What does a mortgage broker do?
Mortgage brokers are professionals in the lending industry. We work with you to determine your lending needs and understand your objectives. Brokers, like us, help to ensure that you don’t take out a loan that is not suitable for you. With a wide range of products in a competitive market, we source the most suitable loan for you.
Do you charge a fee for your service?
At Diverse Lending Solutions – We don’t. Brokers are paid commissions by the bank for introducing new business to them, this does not impact your interest rate or level of service. Nor does it affect your loan - it's simply the cost of doing business, factored by the lenders.
Don't you just use banks who pay you the most commission?
Absolutely not! There is legislation in our industry, called the National Consumer Credit Protection Act (or NCCP), that is designed to protect consumers and ensure ethical and professional standards in the finance industry. We disclose to you any and all commissions we will be getting from the bank. Our job, our only job, is to find the best loan for your needs and objectives.
Why use you - can't i just go to a bank?
When we talk about a ‘loan product’ we are referring to the thousands of options that are currently available for you for your loan. Each bank (or lender) has several different loan options – low doc, package loans, re-draw facilities, plant and equipment loans, fixed, interest only, interested in advance, variable, introductory variable… the issues you face as a consumer is ‘which loan is right for me?’
And that is where a mortgage broker comes in. If you go directly to the bank, you will only be offered the loan options available through that one lender. As your mortgage broker, we do all the leg work for you. We are across many lenders and all of their loan products and our sole purpose is to find the right loan for your needs. Your full financial situation would need to be reviewed prior to acceptance of any product or offer.
Who sets interest rates?
The Reserve Bank of Australia meets on the first Tuesday every month to determine the official cash rate for the country. The lenders and banks then use this information to set their own rates. Mortgage brokers do not set rates.
Which lenders do you deal with?
We are Connective Brokers. This means that we have access to many lenders – these include the major banks, second tier lenders and credit unions. We can source you a loan from the lender of your choice.
I am not in your area - can we still work together?
Sure thing! We are mobile brokers so we can come to you! We regularly meet with clients after hours, on weekends and our office never closes