Why should we use your service, shouldn’t we just go to the Bank direct?

Home loan brokers were a rarity 10 years ago but now account for over 30% of all home loans taken out today. The same is now becoming true for all lending, including complex business lending. Bank Managers are employees working for a single Bank and will only offer you one solution instead of sourcing the best deal from across the market place.

As we are constantly sourcing funding solutions for our clients and keeping up to date with the latest offers, we’re always in the best position to show you all the options and to find the right solution.

We work for our clients, not the Bank, so when it comes down to it, we always put your interests first, not the Bank’s.

Won’t it cost more to use you?

That’s a common misconception going back to the early days of our profession when you went to a broker because you couldn’t get a loan! Banks have embraced Finance Brokers in recent years.

Banks traditionally employed staff with all the associated on-costs of superannuation, renting offices, giving them cars, phones, computers and expensive salary packages. These staff may or may not have been great at finding customers! Therefore the Banks are now happy to “outsource” the activity of finding clients to professional brokers and pay those brokers only if they find them new clients.

That way, the Banks get rid of the fixed costs of staffing and replace it with a purely performance oriented sales channel – the professional finance broker. Ultimately the Banks are happy to pay our fees as we source the client, write the credit paper and assist them with all the work that takes place to put a new loan on their books.

Do you only write loans with a couple of Banks?

We have brokerage arrangements (all Banks pretty much pay us the same fee) with most Banks and Lending Institutions. We are happy for you to choose a Bank or we can assist you in the process of finding the Bank and Loan package that is just right for you. We canvass the market widely to ensure most options and funders are considered in our process.

If you recommend changing Banks, won’t that be difficult?

Ultimately if a substantially better deal is on offer, we won’t hesitate to recommend changing Banks. We will assist you bed down your transactional banking issues with the new Bank. With sound management and planning, we can ensure the transition is as pain free as possible.

Will it cost us anything to talk to you or engage you?

All it costs to talk to us is 30 minutes of your time! In our first consultation we will examine your present situation and give you a proposed plan of action. In 99% of cases there will be no need for us to directly charge you a fee. If we were to charge you a fee, that would be agreed upon in writing before we commence working on your situation.

Quite often we will ask you to sign a letter of engagement, especially where there is a lot of work we need to do on the transaction. This outlines the funding we are agreeing to obtain approval for and details what our fee is should you ask us to do all the work for you and then elect to not proceed. If you don’t proceed because you were unhappy with our service or we could not obtain approval, then no fee is payable.

What to do if you have a dispute of complaint?

We hope you are delighted with our services, but if you have a complaint please let us know so that we can work towards resolving it promptly and fairly.

You can make a complaint verbally or in writing by contacting us (your broker) directly or by using any of the following:

   Email: compliance@loanmarket.com.au

   Phone: 1800 763 486 (toll free) Monday to Friday 9am to 5pm (AEST)

   Mail: Complaints Officer, Loan Market, GPO Box 5200, Sydney NSW 2001

If you require accessibility assistance, including language and translations, please use the details above so we can help.

External Dispute Resolution Scheme

If we do not reach an agreement on your complaint, you may refer the complaint to an ASIC Approved External Dispute Resolution (EDR) Scheme. Our external dispute resolution provider is the Australian Financial Complaints Authority(AFCA).

You can contact AFCA using any of the following:

   Online: www.afca.org.au

   Email: info@afca.org.au

   Telephone: 1800 931 678 (toll free)

   Mail: GPO Box 3, Melbourne Vic 3001

External dispute resolution is a free service established to provide you with an independent mechanism to resolve specific complaints. You may refer the matter to AFCA at any time, but if our internal process is still in progress, they may request that our internal processes be completed before considering the matter further.

You can obtain further details about our dispute resolution procedures and obtain details of our privacy policy on request.