Do you charge for your service? How do you get paid?
Frequently Asked Questions
In most cases, we do not charge fees for service. For some complex applications, we may charge a fee that varies depending on the complexity, however, this is always disclosed upfront in a Credit Quote to be signed before proceeding with any credit assistance. Most lenders will pay us an upfront and trail commission which is also disclosed upfront in a Statement of Credit Assistance, and before a loan application is submitted.
Why should I use a Broker?
Choice, convenience, and expert advice. We bring clients a range of options, we manage the process from start to finish (outsource the pain to us!), and we educate our clients thoroughly in relation to their property purchase and lending structure before they proceed. We have more than 20 years of experience in finance and property and we love to help our clients succeed. Our clients regularly ask us questions that are not related to interest rates or loan features so please don't hesitate to contact us!
What type of clients do you typically work with?
We try to help everyone we meet, however, our typical client is a PAYG professional or self-employed business owner with $1M+ in lending. This lending portfolio is usually secured by residential or commercial property or both.
Why is loan structure so important?
We can talk about interest rates all day long, however, they will move with the market over the long term. An incorrect loan structure can cost a client dearly. We ask our clients about their short and long-term objectives so we can advise on loan structures that are appropriate. For example, if a client's goal is to buy a single property and clear the debt as quickly as possible and without additional investment property acquisition or other wealth creation strategies, our advice will be different to that of a client who has a clear plan around living in a property for a short period of time, retaining it as an investment, and then purchasing another home to live in.
Is uploading supporting documents and linking bank accounts safe?
Cybercrime is an unfortunate part of the world we live in and it's on the rise. Our software partners take this threat extremely seriously and they have built many safeguards into their document collection process. Unique URL's, multi-factor authentication, and bank-level encryption are among some of the measures in place to protect your data. Our industry falls under multiple government regulators and penalties for privacy breaches can be severe. Client data is also stored on Australian servers.
What is the best / lowest interest rate?
This question is rarely asked to be honest. When it is I always answer by saying that the lowest rate may not be the most suitable for your circumstances, needs and objectives. We always aim to secure a competitive interest rate, however, we feel this must be coupled with an appropriate loan structure that meets your short and long-term needs and objectives.
What is Comprehensive Credit Reporting (CCR)?
CCR is a reporting system where credit providers, such as Banks, are required to share customers' credit histories. This helps financial institutions make more informed lending decisions. Under Comprehensive Credit Reporting, credit providers share both positive and negative credit data. This means that something as simple as forgetting to set a direct debit auto-payment to a credit card could be detrimental to a client's chances of loan approval. Lender's who are considering approval for a large home loan debt may think twice if the applicant cannot demonstrate timely repayments on a smaller credit card facility. Its never been more important to be in control of your finances.
How can I access my credit score?
There are multiple credit report agencies in Australia and clients can usually obtain a copy of their credit file at no cost, though you may have to wait longer for this option. The credit file will usually contain their credit score and this is impacted by the negative and positive CCR data mentioned above. The 3 three main credit reporting bodies in Australia are Equifax, illion and Experian.
What is Open Banking?
Open banking gives you the ability to share your banking data with third parties that have been accredited by the Australian Competition and Consumer Commission (ACCC). This will allow you to get better-suited banking products and switch products or banks more easily. This is an exciting space to watch as the banks are being forced into the 21st century and our clients will have more visibility and control than ever before.