December 13, 2015
One of the benefits of working with a finance broker is the extensive menu of loan options they have at their fingertips. But given such a wide choice, how does your adviser narrow down the options to find the right loan for you?
MFAA Approved Finance Brokers sometimes have access to more than 30 different lenders. These include the big four banks, second-tier lenders such as Macquarie Bank, Bankwest and Citibank, and a raft of niche lenders such as Liberty or Pepper, which offer loan options for people who may not meet the lending criteria of the top banks.
When it comes to making loan recommendations, a credit adviser looks at a number of different factors.
First they’ll talk to the client about their goals. This might be to pay off the loan as quickly as possible, or to find a loan with the lowest interest rate possible. They may want a loan with a fixed term, or they may want a facility with a low fee structure. Each client is different.
Many MFAA finance broker give each client three loan options and makes sure the options meet their requirements across a range of criteria.
If the borrower has no specific requirements, finance brokers will most often take into account interest rates, how fees impact the life of the loan and how portable the loan is.
While interest rates are the most critical factor, it’s not the only factor. As well as the loan’s fees and interest rates, the lender must also match the client.
We are an MFAA Approved Finance Broker who can match you to the perfect loan.
An MFAA Approved Finance Broker is much more than your average mortgage broker.