Most people assume every lender is much the same. They aren’t. Each one finances different assets and structures deals differently, and going direct means you only ever see one answer.
Your bank has one product
If you can be squeezed into it, you will be, whether or not it fits. A real example: one lender is a touch cheaper on rate but won’t do a balloon. Another costs a couple of dollars a week more but offers a 30–40% balloon that nearly halves the regular repayment. If cash flow matters, the “dearer” option is the better deal. You’d never see that comparing one product.
And plenty of lenders are broker-only. Go direct and whole products simply aren’t available to you.
Most of Australia already uses one
According to the MFAA, 81% of new residential home loans are now written through mortgage brokers, up from around 55% in 2018. In commercial asset and equipment finance, industry reporting puts the broker share at around 72% and growing.
What we add on top
- After settlement: once a year we compare the market against your loan and flag a refinance if it would cut your repayments. Selling, paying out early or refinancing? We chase the lender, not you.
- Insurance: we work with an insurance broker. One customer’s third truck was quoted around $15,000 for a year’s comprehensive cover elsewhere. Our insurance broker came back at $11,000, a $4,000 saving.
- Car brokers: identical new utes can vary by thousands between dealerships. A car broker we trust shops your exact spec, which shrinks your loan too.
- Credit files: we run hundreds a month, share a full copy of yours, and walk you through it.
- No mortgages: we stick to asset and business finance, and refer property to verified mortgage broker partners.
Comparing costs nothing and doesn’t touch your credit file. Related reading: dealer finance vs a broker and shopping for finance without wrecking your credit.
Common questions
What does a finance broker do?
A finance broker compares lenders for you, matches your deal to one whose policy fits, and handles the application through to settlement. For asset finance, that covers trucks, cars, machinery and equipment.
How do finance brokers get paid?
Most are paid a commission by the lender when your loan settles, and some also charge a broker fee. A good broker tells you upfront how they’re paid and what, if anything, you’ll pay them.
Can a broker help if my bank said no?
Often, yes. A bank assesses against its own policy only, while a broker can take the same deal to lenders whose policy fits, including lenders that work with newer businesses, older assets or less-than-perfect credit.
Are finance brokers licensed in Australia?
Yes. Brokers who arrange consumer credit must hold an Australian Credit Licence or be a credit representative of a licence holder. Budget Finance is a credit representative (Credit Representative 565565) of Connective Credit Services Pty Ltd, ACL 389328.
Have a question about your deal?