FAQs

The role of a finance broker is different from the role of an accountant. Accountants typically focus on preparation of tax returns and accounts and will advise on the most suitable credit facility. Brokers source and arrange loans through contacts directly with banks and lenders.

Yes. The services of brokers are available to individuals and businesses requiring a wide range of loans. Individuals applying for their first loan can use a broker to handle their requirements.

Business operators have a choice of Lease, Chattel Mortgage, CHP and Rent-to-Own for truck finance. The decision as to which is the best option depends on accounting measures and financial objectives. Brokers will typically not have in-depth knowledge of these aspects of a business operation and will recommend operators refer to their accountant for advice.

Yes. Brokers can handle financing for customers across Australia for purchases in their area or interstate. Requirements for finance are the same for applicants in all states and territories.

Some brokers may specialise in certain areas of lending while others offer a broad and comprehensive range of products. In selecting a broker, ensure they off a credit product to suit the purchase or purpose.

Applying for a car loan with a broker typically follows the same process as applying to a bank or finance company. Applicants provide the necessary details and documents in line with consumer credit laws and requirements.

The role of a broker is to find the best offer from across their lender base. Decisions to proceed are with the applicant. Where a borrower has a preference for a specific bank or finance company, the broker will typically handle dealings with that lender on behalf of the borrower.

Where a broker offers services to self-employed sole traders, they can use their services to source loans.

Using a broker can expedite the process of securing loans as brokers have direct lines of communication with their industry-level contacts.

The commercial credit facilities offered by individual brokers may vary, depending on their specific areas of business. Typically, a broker operating in the commercial lending market will offer Lease, Chattel Mortgage, CHP, Rent-to-Own, overdrafts, secured and unsecured business loans and some may offer targeted products.