Brokers for Change vs ‘The Banks’

At Brokers for Change, we provide better home loan options Australia-wide. Whether you need a loan for a new home, a business or a personal loan, we can provide you with more varied options than your local bank will. That’s the claim that we proudly stand by, and of course, we’re happy to explain the ‘why’ and ‘how’ of that claim. Read on to find out more.

Advantages of using Brokers for Change

At Brokers for Change we work with you; finding you the bank that best fits your circumstances and managing the entire application process. This includes pulling together all of the necessary documents that banks will be asking for and making sure your personal financial information is provided in the right way. We then pitch you to the lender and see the whole application through.

We have strong negotiating power and often get our clients lower interest rates than what the banks are offering.

How we do this

Major banks often discount their advertised interest rates for some of their products. Discounting is predominantly given to loans with a higher value and lower Loan to Value Ratio (LVR). LVR is the amount borrowed as a percentage of the value of the property being used as security for the loan. This means banks favour borrowers they identify as low-risk such as those with clear credit history, a large deposit and stable income. With access to over 30 lenders, Brokers for Change can assist borrowers who may have a small deposit and a not-so-great credit history. We find the right fit, no matter what your circumstances.

We’re accredited and working in your best interests

Brokers for Change are accredited under the National Consumer Credit Protection Act, and are a member of the Mortgage & Finance Association of Australia (MFAA). This means we’re certified to act on your behalf on financial matters and we do so in your best interests.

The myth of bank loyalty

Although you may have spent your entire life banking with just one of the big four banks, it still may make no difference as to whether you would receive the best offer for a loan. Your bank will not alert you to a great deal from their competitor, but we will.

Remember, banks want broker business and they’re willing to fight hard to get it because they know that we can find a better offer from another lender.

We give you more choice

We act in the best interests of our customers. That includes recommending the most economical product that is the right fit for a customer’s needs. Banks, however, will not recommend another lenders’ identical product even when it would be in the customers best interest.

Let’s say, for example, that you apply for a loan with one of the big four banks and you don’t quite fit their lending policy.

People are often turned off because “my bank told me I didn’t qualify”. They do not necessarily realise different banks have different policies. Declined loans have increased in more recent times to 40%, this can be traced back to customers either using online lenders or direct to branch applications.

At Brokers for Change, we act as a filter by understanding our customer’s unique requirements and then matching those requirements with only the finance lenders that will support our customer’s application.

You’re saving time and hassle and can avoid getting unnecessary credit enquiries listed on your credit file when you apply for home loans that you don’t qualify for.

Using Brokers for Change also means that you are helping us help the community unfortunate enough to not even have a home. We commit 20% of our upfront and trail commissions to go towards helping the homeless via our charity partner StreetSmart.

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