FAQ’s about using a broker and First in Finance
Home » FAQ’s about using a broker and First in Finance
Why should I use a broker vs just going to my bank?
Brokers can save you time
The choices now available in the mortgage and commercial lending market can seem limitless and completely overwhelming. You can choose to research the lenders and their products yourself, or work with a broker who already has that knowledge, experience and information to hand.
Brokers can help you find the right loan or financial solution
The best deal is not necessarily the cheapest interest rate. A good broker will examine your circumstances and future plans to recommend a loan or financing solution that is right for you.
What Brokers Do
Brokers take the time to understand your needs and requirements and work with you to determine your finance needs, repayment ability, and cash flow requirements to select a loan or financing solution suited to your circumstances and manage the entire process, from application through to settlement.
Some more benefits of using a broker:
- They do all the research and provide you the most competitive solutions for your specific need(s).
- Have access to a wide range of loans/lenders
- Understand the market and the available products
- Provide greater flexibility / options than just one lender
- Greater expertise as they focus on lending only
Types of Broking
Brokers can specialise in areas such as:
- Residential Loans/Mortgages/Equity Release
- Reverse Mortgages
- Car loans
- Personal Loans
- Business / Commercial Loans
- Equipment Leasing (eg. Cars, office equipment and machinery)
- Commercial Property Finance and Construction Development Funding
- Debtor Finance (eg. Invoice discounting)
Panel of Lenders
Brokers can generally only offer loans and finance from the lenders they are accredited with. They call this their panel of lenders. Lenders will normally range from the major banks through to specialist non-bank lenders, and mortgage managers and originators. The size of a panel of lenders will vary from broker to broker.
First in Finance has its own ACL which means it can use the panel of accredited lenders, but also other lenders that are off the panel to ensure you get the best deal.
Why Use an MFAA Member?
MFAA members must adhere to the industry Code of Practice which requires high professional standards, fair business practices, ethical behavior and compliance with relevant laws and regulations as set down by the industry regulators– all in the interest of you, the borrower.
MFAA sets the highest standards in the industry for its members:
- Industry experience
- Education standards
- Ongoing education to maintain accreditation
- Probity checks
- Professional indemnity insurance
- Membership of an external dispute resolution service
Why select First in Finance to be your Mortgage and Finance Broker?
Today’s options for finance extend beyond just seeking one alternative and with so many choices, product selections, different tiers of pricing and packaging available, First in Finance will guide you through the options available in a clear and concise process, aimed at delivering to you an outcome to match your financial need.
Having worked inside and outside of the banks, First in Finance knows the lending market and can ensure you get the best deal based on product, price and post settlement service. Working with you to structure the loan for your immediate and longer term needs, we will suggest the most competitive solutions to meet your current and future finance requirements.
How does First in Finance work for me?
- We have accreditations with all of the lenders in the marketplace, which means providing you access to the most innovative and up to date products and packages available to meet your specific needs. This saves you time and money as we do the research and running around for you based on your needs and requirements;
- Price – We work hard to find very competitive rates that are available to you in the marketplace. Using our extensive experience and long term relationships, we can negotiate the best deal available at the time.
- Service – Our attitude is to provide the highest level of service in the industry and committed to sourcing the best outcome for you.
- Experience – Our wealth of experience sets us apart from the competition and we bring this direct to you to benefit from years of research, knowledge and understanding our clients needs. There is no need to reinvent the wheel, when you have access to a wealth of experience with First in Finance consultants;
- Professional Advice – You can be confident that you are in safe hands, with a professional credit adviser. We maintain professional industry memberships and continue to develop and research the market to be innovative and fresh at all times.
How much will it cost me to use First in Finance?
We do not charge a fee for standard home loans or mortgages as we are paid directly by the lenders for our services.
For more complex and structured transactions, or when we deal with a lender who does not pay commissions we may charge an upfront fee for our services.
What accreditations and qualifications does First in Finance Have?
First in Finance advisers are members of the MFAA and hold the following qualifications:
- Diploma in Finance & Mortgage Broking Management
- Cert IV in Finance and Mortgage Broking
- COSL (Credit Ombudsman Service Limited)
- Various other industry recognised certificates
Do you offer financial planning services?
No, but we have alliances/arrangements with qualified advisers that we can highly recommend to assist you with your financial needs.
Do you offer settlement agent services?
No, but we can refer you to people who can.
My situation is complicated? Can you help?
Yes. Everyone’s situation is different, but we take the time to make sure we can assist whatever the need is.
What documents will I need to provide the lender?
The information you need to provide to apply for a loan varies slightly depending on the type of finance you are seeking. However the basics are:
- Employment history and salary
- Available cash you have to pay up front (your deposit)
- The value of the property or other asset you are financing
- Your financial history (e.g. credit rating, expenses and debts)
What can I do to strengthen my loan application?
Inform us of your background and requirements so we can guide you through the right options. It can be detrimental for your loan application if we get the wrong information upfront.