6 Benefits Of Using A Finance Broker

Securing a loan by yourself can be quite a process, particularly if you’re seeking a good deal. A broker can take care of the heavy lifting of sourcing quotes from a variety of lenders. Every financial situation is unique and there are certain products on the market that are tailored to particular purchases and financial profiles. Allowing a broker to be the middleman, gives you the freedom to carry on with your week, while they compile a wide range of options that are short-listed for you.

With a plethora of lending products available on the Australian market, ​​​​​​​unless you are knowledgeable of the industry, you may miss a good bargain. Our Rostron team have a network of over fifteen different banks and lending providers. ​​​​​​​With such a variety of options, we work with you to compare and find the best fit for your circumstance.

What often surprises our clients is that the best lending solution we find didn’t come from where they would have gone – the average bank.

Knowing you have loan options is one thing, having the confidence you signed the best deal is another. A broker can give you this peace of mind. With their industry connections, brokers can bypass sales representatives and gatekeepers whom you might otherwise have to go through when doing the legwork yourself. They can cut straight to the chase and collate the best interest rates and payment options, knowing the lender is giving them the best deal, first round.

There is more to a loan than interest rates and loan repayments. A trained finance broker scrutinises the fine print for differences that can impact your bottom line. Some elements they look for are penalties, hidden fees and the ability to make extra repayments. Having someone walk you through the pros and cons of each option can be invaluable in identifying the most viable loan for you.

It is little known that every time you inquire about a loan with a different lender, it is lodged against your credit report. The more separate enquiries you make, the greater this can affect and even damage your credit score. A finance broker has specialised software that allows them to conduct multiple enquiries and assessments on your behalf, under a single credit check. They can also gauge who is more likely to approve your loan based on your borrowing power. This limits the chances of being turned down, which gets noted on your credit history.

Working with a finance broker allows you to secure a pre-approved loan, which can give you extra bargaining power in the purchase process. Whether you are going through a dealership or private seller, having a physical pre-approved loan certificate enables you to be seen as a serious buyer and treated accordingly, and helps you stay within your budget and avoid being swept up in the heat of the sale.