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WHAT DOES A MORTGAGE BROKER DO?

Mortgage brokers are qualified finance industry professionals. They work with you to determine your borrowing needs and objectives, and to help you determine how much you can borrow. Brokers help to ensure that you don’t take out a loan that is not right for you. Like your solicitor, accountant or financial planner, we are specialists in what we do and will provide you with a suitable finance solution to help you achieve your goals.With a mortgage broker, you can expect a more personalised level of service than you would usually receive directly from a lender. Additionally, our brokers have access to finance products from a wide variety of lenders. This means your broker can compare lending products from different lenders to find a loan that’s just right for you.

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DO YOU CHARGE FEES FOR HOME AND INVESTMENT LOANS?

Some mortgage brokers charge a fee for their services and some don’t. When you take out a loan via a mortgage broker, it does not cost you more in loan repayments. Brokers get paid a commission by the lender for bringing new business to them, but this does not impact your interest rate.Some brokers charge a fee for their service. They must disclose this fee upfront to you so that you know what it will cost if you engage their services.

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DO YOU CHARGE FEES FOR HOME AND INVESTMENT LOANS?

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DON’T YOU JUST RECOMMEND THE LENDER WHO PAYS YOU THE MOST COMMISSION?

Absolutely not. First of all, there is very little difference between the commissions paid by the various lenders. There is also legislation in our industry called the National Consumer Credit Protection Act (or NCCP), that is designed to protect consumers and ensure ethical and professional standards in the finance industry. We tell you upfront what commission we will be getting from the lender. Our job, our only job, is to find a competitive loan for your needs and objectives.

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ISN’T IT MORE EXPENSIVE TO USE A BROKER?

Some brokers charge a fee for their service which they must disclose to you up-front before you engage their services. However, the costs of the loan are the same. These costs depend on the loan and lender you choose. If you want to save on loan costs, just tell us. We can locate loan products from the lenders with the lowest fees and charges.

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HOW MUCH CAN I BORROW?

There are specific factors that need to be considered when determining how much a customer can borrow, such as income, employment position, the deposit saved, current living expenses and any liabilities. Our borrowing calculator can give you a rough idea of how much you may be able to borrow. For a more accurate assessment, please give us a call and we can go into your options and discuss your circumstances in more detail.

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SHOULD I GO FIXED OR VARIABLE?

A mortgage broker will recommend a product based on what you say is most important to you – for example, “pay my loan off quickly” or “guaranteed repayments” or “low cost”. We do however, live by the following; “if you want flexibility take a variable rate loan, if you want budget certainty, take a fixed rate loan, if you want both, then do a split loan.”

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I AM NOT IN YOUR AREA, CAN WE STILL WORK TOGETHER?

Sure thing! We are mobile brokers so we can come to you.

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WHICH LENDERS DO YOU DEAL WITH?

We are Connective Brokers and we have access to many lenders. This means we can source you a loan from different lenders to provide you with a variety of options that are suitable for you and your situation.

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WHO SETS INTEREST RATES?

Mortgage brokers do not set rates. The Reserve Bank of Australia meet on the first Tuesday of every month to determine the official cash rate for the country. The lenders then use this information to set their own rates. Lenders also adjust their rates according to their costs and other economic considerations.

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WHY SHOULD I USE A MORTGAGE BROKER IF I CAN GO WITH A BANK?

Lenders will only sell you their own products. Each bank (or lender) has a variety of loan products on offer – low doc, package loans, loans with re-draw facilities, plant and equipment loans, fixed rate loans, interest only, interested in advance, variable, introductory variable… and so on. The issue you face as a consumer is ‘which loan is right for me?’ And that is where your mortgage broker becomes an invaluable resource!

If you go direct to the bank, you will only be offered the loan options available through that one lender. As your mortgage broker, we do all the leg work to find the right loan for your needs. We are across many lenders and all of their loan products, and our sole purpose is to find a suitable loan to match your personal financial circumstances and goals.

Home Loans

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Why Advance Finance Group?

Firstly, we believe it is a privilege to assist you with your home loan, a privilege we do not take lightly. We take the time to understand your individual needs, explain the many options, recommend the solution to purchase your home and importantly educate you on how to pay your home off sooner.

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How much deposit is required to purchase a home?

Lenders will require a minimum of 5% deposit, and this will generally need to be evidenced through bank statements for a minimum of 3 months. You will also need to have funds to cover the associated purchase costs (legal fees, stamp duty, etc.). Please refer to our calculators or give us a call for more information.

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How important is my Credit score?

Your credit score is vitally important. All lenders will obtain a credit report to assess your creditworthiness. Most lenders will require your last 3 months transactional bank statements to ensure the conduct is satisfactory. Try to avoid payments options such as Afterpay, Zip Pay, and Payday lenders, as these will all show on your credit report and may affect your ability to borrow.

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How can I become “Loan Application Ready”?

Let’s prepare together. We will guide you through what needs to be done prior to submitting an application, such as having your accounts in order, a savings plan established and prepare for a pre-approval.

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What if I have bad credit?

Do not fear, all is not lost. Our lending panel has lenders that will consider applicants with adverse credit. We have access to a wide range of non-conforming lenders, most which have more flexibility than traditional lenders.

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Mortgage Stress, can we assist?

The short answer is Yes! We understand that life has it’s up and downs. People find themselves in a position of financial stress due to many reasons. We take the time to listen and understand, so we can work around your issues ,and assist in getting you back on track with a smile on your face again.

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How do I build a property portfolio?

Together! We discuss strategies that compliment your lifestyle and financial direction without adding undue stress. We look at your short and long term goals and work together to ensure you achieve the financial outcome you desire.

Secured Finance

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Why Advance Finance Group?

Firstly, we believe it is a privilege to assist you with your finance requirements, a privilege we do not take lightly, we therefore take the time to understand your business, your business needs and the desired outcome.

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How do we assist?

With your objectives in mind we sort through the myriad of finance solutions, offer our recommendation, liaise with the funder, guide you through the documentation process and ensure settlement is timely. Post settlement, we will be there with you, whenever needed.

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What security is required for a secured loan?

With a secured business loan collateral is always required. As a general rule, up to 80% of the value of a property can be utilised. By offering collateral, you are providing to the lender the right to foreclose on your property in the event that you cannot repay the loan. Lenders may consider other forms of security such as a Personal Guarantees or a General Security Agreement (GSA) over your business assets.

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What are the minimum requirements to obtain a secured loan?

A good credit score is essential, as is good conduct of your business accounts.
Generally your business would have been trading profitably for over two years and have no ATO debt.
Current business plan.
Cash flow forecast.
2 years financials and tax returns for the business entity.
2 years personal tax returns for all directors and coinciding tax assessment notices.
6 months business and personal bank statements.
GST lodgement reports.
ATO portals for the last 12 months.
Proof of identity.

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How long will the funding process take?

If all your documentation is readily available then the process could take around 6 weeks before any funds are distributed. For more complex applications it could take in excess of 3 months.

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Is a secured loan the cheapest option?

A secured loan will generally have a more competitive interest rate because the bank has less risk, and can collect the collateral if you default on your agreed payments. The term of the loan is generally longer for a secured facility than for other types of loans.

Unsecured Finance

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Why Advance Finance Group?

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Why contact us?

Your business needs are far too important to trust a website comparison tool. Open and honest discussion will provide us with an insight into what financing is best suited for your current circumstances. This will allow our team to recommend the correct solution with a suitable funder, that will meet your specific requirements.

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What can we do for your business?

With your objectives in mind we sort through the myriad of finance solutions, offer our recommendation, liaise with the funder, guide you through the documentation and ensure settlement is timely. Post settlement, we will be there with you, whenever needed.

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How are we paid?

Our service is completely free for our customers. We are paid by the funder when the loan is settled. The interest rate is not affected by the commission paid to us and our involvement does not affect the fees charged for the loan facility. These will be the same as if you applied directly to the lender. The difference is, we are with you throughout the whole process and into the future.

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How long will the funding process take?

Our initial contact is made within 4 hours of us receiving your request. We then research, analyse and find the right product and funder. We endeavour to have this information to you within 4 business hours. During this time, we correspond with you for required documentation. Once we have all we need, a recommendation will be emailed to you. On acceptance, funding will normally be received within 48 hours. Some urgent funding can be completed in as little as 24 hours.

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Will I need to use my family home as collateral?

Generally with loans up to $150,000 a lender will not require any collateral. For facilities over $150,000 lenders may require some form of collateral, normally in the way of a second mortgage over a property or a General Security Agreement (GSA) over your business. All details will be disclosed in our recommendation.

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What can I use the funds for?

Unsecured business loans are solely for business purposes. As long as the funds are utilised for the benefit of your business, most lenders are flexible with how the funds are used. It is your business, so you know best.

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Why is the interest rate higher on an unsecured loan?

A secured loan will utilise collateral which is normally the family home or other property. If payments are in default your home can be placed in jeopardy. Unsecured loans are not secured by property and therefore the level of risk is significantly higher which will be reflected in the interest rate charged.

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What are the minimum requirements to obtain an Unsecured loan?

Your business must have been in operation for 6 months with a minimum turnover of $50,000 You will need to show your ability to repay the debt and that you have a good credit history.

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What are the fees and interest rates?

In most instances there will be an establishment fee however with some lenders this may be waived. The fee can be deducted from settlement funds so that no money is required upfront. Interest rates are dependent on the product, loan term, credit score, business trading history and business owner. As a guide rates vary between 9.90% to 29.95%. (That is why you need us on your side, so we can negotiate for you).

Invoice Financing

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Why Advance Finance Group?

Firstly, we believe it is a privilege to assist you with your finance requirements, a privilege we do not take lightly. Therefore we take the time to understand your business, your business needs and desired outcome.

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How do we assist?

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What security is required for Invoice financing?

Unlike more traditional loans requiring property collateral or weekly repayments, invoice financing uses your unpaid invoices as collateral. The security utilised are the invoices, money owed to you from the products or services that you have already provided.

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How long will the setup process take?

Once we have researched and located the right funder for your business needs, the process is relatively short as most documentation is accessible through your cloud-based accounting software. As with any lender paperwork needs to be finalized after your approval, so allow around 2 weeks.

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How quickly will invoices be paid when lodged to the funder?

Funding can be as quick as 24 hours after receiving the invoice/s.

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How much can be advanced on an invoice?

All funders have different guidelines and processes, however generally 80% to 95% of the value of the outstanding invoices can be funded.

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Does my business qualify for Invoice financing?

Your business needs to trade business to business. Supplying goods or services on trade terms. Ideally your minimum debtor’s ledger would be around $50,000 a month and your business would be trading profitably.

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What are the fees and interest rates?

Once off establishment fees, ongoing fees and interest rates vary depending on the type of facility chosen, this is why we offer a no obligation service and provide you with options. Refer to our online calculator for more information.

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What if the debtor does not pay after 90 days?

Included in many funding offers is the option to insure your debtors, so if they do not pay you do not lose the money owed to you.

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How can I use the money owed to me?

Our focus is on your business growth. However, you can use the funds as you wish. Perhaps to meet your payroll obligations, for expansion purposes, to take advantage of supplier discounts, reduce financial stress – any number of reasons.

Frequently Asked Questions

Home Loans

Secured Finance

Unsecured Finance

Invoice Financing

Contact

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