Most people don’t realise that interest rates aren’t one-size-fits-all. Interest rates are determined by overall profile, credit score, security and how much they’re borrowing. This is where we come in. Our diverse panel of over 40+ lenders gives us access to a wide range of products and features, making sure you can lock-in the best rate and repayment for you and your needs.
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Securing the right loan can be a daunting task. With so many lenders offering different rates and terms, it’s hard to know where to start. That’s why we’re here to help.
The lender you pick will affect the features, fees, process, and interest rate you will secure – Here are the most important factors to consider when choosing a lender best suited to you.
To start the application process, we require proof of photo ID and proof of income – this can vary for people depending on their circumstances and documents. Generally, drivers licence or passport for ID, and payslips, financials or Centrelink Income Statements depending on your income. We’ll grab some necessary information first and our consultants will explain exactly what documents we will need depending on your situation.
Our brokers will go through serviceability with you if you’re unsure as to how much you can afford. If you’re undecided as to how much you would like to borrow, we can arrange a pre-approval for you which approves you for a maximum lend – dependent on your circumstances – so you know what your budget is and you can make an informed decision about your finances. We also encourage our clients to utilise our comprehensive Loan Calculators so you can explore various loan options from the comfort of your home.
The time between an initial conversation to approval varies on the type of loan, each individual’s circumstances, and the lenders turnaround times. Typically, it takes anywhere between 2-8 business hours. Each application is different and needs to be processed differently – if an application is time sensitive, we have strong connections with our lenders that we can utilise to have an application prioritised. If your application is time sensitive, please notify your broker in your initial conversation.
As brokers, our first priority is to protect your credit score. We want to secure the best rate and repayment for you, and to do that, we must protect your credit score throughout the entire process.
So, when is your credit score affected? Once we’ve taken your application and received your documents, we will start running lender comparisons so we can narrow down the best rate and repayment for you. This process of comparing lender will not impact your credit score. Once we are sure we have found the best rate and repayment for your profile, we will go through all of the details with you, make sure you’re absolutely happy to go ahead, and then we will submit the application for approval. At this point, most submissions will leave an enquiry on your credit report, and your credit score will be impacted – although some lenders will not impact your score until closer to settlement.
If we believe we cannot help at that present time, we will explain why, give you some tips on how to maximise your chances of approval and your application will not submitted.
No, our quotes are non-committal, do not impact your credit score, and if you decide to not proceed for whatever reason, you will not be charged.
