Why Using a Broker Makes All the Difference
Managing loans today isn’t always simple. Between rising living costs, lender rules, and unexpected life events, it’s easy to find yourself under financial stress. Whether it’s a home loan, car loan, or personal loan, repayments can start to feel overwhelming — and many people don’t realise they may already be paying more than they need to.
That’s where a broker can help. Instead of going from lender to lender yourself, risking your credit score and wasting time, a broker does the work for you. We compare multiple lenders, explain your options, and help you find the best fit for your situation.
More Options, Better Chances
Unlike a single bank, a broker has access to a wide range of lenders — from major banks to specialist providers. This means:
More chance of approval
A loan that actually fits your circumstances
Often, a better rate or reduced repayments.
Did you know? Going directly to multiple lenders can hurt your credit score. Every time you apply, an enquiry is recorded on your file, and too many in a short time can drag your score down. A broker knows which lenders are most likely to say yes — saving you unnecessary enquiries and protecting your score.
Credit Isn’t Always Black and White
We often meet people who think their credit history means they’re stuck in the “bad credit” box forever. In reality, many credit scores are shaped by life events, not poor money habits.
Our team often has people contact us saying “I’ve got bad credit, can you help?” — and once we look closer, their situation isn’t nearly as bad as they thought. Sure, the score may be low, or there may be past defaults or arrears, but these can sometimes be worked through with the right lender. In many cases, we’re able to achieve a far better outcome than clients expect, including approvals with mainstream lenders.
Some of the most common causes we see include:
Illness or time off work
Divorce or relationship breakdown
A failed business venture
Becoming overcommitted with too many debts
Short-term loss of income
A hardship arrangement
Multiple enquiries in a short time
Payday loans or other high-cost credit facilities
A lack of judgment at one point in time
These things don’t define you — but lenders will see them on your file. That’s where a broker can step in, explain your story, and find a lender who understands.
Understanding Hardship Arrangements
Hardship arrangements are designed to help when things get tough, but lenders treat them cautiously.
A hardship flag stays on your credit file for up to 2 years
Most lenders want at least six months to have passed since it ended before they’ll consider you
Even if you can afford repayments now, lenders must weigh up risk and responsibility
This is why it’s always best to get advice early — before hardship becomes your only option.
How to Choose the Right Broker
Not all brokers are the same. Choosing wisely makes a big difference.
Word of mouth – ask family and friends who they’ve trusted
Reviews – independent platforms like Google Reviews and ProductReview show real experiences from other clients
Experience – a broker who only handles simple cases may struggle with “out of the box” scenarios
Team support – brokers backed by a team can problem-solve more effectively than someone working alone
The right broker isn’t just about getting you a loan — it’s about being a long-term advisor who helps you through different stages of life.
Do Brokers Charge Fees?
Traditionally, brokers were paid only by the lender. But it’s becoming more common for excellent brokers to charge a client fee as well. This has to always Commonly after approval or settlement.
Here’s why:
Lenders can claw back commissions months after settlement if a loan is paid out or refinanced early, leaving brokers unpaid for the work they’ve done.
A fee helps balance that and supports the time and effort brokers invest into each client.
- Broker Firms have a high level of insurances, compliance memberships and ongoing liability with their professional services
It also covers the ongoing service you receive — like rate reviews, negotiating better deals, and post-settlement support.
A fee isn’t about double-dipping — it’s about making sure clients continue to get consistent, quality service long after the loan has settled.
Don’t Wait Until It’s Too Late
One of the biggest reasons we’re always encouraging (and yes, sometimes chasing!) clients to review their situation early is because timing makes such a difference. When you check in with us before the financial pinch sets in, the options are usually broader, stronger, and far more flexible than if you wait until after things get tight. Our goal is to keep you ahead of the curve so you’re always in the best position possible.
That’s why we encourage regular reviews. By staying proactive, you’re always in the best position possible — and if something unexpected happens, you’re ready.
This is especially true for investment property owners as well as home owners. Reviewing before a five-year interest-only term expires often means securing a better rate and extending the term while it’s still in your best interests. Waiting until after the term ends usually means fewer options.
The Takeaway
Don’t leave your finances to chance or wait until it’s too late. A good broker will help you understand your options, protect your credit score, and set you up in the best structure possible — whether it’s your home loan, car loan, or personal loan.
Ready to see where you stand? Let’s chat and make sure you’re in the strongest position for the future. Chat with our Team Today
