A Finance Broker assists the consumer in finding the best loan that suits their unique needs and circumstances. To do this, a Finance Broker leverages their knowledge and experience across a broad spread of products from multiple lenders. Finance Brokers have a duty of care to provide the best possible advice to clients.
Brokers are making lending personal again.
A Finance Broker is a financial expert retained by the consumer to explore and recommend financing options for real estate purchases or refinancing and to then take care of loan origination. Brokers usually provide a face-to-face service to build confidence and trust during their customers' significant financial decisions. When the application is approved, the Finance Broker oversees the signing of the loan documents.
Quick fact "More than 50% of Australians choose a finance broker for property purchases"
A day in the life of a Finance Broker
A Finance Broker's day encompasses new business development, customer relationship management, and working with key lenders which include banks and other specialised finance companies. Often, new clients are recommended to a broker so networking and looking after existing clients helps drive positive “word of mouth”.
A Finance Broker works one on one with consumers. They analyse applicants’ financial situations, evaluate financial histories and verify borrowers' income and credit information. They also need to explain the legal aspects and the terms and conditions of a loan to the borrower.
Important fact - brokers must disclose and inform all customers how they are remunerated by the lender as a matter of regulation. Make sure that this is clearly understood and that there is no cost directly on the customer.