FAQs

Brokers are now the number one choice for consumers who are seeking a home loan or to refinance their existing loan. Businesses also use finance brokers to help them with their finance needs from car and equipment leasing to loans to help their businesses expand.

Brokers work with clients to determine their borrowing needs and ability, select a loan suited to their circumstances and manage the process through to settlement.

Some benefits of using a broker:
• They do all the legwork for you
• Access to a wider range of loans
• Experts in a wide range of loans
• More flexible
• Greater expertise as they focus on loans only

Brokers can specialize in areas such as:
• Residential Loans/Mortgages
• Reverse Mortgages/Equity Release
• Equipment Leasing
• Chattel Finance
• Car and personal loans
• Business Loans
• Debtor Finance
• Commercial Property Finance

Brokers can only offer loans from the lenders they are accredited with. They call this their panel of lenders. 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 brokers are remunerated by the lender and receive an upfront commission and a trailing commission on the loans they settle. It is not standard industry practice for a residential broker to charge a customer for their service due to this arrangement.
The normal practice for commercial, equipment and general finance brokers is that they enter into a mandate or agreement with the commercial or business borrower which provides for a fee to be paid by the borrower to the broker for sourcing their required finance.

Licensed Finance Brokers must adhere to the industry Code of Practice which required high professional standards, fair business practices, ethical behaviour and compliance with both the letter and the spirit of the relevant laws and regulations – all in the interest of you, the borrower and Brokers are required to hold a licence in Western Australia.