“Why do I need a finance broker on the Gold Coast?” It’s a question that a surprising number of Australians still ask. Essentially, what are the tangible benefits of using a finance broker? With the growth of online lenders and free comparison websites, many Aussies think it’s easier to adopt a DIY approach to finance (and let’s face it, we are a nation of DIY lovers). But is this the right option when it comes to sorting out your finance needs? Before we answer, let’s have a look at a few recent statistics:
When you look at the statistics, it’s pretty clear: as a nation, we’re not always that happy with our financial choices. And plenty of people could have been in a better situation if they’d consulted with finance brokers on the Gold Coast BEFORE they made a (huge, important, life-changing) decision about finance.
The big question is, why are there so many people who would rather make this decision on their own? The answer could be found in another survey completed by CoreData, which showed more than 1 in 2 Aussies don’t believe banks are working in their best interests, and that they wouldn’t trust a bank to offer impartial advice. In other words, people don’t know who they can trust in the finance industry.
This is where the benefits of using a finance broker on the Gold Coast become crystal clear. Unlike banks, finance brokers are regulated by legislation known as ‘Best Interests Duty’. Basically, this places a legal requirement on finance brokers to always act in the best interests of their customers. So, when you meet with Gold Coast finance brokers, you can trust that the advice they’re offering is impartial and tailored to suit your needs.
Buying your first home can seem a little daunting. There’s so much to consider, and there seems to be so much conflicting advice. What government grants are you eligible for? Is Lender’s Mortgage Insurance a good thing or a bad thing? Will you need a guarantor for your mortgage? And (perhaps most confusingly), do you really need a 20% deposit before you can apply for a home loan? An experienced finance broker can help you navigate your way through the entire process, ensuring you get the right loan to suit your needs.
According to the Reserve Bank of Australia, the average Aussie mortgage-holder will pay an extra $37,000 over the life of their loan because of “loyalty tax”. What’s “loyalty tax”? It’s an expression that’s used to describe the extra interest homeowners get charged when they stay too long with the same lender. Fortunately, there is a way to avoid the home loan “loyalty tax” – ask a finance broker for a mortgage health check. Regular assessments of your home loan will help ensure your interest rate is still competitive and that your loan structure still meets your needs. If it is, that’s great! But if not, they can help you refinance your home loan to get a better deal.
A home upgrade is a completely different experience from buying a first home. Now that you already own a property, you have more options available to you – the key is deciding which one will work the best for you. A finance broker can help you to determine the ideal way to achieve your home upgrade. This could include refinancing to access equity or getting a renovation loan to finance some much-needed home improvement works. Or it could involve applying for a bridging loan so you can buy your new home before you have to sell your current home.
Business finance can be notoriously difficult to obtain, with most lenders applying strict borrowing criteria. However, a business loan could be the ideal solution for small business owners who are looking to take their company to the next level. A finance broker can start by helping you ascertain what kind of business finance solution will be most suitable for your business needs. They can then compare a range of loan products from different lenders to ensure you’re getting a competitive deal that will support your future business goals. A finance broker can also identify which lenders are most likely to review your application favourably (something that will significantly increase your chances of gaining approval).
Based on the latest data from the Australian Taxation Office (ATO), around 20% of Aussie households now have an investment property. And interestingly, there’s a growing number of younger property investors, with just over 40% now in the ‘under 50’ age bracket. First-time property investors are often unsure about their finance options and unfamiliar with the lending criteria applied to investment property purchases. A skilled finance broker can help you to evaluate all the options that you have available. They can provide guidance on which lenders are most supportive of investors and answer any questions that you may have about accessing equity to fund an investment property purchase.
Many Aussies don’t realise that finance brokers can also assist with car and equipment loans. And while a car dealership may offer you a loan through their “preferred finance lender”, this comes with no guarantee that you’re getting a good deal. In contrast, a finance broker will compare suitable car loans from a wide range of lenders, ensuring you get the loan features you want as well as a competitive interest rate. Applying for a car or equipment loan through a finance broker is the simplest way to save yourself time and money (not to mention stress!) when buying a vehicle.
If you’re self-employed, then you might worry about your eligibility for a home loan. Fortunately, things are a lot easier than they used to be…if you know who to ask. A finance broker will know which lenders are most likely to view self-employed borrowers in a positive light (and also which lenders to steer clear of). A broker can make sure your application includes all the necessary details, including any applicable add-backs, which could play an important role in determining your borrowing capacity. With a skilled finance broker in your corner, you can have confidence when applying for a home loan as a self-employed borrower.
The team of Gold Coast finance brokers at Professional Lending Solutions are committed to delivering the best possible outcomes for a diverse range of clients. When you choose Professional Lending Solutions, you’re gaining access to a team of finance brokers with:
Personally, I became a finance broker after spending 12 years in management roles in the Commercial Finance industry. This industry experience helped me to appreciate the value of offering personalised service. I know that every customer is different, with unique needs and goals – so you’ll never find yourself shoehorned into a “one-size-fits-most” situation. Since becoming a broker, I’ve put together a dedicated team of professional finance brokers who are all equally dedicated to working in the best interests of our customers.
We specialise in helping customers who may have already had their applications declined by a lender. The key is to understand the needs of the client, their current financial situation and how best to present this information to a lender. For example, I had a self-employed borrower referred to me after they’d already been rejected by two different lenders and turned away by another broker. After thoroughly assessing the situation, I realised that (amongst other things) their previous applications had been missing some crucial add-backs. Once the appropriate details had been factored in, the loan become serviceable and the application was approved (they’ve since become a repeat customer!).
We’re extremely proud of the various industry awards we’ve received over the years. Most recently, we were named Finalists in 2 separate categories at the 2021 Connective Excellence Awards (Brokerage of the Year <5 staff and Best All Round Broker of the Year) and Finalists at the 2021 Better Business Awards in 4 different categories (Best Finance Broker, Best Regional Broker, Best Regional Office and Best Loan Administrator).
We’re proud to hold a 4.9 out of 5 star rating on Google (based on 60+ reviews), as well as a 5 out of 5 Facebook rating. These ratings demonstrate just how happy our customers are with the service that we provide, as do the accompanying reviews:
