In particular we focus on getting the loan structure right the first time, choosing which lenders to use in the right order (yes this is important) and finally getting our clients the best deal possible.
Requirements and objectives
One key aspect of responsible lending involves conducting thorough inquiries and assessments of a borrower's financial situation before suggesting lending options. The purpose of these inquiries is to gather information about the borrower's financial position, needs, and objectives. Some of these elements include income and expenses, debt obligations, financial goals and the purpose of the loan and credit history.
By gathering this information, brokers can determine the types of credit products that may be suitable for the borrower's individual circumstances. The goal is to provide recommendations that align with the borrower's financial capacity and objectives, promoting responsible lending and reducing the risk of financial hardship for borrowers.
In Australia there are regulations and laws in place to ensure that lenders and mortgage brokers engage in responsible lending activities.
These regulations are designed to protect consumers and promote fair and transparent lending practices. It is to ensure borrowers are recommended loans that are appropriate for their financial situation and that they have the capacity to fulfil the repayment obligations.
Learn MoreIf you have a minimum 20% deposit you won’t have to pay LMI, but there are a few ways to get around it if you don't quiet have enough deposit.
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