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Centrepoint Finance
71.8
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No Reviews
Established since 1982 we understand that every business – and every finance requirement is unique. That is why one of our Finance Brokers Melbourne team will meet with you to find out your finance requirements now and in the future. In our role a
Adelaide Commercial Finance
582.8
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No Reviews
We are a boutique Adelaide Finance Broker located in the Adelaide CBD, servicing all of South Australia. We specialise in Commercial Finance offering personalised lending solutions to businesses, commercial property owners and self-employed individua
JEM Finance Group
741.5
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No Reviews
As a leading Finance Broker in Sydney, we will take the pain out of getting a loan. We source the most competitive finance offers using our large panel of banks and lenders. We are a mortgage broker for business loans, home loans and equipment loans.
Asset Finance Direct
1351.1
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No Reviews
Asset Finance Direct is your one stop shop for all your equipment finance needs. Being affiliated with all the main and non-main lenders allows us to source the best possible finance for you. Over the years we have established a good reputation for e
Ausloans Finance Group
1351.1
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No Reviews
Ausloans Finance Group entered the market in 2009 and has grown to 3 brands, within the group, to offer partner brokers and dealerships a holistic approach to financing. With an extensive support structure and a business model that is fair.
Rapid Loans
1351.1
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No Reviews
Ever since 2003, Rapid Loans has been helping people like you get personal loans, car loans and business loans in a faster and more straightforward way. To date, we have helped more than 50,000 people across Australia and New Zealand reach their goal
The Alliance Group
1351.1
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No Reviews
The Alliance group has accreditations with a large number of banks, including CBA, Westpac, NAB, ANZ, Suncorp, ING, Bankwest, Esanda, Westpac Equipment Finance, Go Getta, Capital Finance, Citibank, Deposit Power, First Mac, Homeloans Ltd, IMB, Latrob
Ume Loans
1351.1
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No Reviews
Ume Loans is an Australian owned & operated company. We are a fully licensed lending company and are regulated by ASIC. We were founded in 2009 to provide finance to customers whose circumstances are outside the bank's normal lending criteria. The Gl
Street Wise Finance
1351.1
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Welcome to the Gold Coast’s newest boutique finance brokerage firm. Don’t be fooled by our fresh image and innovative approach – we have the experience that counts to assist you in arranging finance for your new or used car, boat, truck or any variat
Asset Finance Shop
1351.1
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Here at the Asset Finance Shop, we’re not just suits sitting behind a desk. We’re a group of independent financial brokers who pride ourselves on our professional, personable and one-on-one service. We enjoy nothing more than getting out and meeting
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Finding the Right Blackwood Finance Broker

Finding a loan that is right for you can take a lot of time, effort and stress. But it doesn’t need to be that way! By using a finance broker, you won’t need to waste time searching around for a loan. A broker can help you navigate all the complexity that surrounds the many choices available, to find the option that is best suited to your situation and requirements, and you’ll also have the benefit of a single contact for the total term of your loan.

Finance Brokers can also be of significant help for those with complicated situations or poor credit scores, who are typically rejected by traditional lenders.

Here are some hints for getting the most out of a financial broker:

  • Only deal with licenced finance brokers and look for one with experience beyond the minimum qualifications required to practice.
  • If you are not sure whether you are dealing with a finance broker, ask or get advice! Some people think they are dealing with the lender when in fact they are speaking to a broker.
  • Shop around. Ring other finance brokers and check what they charge and what they are offering to do.
  • Ask how much the service will cost you.
  • Do not sign anything without reading it carefully first. If you don’t understand anything, get independent advice. Many potential borrowers have signed a document presented by a broker (sometimes thinking it is a loan application), only to discover later that they have signed a binding contract including a substantial fee that is payable whether they accept the loan arranged by the broker or not.

What are the most common problems to avoid?

The most common problem when dealing with a finance broker is that they might arrange an unsuitable or unjust loan. Credit law includes responsible lending conduct provisions that apply to finance brokers (and lenders). This means that a finance broker must:

  • make reasonable enquiries about your financial situation;
  • make reasonable enquiries about your requirements and objectives in seeking a loan;
  • take reasonable steps to verify your financial situation.A loan will be unsuitable if:
  • you cannot meet the financial obligations under the contract, or not without substantial hardship; and/or
  • the loan does not meet your objectives and requirements.

Questions to ask your mortgage broker

How will you be paid? Do you earn more if I borrow more or choose a particular lender?

Most brokers receive a percentage-based commission for their work. They're paid by the bank, not you. This introduces two risks – that you'll be encouraged to borrow more, and that you'll be encouraged to go with a particular lender.

Is your business owned by or associated with a lender, like a big bank?

Research shows that broker companies owned by big banks send more loans back to their parent company. Steer clear of these broking companies unless you want a loan with the big four.

What's your experience with the lending market and what training have you done to understand home lending?

Look for brokers who've been members of the Mortgage & Finance Association of Australia (MFAA) for more than one year – members need to meet a high education standard to belong, and will have a bit of experience after 12 months.

How many lenders did you send loans to in the last year?

What are the top 10 banks you send loans to? What percentage of the loans you secure do you send to each of these? Some brokers send most loans to just four lenders. Look for a broker who has used a lot of different lenders. These brokers will be more likely to genuinely scan the market and find a loan that fits your circumstances.

Remember

Before signing the dotted line ask yourself one last time, has this broker worked with you to:

  • Understand your needs and goals.
  • Work out what you can afford to borrow.
  • Find options to suit your situation.
  • Explain how each loan works and what it costs (for example, interest rate, features and fees).

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