As a finance broker in Perth, I see many different types of lending. A Western Australian family going on the holiday of a lifetime, first home buyers, a Perth business owner restructuring his fleet finance, new and used cars purchases and boat finance in Perth to name a few.
While all of these are vastly different, they all start at the same point; The plan. The plan begins with three questions; What do you want to finance, what have you got (assets and cash) what you can afford to repay.
From these points the plan develops, and the research phase begins. Which lender is offering the most suitable deal for you? Lenders appetite for different types of lending changes on an almost daily basis, and each lender specialises in a different area of lending. Not all are equal
For example; a lender that is happy to refinance a fleet of trucks in Kewdale probably won’t be interested in a 1-year personal loan to fund the Hillarys family going to Disneyworld. If a lender isn’t appealed by a type of debt, personal loans in this example, they will not have competitive rates.
Similarly, if a lender specialises in Home loan lending, their commercial business loans won’t be anything to write home about. They’ll still offer them, but they will be considerably more costly than their competition.
It is for this reason that the Perth Finance broker is your best asset. A Perth finance broker is constantly updated with the lender’s trends (who is best on what kind of loan and which suburb- yes, it does breakdown that far!), credit policies (what they require from you) and how best to structure the loan (who is borrowing, over how long, secured against what).
Going to you home bank might be familiar but rarely is it the most suitable deal for you. It can be, but it pays to check.
“So why can’t I do this myself you ask?” Look, you can do this yourself however, some of the best lenders don’t have branches. Modern banking has moved to be an online operation, with call centres having replaced bank branch staff. Unless you have a lot of time, patience and a fair bit of knowledge, you are most likely going to take the one of the first three lenders you call. This is convenient, but is it the most suitable deal for you?
If you have plans, call me today. There is no obligation and no cost in a coffee and a chat anywhere in Perth. What do you want?