Getting the money to buy big ticket items in Australia

Getting the money to buy big ticket items in Australia – does the new regime improve the process in the Finance Broker market.


When it is time for a new car, boat, motor bike, truck, caravan or perhaps a second car for the family, or a surprise for that newly licensed member of the family! just where do you get the money quickly and without hassle? Save, beg, borrow or steal? Steal is not recommended, unless you want a correctional facility based stay over.
For most of us its BORROW. There are of course the traditional lenders – Banks, Building Societies, Credit Unions, family and friends, maybe even the Boss, but increasingly Borrowers are turning to Finance Brokers for assistance. Why? Because time is becoming more precious and most of us just don’t have enough of it to go round and Finance Brokers generally offer a comprehensive service and can often organise insurance to protect the new property and also loan protection insurance to protect the borrower.
So not only does the prospective borrower save precious time, but also benefits from expert advice and market knowledge. Simple really, it’s a win win situation. The Borrower gets that all important car loan or finance package and the Broker gets a new client and a potential referral source of business.
Consumers have never had a better safety net when it comes to choosing a Broker. All Brokers are now either Licensed or authorised under the National Credit Code.

What does this mean for the Consumer? More paper work to study...absolutely.
In todays financial market the consumer gets – A Credit Guide, A quote for services, a proposal and can also get access to the Brokers and or Lenders assessment of the credit application. Borrowers can now also take their case to an External Disputes Resolution Service if they are dissatisfied with the conduct of their broker.
The Credit Guide Provides the Consumer with detailed information about the Broker, including the Lenders used, details of how to complain.
Brokers can organise loans for both clear and credit impaired borrowers whose circumstances don’t meet traditional lending requirements. The loan product range is broad and caters for the needs of people who are self-employed, those on a salary or wage and small business. Brokers offer all types of finance for many needs. These needs can be for cars, houses, business, commercial, leisure, capital, development, marine and investment. The lending source often depends on the client profile and history. Prime lenders will only focus on those with a solid credit history and asset portfolio, while others are more understanding to some of the curve balls’ that life can throw.
The Broker advantage is often that business relationship with both style of lender.