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Blog Entry#1: FINANCE BROKING 101

Generally there are three ways to obtain a home loan:

  • Front up in person to your local bank branch.
  • Jump online and do your own research.
  • Give your finance broker a call.

Should you choose the first option, and you know your local bank branch staff, the experience will most likely be professional and fairly slick. Sure, you will get your home loan, but will it be the best priced and structured loan in the market for your needs? Unless you are very lucky, the answer is “probably not”. You see, banks can only offer their own loan products, and if one of their competitors is offering a better deal, they will try their hardest to keep you banking with them – regardless of what it costs you.
Jumping online and conducting your own research is a better starting point, although it can be a little daunting sifting through all of the options. There are some pretty good websites out there that can help you too.
Before making your decision after hours of tedious research, ask yourself this question: “Do I fully understand the current market, features and benefits available and process from application to settlement?” If you do, go for it, and well done to you! If you are still unsure, but are armed with a plethora of research and no conclusive decision, it is now time to contact a finance broker.

Finance brokers in Australia are licensed through a national regime, which ensures they attain and then maintain a high level of education and industry understanding. A good finance broker will meet with you and invest time in understanding your requirements, then do their own research based on your needs and finally, provide you with a written assessment and recommendation for your new loan. A finance broker should also provide you with a very clear understanding of the process of purchasing a new home, such as:

  • The finance approval process from application to settlement – including signing documents and working through any questions/queries you may have,
  • First Home Owner’s Grant,
  • Any other government assistance you may qualify for,
  • Working with your settlement agent, and
  • Supporting you with any new bank account needs.

Using their comprehensive and dynamic software, your finance broker will undertake thorough research in the market to find the best loan for you. Most importantly, it will be the loan that is market leading in features and price and meets your needs.
Best of all, this service is usually free to you, as the successful lender for your loan pays the finance broker an up-front commission and usually a trailing commission.
In some instances, for example, if your loan is complex, a finance broker may charge you a fee. If charged, this fee is essentially paying the finance broker for the additional time required to help you.
For all of this, you get your own dedicating bank manager who is available beyond standard business hours.


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