Why should I use a broker and not just go to a Bank?

If you go directly to a Bank, you will only be offered their range of loan options and the rate they choose to offer you.

Each Bank, (or lender) offers a range of loan options with different features – variable, fixed, offset, redraw, package loans etc

The choices available are great, although some people are still faced with the dilemma of ‘Which loan is right for me?’

I work with you to firstly determine your borrowing needs and your borrowing capacity.

Then based on what is important to you, I will supply you with a range of potential options.

Lastly, given I have access to what other Banks are offering, (discounts/special offers etc) I can potentially save you money by negotiating the best deal I can for you.

Do you charge a fee for your service?

NO – I am paid by your lender of choice.

Don’t you just recommend the lender who pays you the most commission?

Absolutely not!

There is legislation in our industry, called the National Consumer Credit Protection Act (or NCCP), that is designed to protect consumers and ensure ethical and professional standards in the finance industry.

My job, my only job, is to find the best loan for your needs and capacity to repay.

Wherever possible I will provide a range of options for you to choose from and at the same time advise you in writing of any potential commission(s) I may receive.

Remember, you choose the lender – not me.

Isn’t it more expensive to use a Broker and why wouldn’t I just directly with a Bank?

That is an absolute myth, (unless your broker charges you a fee).

Brokers are paid commission by a lender for bringing new business to them, this does not impact your rate or level of service.

Brokers are a large source of business for Banks and all the Banks I deal with pay me a commission for bringing your business to them.

From a Banks perspective, as I am not an employee, they save money by not having to pay my; Salary, Superannuation, Annual Leave, Long Service Leave, Workers’ Compensation etc. – hence the commission.

How much can I borrow?

This is dependent on your individual circumstances including what your income and expenses are and also how much you have saved for a deposit.

Should I go fixed or variable?

I am only allowed to recommend a product based on what you say is most important to you – for example, “pay my loan off quickly” or “guaranteed repayments”.

I do however, live by the following; “if you want flexibility take a variable rate loan, if you want budget certainty take a fixed rate loan, if you want both, then do both”.

I am not in your area, can we still work together?

Definitely!  I am mobile, so I come to you.

If you are based interstate, Skype may be an option.

Which lenders do you deal with?

I am a Connective Broker.

This means that I have access to many lenders – these include the major and second tier banks and credit unions.

If I contact you and then decide not proceed, does it cost me anything?

Not at all, no obligation whatsoever, I am here to help.

Obviously I would like to write your loan, (it is after all how I am paid) but if it’s not appropriate, (for whatever reason) that’s where it ends.