FAQ'S

The most asked question…

Broker Relationships Explained

Banks and Lenders require Brokers to be accredited with them in order to accept loan applications. This ensures we are trained in their loans and procedures, and meet their minimum standards.

It would be too difficult for the Lenders to negotiate contracts with every individual Broker in Australia. Therefore they strike agreements with Wholesale Aggregating Companies, such as Australian Finance Group, Aussie Home Loans, Mortgage Choice, Mortgage House, Specialist Mortgage, and Choice Home Loans. Individual Brokers then contract to these Aggregators.

My contract is with Australian Finance Group, who is the largest Mortgage Broking Group in Australia. AFG provides me with a number of benefits including use of their sophisticated finance software, marketing, legal and personal development services.

Once the loan settles, you are a customer of that Lender, but our relationship does not end. I am always available to help you with any finance issue. You therefore have the benefit of both the Bank’s and my service.

Is There Any Difference Between a Loan Obtained via a Broker or directly through a Bank?

There is no or very little difference in the loans offered by Banks or through Brokers. The fees, rates, repayments, terms and conditions are the same. Once I have made a suggestion to a client, I recommend they check out the loan type on the Bank’s own web site. Some Lenders such as NAB and AFG, have loans only available through Brokers.

The big difference between a Bank and a Broker is that often Banks take a conservative approach when assessing an application. Brokers though are acting for you. If the loan does not get approved, we don’t get paid. That’s a great incentive for us to negotiate the best result for you. We will also always recommend the best and cheapest loan for your needs. A Bank may recommend a loan type that might not just quite fit your requirements, but it is all they have to offer. We will search for the exact loan you need, through our network of Lenders, so you don’t have to settle for a loan not right for you just because that Bank does not have any alternative loans available.