paperwork and negotiations with lenders, saving you time and hassle. They also provide personalised service, taking the time to understand your specific financial needs and finding the best loan solution for you. With a broker's expertise and guidance, you can make informed decisions with confidence.
I'm worried about my credit score.
Finance brokers work with clients of all credit backgrounds, including those with less-than-perfect credit scores. They have access to a variety of lenders who specialize in different credit profiles, so they can often find loan options that are suitable for your individual circumstances. Additionally, brokers can offer advice on how to improve your credit score over time, helping you access better loan terms in the future.
I'm concerned about hidden fees or charges.
Transparency is key in the finance industry, and reputable brokers will always provide clear and upfront information about any fees or charges associated with their services. Before proceeding, brokers will discuss all costs involved, ensuring you fully understand and agree to the terms before moving forward. Additionally, brokers have a fiduciary duty to act in your best interests, so they will work to minimize any unnecessary expenses.
I’m worried about privacy and sharing my financial information.
Privacy and security are paramount when working with a finance broker. Brokers are bound by strict confidentiality agreements and privacy laws, ensuring that your personal and financial information remains confidential and secure. They will only share your information with lenders with your explicit consent and will take all necessary precautions to safeguard your data throughout the loan application process. Your privacy and trust are of utmost importance to them.
What self-employed income documents are accepted?
We welcome comprehensive financial documentation, including your most recent tax returns and/or two recent payslips. Additionally, we accept Alternative Documentation (Alt Doc), allowing you to declare your income through an income declaration form and supplement it with evidence such as Business Account Statements (BAS) or an Accountant’s Declaration.
How long will the application process take?
Our goal is to offer you a conditional approval within 48 hours of submitting your application, with formal approval targeted within 14 days, pending valuation and the submission of any outstanding requirements.