1. Finance Brokers get paid for presenting options that can save their customers money on rates and fees. The correct structure for your unique situation can also assist with cash flow enabling you to do more with less. Remember bank employees get paid whether your loan gets approved or not and are trained to set up the best possible rate and fee structure for the bank. When you find the right broker for you, getting the finance you need becomes very easy. The broker does all the work and guides you through the whole process quickly and easily. Brokers do this every day of the week so know exactly what the banks need and which ones will be the best for you in terms of the deal they will offer and the ongoing support they will give.
2. Finance Brokers can source products from a vast range of specialist and mainstream products from multiple brands. Bank employees are only able to sell their “home brand” products. The right broker will have access to multiple lenders with hundreds of products who are all competing for your business.
3. Finance Brokers only get paid if they get the loan to approval and settlement. Brokers only get repeat and referral business from happy clients. Bank employees get paid wether the customer gets the loan or not.
4. The right Finance Broker works for the client placing their needs ahead of his always ensuring that the best structure and loan product is selected for you and not what will get the broker the highest commission. Bank employees are ultimately working for the bank shareholders. Who would you rather trust?
5. Ongoing free education to keep you up to speed on lending options and strategies. The banks on the other hand will continue to educate their staff on how to increase profits that will be derived from you.
6. Discussing your plans with the right broker can be critical in getting the deal approved. A skilled and knowledgeable broker will know how to interpret your desired outcome and present the deal to the bank in the best possible light. Many have made the mistake of sharing more information than necessary with the friendly loan officer at the local bank often to their detriment. The right broker knows how bank employees “think” and will present your deal in the most proficient way possible to get an approval that otherwise may have been declined. It is a regular occurrence for a broker to get a call to say the deal can’t be done for a multitude of reasons then skilfully overcome the objection often without the client even being aware of the dreaded decline.
