When should I see a Credit Advisor?
You can meet with a Strategic Loans Credit Advisor at any point, whether you're just starting to think about buying your first home or looking to invest or refinance.
What does a Credit Advisor do?
Credit Advisors are accredited professionals in the home loan industry. They work with you to determine your borrowing needs and how much you can borrow. This helps to ensure you don't take out a loan that is too big for you.
Professional Credit Advisors only focus on loans. If you have a toothache, you go to the dentist not a florist. If your car is broken you take it to a mechanic not a librarian. You go to someone trained to help you with your specific need. It's same when you need a loan. Credit Advisors have access to a wide variety of loans. This mean your broker can find a loan is just right for you.
How much does it cost?
Our home loan service is free of charge, as the lenders pay us a commission when the loan is settled.
Do you Charge fees for home and investment loans?
Occasionally clients wish to have more detailed finance assistance which is associated with fees.
Don't you just recommend the lender who pays you the most commission?
Absolutely not! There is legislation in our industry, called the National Consumer Credit Protection Act (or NCCP), that is designed to protect consumers and ensure ethical and professional standards in the finance industry. We tell you upfront what commission we will be getting from the bank. Our job, our only job, is to find the best loan for your needs and serviceability.
How much can I borrow?
This is dependent on how much you have saved for a deposit and what you current expenses are. Give us a call and we can go into your options in more detail, or check out the loan calculator page of our site!
Should I go fixed or variable?
We are only allowed to recommend a product based on what you say is most important to you eg "pay my loan off quickly" or "guaranteed repayments" We do however, live by the following; "if you want flexibility take a variable rate loan, if you want budget certainty take a fixed rate loan, if you want both, then do both".
Which lenders do you deal with?
We have access to many lenders - these include the major banks, second tier lenders and credit unions. We can source you a loan from the lender of your choice.
Who sets interest rates?
The Reserve Bank of Australia meet on the first Tuesday every month to determine the official cash rate for the country. The lenders then use this information to set their own rates. Mortgage brokers do not set rates.
Why should I use a mortgage broker if I can go with a bank?
When we talk about a ‘loan product’ we are referring to the thousands of options that are currently available for you for your loan. Each bank (or lender) has loads of different loan options – low doc, package loans, re-draw facilities, plant and equipment loans, fixed, interest only, interested in advance, variable, introductory variable… the issues you face as a consumer is ‘which loan is right for me?’ And that is where a mortgage broker comes in. If you go direct to the bank, you will only be offered the loan options available through that one lender. As your mortgage broker, we do all the leg work for you. We are across many lenders and all of their loan products and our sole purpose is to find the right loan for your needs. Your full financial situation would need to be reviewed prior to acceptance of any product or offer.