How to find the RIGHT Broker

We have been receiving calls from prospective borrowers who have applied for a Low Doc Loan through another Broker only to find that their Application has been declined.

More often than not, the Application was rejected because the Broker did not understand the Lender's Low Doc Policies and did not perform the appropriate probity checks before lodging a formal Application.

Please be aware that an unsuccessful Loan Application may make it extremely difficult for you to obtain a Low Doc loan through another Lender.

For every chance of success, it is important that you engage the right Broker before submitting a formal Home Loan Application.

Finding the right Broker

• Has your Broker applied for a Credit Licence?
  (It is illegal to provide Credit advice unless you are licenced).
  Our Australian Credit Licence Number 381343.
   
• Does the Broker do Credit Checks on all borrowers prior to lodging a formal Application?
  (This is a critical check with Low Doc Loans).
  We are authorised by Veda Advantage to perform Credit Checks ONLINE (in a matter of minutes). This enables us to understand what your options are before lodging formal Loan Applications and allows us to work with you to arrive at the best outcome based on your own particular circumstances. Credit Checks are optional, but we highly advise that these are done prior to lodging a formal Application. Note that our Credit Checks DO NOT show as a Loan Application on your CRA ... they are shown as a "Consumer Authorised Enquiry", which simply means that you have authorised us to look at your Credit File on your behalf.
   
• Does the Broker specialise in Low Doc loans and are they intimately aware of the Lenders' Low Doc Policies?
  (Most Brokers specialise in Full Doc Loans and Lenders' Full Doc policies are vastly different from their Low Doc policies).
  Low Doc Loans are all we do. In many cases, we know the Lenders Low Doc policies better than the Lenders themselves.
   
• Which Lenders does the Broker deal with in the marketplace?
  (Some Brokers only have access to a handful of Lenders and this can reduce your options considerably).
  We have access to all the major banks, most second tier banks and a large number of non conforming and non bank Lenders. If the loan is 'doable', we know where to go.
   
• Can the Broker supply you with a detailed Fact Sheet upfront (including Features, loan establishment fees, mortgage insurance details, interest rate options and all exit fees) for the Lender/Loan they are recommending?
  (You need to know all the facts upfront - you don't want surprises down the track).
  Click on any of our Fact Sheets and compare the level of Disclosure to any other specialist Web Site or Lender - we doubt that you will find this level of information anywhere.
   
• Does the Broker charge a Brokerage Fee for the service provided?
  (Some Brokers charge a service fee over and above the Lenders Commission).
  We DO NOT normally charge any fees over and above the Lenders standard fees. Also, the rate, fees and charges are the same as if you had approached the Lender direct.