Finance brokers - number one choice for consumers refinacing or applying for a home loan

Sun, 2008-03-09 12:16 — Guest

It is claimed that finance brokers are now the number one choice for consumers in Australia who are seeking a home loan or to refinance their existing home loan. Consumers are also increasingly turning to a finance broker for help with accessing other types of finance such as motor vehicle finance and personal loans.
Many businesses now also enlist the services of finance brokers to help with securing their finance needs such as commercial property finance, factoring, inventory finance plus car, vehicle, fleet, plant and equipment finance.
A finance broker will take the time to determine your borrowing needs and potential ability to apply for a loan then help to select a loan and lender suited to your circumstances and manage the application process through to approval and on to settlement. Many finance brokers help to manage their borrowers loans on an ongoing basis by reviewing the suitablity and competetiveness of the finance regularly.
Some of the many benefits of using a finance broker are that all the leg work is done for you, there is potential for acces to a much wider range of banks, lenders and loans and a finance broker can be much more flexible to deal with.
Finance brokers can help with:

  • Residential Home Loans and Mortgages
  • Deposit Bonds
  • Reverse Mortgages and Equity Release
  • Equipment Leasing
  • Chattel Mortgage
  • Car Finance and Personal Loans
  • Business Loans
  • Debtor Finance
  • Commercial Property Finance

Finance brokers must be accredited with a lender before they are able to offer loans and finance from that lender. This is often referred to as the panel of lenders. Lenders on a typical finance brokers panel of lenders will normally range from the large banks through to specialist non-bank lenders and mortgage managers. The size of a panel of lenders will vary from broker to broker.
Residential home loan finance brokers are paid by the lender and usually receive an upfront commission and a trailing commission on the home loans which they have lodged applications for and eventually settle.
Reputable finance brokers do not charge home loan applicants anything directly for thier services.