Can you help us no matter where we live?
/in FAQ /by ManagementWe sure can.
Our team is situated in one central location but you can be anywhere you like!
Technology is such a wonderful thing. We utilize phone, emails and Skype to assist borrowers all over Australia. We can work with you when it suits you. You don’t have to take time off work to chat about your finances.
How do you get paid?
/in FAQ /by ManagementAt Lending Mate™ we love transparency.
At Lending Mate™ we love transparency, so what we are paid is fully disclosed to you before the loan application is submitted.
We receive a set commission from the lender when a loan settles. A lot of the lenders don’t have branches that you can pop in to for a loan. So that they can help borrowers around Australia, they allow accredited finance brokers to introduce loans to them. They accept loans from select brokers who have met stringent quality and financial standards like Lending Mate™
Because we specialise in helping people who have had issues obtaining finance (previously declined or not meeting policy), or are being stuffed around by the system, our job is much more intensive, time-consuming and complex. Due to this, once we speak to you we will advise you on the most appropriate steps, process and what it involves. This will be based on your individual scenario which we will fully detail for you upfront.
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How quickly can you give me an indication that you may be able to help?
/in FAQ /by ManagementWe don’t want to waste your time.
We want to ensure that you know quickly if we may be able to assist and are mindful we don’t waste your time. This is the process we follow in order to help you.
- Have an initial chat and determine if we may have a solution for you. We don’t give you false hope and if the timing is not right we will help you with a plan to get you to where you need to be.
- Collect all your details via our Fact Find and share our Credit Guide with you.
- Review your Fact Find in detail, compare possible options and discuss anything out of the ordinary with the lenders that may be able to assist.
- Discuss our findings with you and give you the full picture of the pros and cons of each option, to allow you to make an informed decision.
- Collect supporting documentation and prepare the loan application for you to sign.
- Submit the loan and keep in close contact with you through to settlement so you know exactly where it is at.
- FULL after settlement service and support.
Can we be sure that you will recommend a suitable loan for us?
/in FAQ /by ManagementSuitable loans from suitable lenders
We work with lenders that we have built up a relationship with and match them to your situation. We fully disclose why we recommend them and give you the pros and cons of each option.
Under the National Consumer Protection Laws, which we strictly follow, it is against the law for us to assist you with applying for a loan that doesn’t suit your needs.
I’ve been knocked back a few times, have I completely ruined my chances?
/in FAQ /by ManagementNo, not at all.
Having applications declined causes stress and may have gone on your credit file. Not all lenders will be alarmed if you’ve been declined for a loan but your next application should be for a loan that is ideally suited to your circumstances and with a lender who won’t hold it against you.
Should I go to my own bank for a loan first?
/in FAQ /by ManagementYou’ve probably tried your lender with no luck.
If you are visiting us you have probably tried your lender with no luck! Many people assume an application for a loan with a bank who already ‘knows’ them would be easier and have more chance of success but this ‘relationship’ usually has no bearing on the outcome.
You should be careful before applying for a loan with any lender before you know whether you meet their criteria. Being ill-prepared will not only waste your valuable time but perhaps even have a detrimental effect on your credit report.
Before you go ahead and apply, we’re happy to discuss your loan requirements and help you determine if your own bank will be likely to approve your loan based on your current situation.
Are the lenders you use reputable? Why have I never heard of some of them?
/in FAQ /by ManagementAbsolutely reputable.
In a word, absolutely. Our lenders are reputable. In Australia, there are a large number of checks and balances in place. These are for your protection when you enter into a loan agreement. On top of this, each of the financial institutions we deal with have met our stringent selection criteria.
Although you may not have heard of them, many of them are funded by major lenders. Their loans aren’t targeted at a mass audience so you won’t see their ads on TV, but they are specialists at what they do.
Will I have to pay higher interest rates?
/in FAQ /by ManagementHigher interest rates are a common concern.
This is one of the most common concerns people have when they’re hunting for a loan. But while it is important to find a competitive interest rate, it means nothing if you don’t meet the lenders policy.
Finding good solutions for you will involve learning about your situation and then researching your options. Sometimes we’ll recommend a single step solution and in other cases, there could be a number of steps. One thing is for sure; we will work to ensure your financial situation is improved as a result of working with us.
How are you different to other finance brokers?
/in FAQ /by ManagementThe Lending Mate™ difference.
The key difference with Lending Mate™ is that we are focused on the borrowers that lenders and mortgage brokers don’t normally work with. We have a vast amount of lending expertise and know all about loans available for people who don’t tick the standard boxes. We know how to find a way to “yes” that makes sense and doesn’t put you in a worse position than you were before.
And there is no great secret to it. First, we have strong relationships with a range of lenders and we make sure we know their lending criteria inside out. Second, we make sure we fully understand your situation to find the most competitive solution that fits your individual circumstances. Thirdly, in the submission to the lender we use our expertise to present the information we have uncovered about your scenario in a way that addresses their key concerns.