Benefits of a Broker
Is your Loan competitive in the current market?
Lenders after providing you with a loan product generally do not review your loan on a regular basis. Over time, your loan may no longer be market competitive due to fluctuations in lender policy, products offered and changes in the cost for the lender to attain funds (the RBA Cash Rate etc.).
Benefits of a Broker
When you go directly to a bank, they are unable to provide you with advice on loan products offered by their competitors. When you work with a broker, you get:
Transparency: A broker has access to a wide range of lender products and services through their lender panel. When using a broker, you know that you are getting the best product available in the market that suits your financial situation and requirements.
Confidence: Obtaining a loan can be a daunting task, especially if you have never applied for finance previously. Having a broker on your side allows you to navigate finance with confidence, knowing that you have a professional advisor that will advocate on your behalf.
Accessibility: A broker has access to loan products that are not always available to the open market. Depending on your financial situation and needs, a broker can match you with a loan product that best suits you.
Process: Obtaining a loan generally involves showing paperwork to verify your ability to afford a loan. This can result in a lot of ‘back and forth’ with the bank, especially if documents are incorrect or missing. A broker can ease the process for you by ensuring that all necessary documents are accurate and submitted in a timely manner
Ongoing Support: Brokers can provide you with ongoing support in relation to loan products. They can regularly review your existing loans to ensure that they are competitive & suitable, as well as offer potential loan products to assist you with any future requirements that you may have.
