Why use a finance broker?

What is a finance broker?

Do you know how to get the best finance deal for your circumstances? Your Finance Broker at Whiteroom Finance does.

What about all the paperwork? Filling out a loan application takes time and can result in errors if not done correctly. This can lead to a rejection or delays and could ultimately affect your ability to obtain funding at all. The Finance Brokers at Whiteroom Finance can help you remove the risk and streamline the process.

In simple terms, a Finance Broker is someone who helps you find a loan. In more complex terms, they are a financial expert who acts as a conduit between the borrower (you) and the lender (the bank). Finance Brokers specialise in finance and have access to a range of lenders to ensure a greater chance of you getting the right loan and most suitable terms.

In Australia, Finance Broking has a long and storied history dating back to the establishment of the Federal Bank of Australia in the late 1800s. As such, Finance Broking is a well-established and trusted industry in Australia, generating over 60% of all new finance and mortgages. Finance Brokers have come to be the preferred avenue for borrowers and lenders as they make the application process easier and more streamlined, saving everyone time and money.

The Finance Brokers at Whiteroom Finance specialise in getting the best deals for you. Our role is not to sell you finance. Rather, we take the time to understand your needs, make appropriate recommendations and take the headaches out of applying for finance. We make it easier for you to achieve your goals. Whiteroom Finance gives you peace of mind knowing you have the most appropriate solution, your paperwork is filled out correctly and your application has the greatest chance of making it across the finish line.

Why use a mortgage broker instead of a bank?

There are a number of reasons you should choose to use a Finance Broker over dealing with a lender yourself:

  • In many cases, your Finance Broker will come to you and assist you with your finance application in the familiar surroundings of your own home, or your business premises.

  • Unlike many banks, your Finance Broker will have a face-to-face relationship with you. They will become your primary contact for your finance needs, so you don’t have to speak with a different person each time you call the bank.

  • Your Finance Broker understands the potential pitfalls in your finance application and can help you work through any possible issues before they become a problem for you.

  • Your Finance Broker understands lenders’ policies and procedures so will be able to advise you of the best course of action for a particular lender, or tailor your application to suit your individual circumstances. The advice may be not to borrow – which can save a mountain of work and disappointment and set you on the path of future borrowings.

  • As we understand lender processes, your Finance Broker can usually streamline your application for a more efficient outcome. Chances are you will hear back from the bank sooner if you use a Finance Broker.

  • Your Finance Broker “speak the bank’s language” and can deal with any issues arising with your finance application efficiently and effectively. You will usually have a much better chance of quick application success with a Finance Broker.

  • With over 60% of all new finance and mortgages generated by Finance Brokers, you will have peace of mind and satisfaction that you are in a group with the majority of Australians seeking finance.

  • A bank will usually encourage you to acquire all your finance from them. While this may be OK a lot of the time, this “all your eggs in one basket” situation can have impact on future needs. Your Finance Broker considers this risk and, if it’s in your best interest, can help you spread your finance across different lenders.

  • Often, your Finance Broker will have more experience than a bank’s loan officers, many of us having worked in similar roles across the finance sector.

  • Your Finance Broker often has their own business and understands the difficulties associated with running a business, including time imperatives, so we can work around your schedule.

What does a finance broker do?

Have you ever wondered what your Finance Broker actually does? Well, let’s take a look…

  • Your Finance Broker ensures the loan you obtain is in your best interest.

  • Your Finance Broker helps you find a loan with access to a variety of lenders and the most appropriate finance deals on the market.

  • Your Finance Broker gets to know you and specialises in finding the most suitable and affordable financing options to suit your needs and your situation.

  • Your Finance Broker helps you prepare for the success of an application weeks or months before applying to give you the best chance of success.

  • Your Finance Broker takes the headaches out of applying for finance, making it easier for you to achieve your goals.

  • Your Finance Broker helps you complete your application to ensure you have the best chance of approval.

  • Your Finance Broker acts as a conduit between the borrower (you) and the lender (the bank).

  • Your Finance Broker speaks the bank’s language, so you don’t need an interpreter.

  • Your Finance Broker helps you preserve your credit rating.

  • Your Finance Broker doesn’t work for the bank.

Contact Whiteroom Finance today for an obligation-free consultation.

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