Frequently Asked Questions

 
 

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HOW IMPORTANT DOES MY CREDIT SCORE REFLECT MY APPROVAL?

A credit score is an automated assessment of how risky you are to a lender. Your credit score can affect your application as some lenders base overall criteria based on your score.

Your credit score is calculated through Equifax based on amount of enquiry/applications & any late payments on your existing commitments.

what are the current interest rates?

The interest rate is determined based on your profile. Which is made up of a factor of things. This includes your residential status, if you are a home owner, if you are renting or boarding. It is also based on the age of the asset you are purchasing. If it is a NEW or USED asset. If it is 2 years old or 6 years old. Some lenders will also calculate the rate based on your credit score. Our lenders have rates from as low as 4% with Tier C lenders rates ranging up to 30%

what documents do i need to apply for finance?

Typically you need to be employed for a minimum of 3 months. PAYG employees you will need proof of income; including pay slips. Depending on your situation, we may require a bank statement with 90 days of transactions. Centrelink Statements if you are receiving income benefits and in some cases your Tax Return + NOA is required.

DO PAYDAY LENDERS AFFECT MY ABILITY TO BORROW FUNDS?

We do have lenders on our panel who will assist in providing our clients finance if you do have a payday lender however it is a small % of lenders who will and at a high cost. We encourage our clients to refrain from taking out any payday loan (which is considered anywhere between $300-$3000) this can affect your ability to borrow funds as the lenders consider any payday loan a means of financial hardship.

what are the current interest rates?

The interest rate is determined based on your profile. Which is made up of a factor of things. This includes your residential status, if you are a home owner, if you are renting or boarding. It is also based on the age of the asset you are purchasing. If it is a NEW or USED asset. If it is 2 years old or 6 years old. Some lenders will also calculate the rate based on your credit score. Our lenders have rates from as low as 4% with Tier C lenders rates ranging up to 30%

WHY SHOULD WE USE A BROKER?

We want to represent the very best of what it means to be a finance broker. Delivering a high level of service and tailoring a loan package that makes a difference to the lives of our clients. All while we know the criteria and guidelines of over 30 lenders it also enables us to put you with a lender who is likely to give an approval and avoid multiple enquiries on your credit file.

are there early termination fees if i pay off my loan early?

Under a consumer loan (PAYG) the early termination fee is with most lenders is approx $10 per month left remaining in the contract. Some lenders will also charge an administration fee to terminate the loan early. These fees & charges are outlined in your contract.

Under a commercial purchase (Chattel Mortgage) you are generally bound to the full term. If you do pay out early some lenders will charge 30% of the unused interest as a payout penalty. All while each lender is different it is best to speak with us at the time you do choose to payout so we can provide with you the best option.