Credit adviser or bank?
When you’re looking for a home loan, you could go to a credit adviser or to a bank. While a bank will only offer you its own products, a credit adviser is an industry expert who will take the guesswork out of finding the mortgage or finance product that suits you and your needs.
It’s understandable that credit advisers are now the number one choice for one in every two consumers who are seeking a home loan or to refinance an existing loan. Businesses are also engaging credit advisers to help them with their finance needs from car and equipment leasing to loans to help their businesses expand
What can a credit adviser do for you?
Credit advisers already know the industry, the lenders, their products and their requirements, saving you a lot of time and energy on research. They will also put the time into finding out about your particular credit situation and have a wealth of experience to draw on to help you simplify it.
Translate industry jargon
Credit advisers are able to make sense of what the loan documents and lenders are saying – put it into lay-person’s language, so to speak.
Get you what you want
Advisers will determine your borrowing needs and fiscal ability, and choose the best product to suit your requirements.
Give you a broader choice
Being brokers, credit advisers have to offer a larger selection of loan products. While a bank can only offer you its own products, credit advisers can help you choose from a selection of loans provided by different lenders.
Help you compare apples, oranges and the whole fruit basket
Credit advisers have the knowledge and tools to compare hundreds of products and you get the right loan for your circumstances and needs
Find you a good deal
Loan providers are always spruiking a special deal or two, and these could make a big difference to your repayments or success rate. A credit adviser will know which of the deals on the market at the moment is right for you.
Act as your advocate
A good credit adviser wants the best for you, the client. They will be your cheer squad, middle-man, team player and coach throughout the process.
They’re in it for the long haul
A credit adviser won’t just love you and leave you – they will oversee and manage on your behalf the loan’s progression right through to the end. By the way, ‘the end’ isn’t when you sign the documents and buy your property; you can expect your credit adviser to keep track of you and your changing needs, helping you should you need to switch products or wish to purchase another property.
The key is to choose an MFAA-accredited credit adviser. The Mortgage & Finance Association of Australia (MFAA) is the peak national body representing professional credit advisers across Australia, and all members must adhere to professional developments standards and a stringent code of conduct.