When you’re looking for a home loan, you could go to a finance broker or to a bank.
While a bank will only offer you its own products, a finance broker has knowledge of the industry and will take the guesswork out of finding the mortgage product that suits you and your needs.
It’s understandable that finance brokers are now the number preferred choice for consumers who are seeking a home loan or to refinance an existing loan. Businesses are also engaging finance brokers to help them with their financial needs from car and equipment leasing to loans to help their businesses expand.
What can a credit adviser do for you?
1. The leg-work
Finance brokers already know the industry, the lenders, their products, and their requirements, potentially saving you that energy on research. They will also put the time into finding out about your particular credit situation and have a wealth of experience to draw on to help you simplify it.
2. Translate industry jargon
Finance brokers are able to make sense of what loan documents and lenders are saying – put it into lay-person’s language, so to speak.
3. Get you what you want
Brokers will determine your borrowing needs and fiscal ability, and choose the only appropriate product to suit your requirements.
4. Give you a broader choice
Finance brokers can offer a larger selection of loan products. While a bank can only offer you its own products, finance brokers can help you choose from a selection of loans provided by different lenders.
5. Help you compare apples, oranges, and the whole fruit basket
Finance brokers have the knowledge and tools to compare often hundreds of products and you get a loan suitable for your circumstances and needs.
6. Find you a good deal
Loan providers are always spruiking a special deal or two, and these could make a big difference to your repayments or success rate. A finance broker will know which of the deals on the market at the moment will be appropriate for you.
7. Act as your advocate
A good finance broker wants what’s good for you, the client. We will be your cheer squad, middle-man, team player and coach throughout the process. We are in it for the long term.
8. We’re in it for the long haul
A finance broker won’t just love you and leave you – we will oversee and manage the loan’s progression right through to the end on your behalf. By the way, ‘the end’ isn’t when you sign the documents and buy your property; you can expect your finance broker to keep track of you and your changing needs, helping you should you need to switch products or wish to purchase another property.
The key is to choose a finance broker who is part of a professional body (eg. MFAA, FBAA), as all members must adhere to professional development standards and a stringent code of conduct.
Trudy is an MFAA Approved Finance Broker, find out how Trudy can help here.