Q.  Isn’t First Australian a large Finance Broker?

A.  No – First Australian is not a Finance Broker.  We are Mortgage Originators and Mortgage Mangers.  This means that we source funds, arrange loans secured by mortgages, settle the loans and manage the mortgages after settlement.  This means that our Borrowers will normally only ever deal with us for the life of their mortgage.  First Australian have a number of Accreditated Mortgage Consultants, or Finance Brokers working with us.  They provide arrange mortgage secured finance through us, on behalf of their Clients.

Q.  Well what is a Finance Broker?

A.  A Finance Broker is someone who examines your financial needs to the point of being able to facilitate a loan for you through their lending network.  Most people only ever own two or three houses their whole life and therefore know little about mortgages and borrowing money secured against a property.  A Finance Broker can therefore be of great assistance to many borrowers, provided they act with integrity and in the best interests of their Clients.  Almost 50% of loans in Australia are arranged by Finance Brokers.

Q.  Are First Australian Finance Brokers Honest?

A.  Each Finance Broker we work with must be Accreditated by us and hold various industry based qualifications/registrations and Professional Indemnity Insurance.  We expect each of our Brokers to always act with integrity and honesty and if this proves not to be the case then a Broker will lose their Accreditation with us and be unable to lodge applications with us.  The Federal Government is currently drafting national legislation to regulate the Finance Industry and Finance Brokers.  This is designed to remove any disreputable Brokers from the industry.

Q.  Should I use a Finance Broker to arrange my First Australian loan?

A.  You can deal directly with us, as there is no requirement to use a Broker at First Australian, as we have a tradition of dealing direct with Clients.  Alternatively, you can go through one our Accreditated Brokers who should be able to assist you, dependant on your personal circumstances.

Q.  Why use a Mortgage Broker, or an Internal First Australian Consultant?

A.  Your ability to find the right home loan will depend on many factors, including;

• your personal circumstances;
• the number of lenders that you research;
• the amount of time you can dedicate to researching those lenders;
• your understanding of how mortgages work in infinite detail;
• your financial strategic ability;
• your knowledge of any changes in the market and your negotiating power; and
• the list goes on and on, as there are many complexities. 

Understanding what is changing in the current lending environment and how to take advantage of this is almost impossible unless you are involved in it full time.  This is a very complex industry and finding the right home loan for you is not as simple as finding the "cheapest" interest rate.  Cheap interest rates mostly do not mean a cheaper home loan.

A First Australian accredited mortgage broker, or staff member will help you get the right home loan by discussing your current situation; your future plans and helping you find the right loan to suit your needs.  Good mortgage brokers are professionals and well versed on any changes in the lending market including changes in lending policy, what lenders actually charge in interest & fees, new products and features and any procedural changes that could affect your application.  First Australian Accreditated Mortgage Consultants and all of our internal Consultants are seasoned finance professionals and have established relationships with us and their insider’s knowledge serves to aid them in obtaining the loan you need. 

Q.  Do I have to pay a Finance Broker a fee?

A.  No, the Broker is paid by First Australian as part of our costs in setting up your loan.  We either pay staff, or we pay an Accreditated Broker, but you have no fee obligation to pay a First Australian Accreditated Broker for arranging your loan.  The costs to set up your loan, including any Brokerage are recouped by us in interest, over the life of the loan. 

Q.  How do I find a Finance Broker who is Accreditated with First Australian?

A.  Simply contact us, so that we can make an appointment [initially by phone] with one of our consultant representatives who is located near you.