Using us as your mortgage broker...
The team at Accord Finances are former credit managers who approved difficult loans for both major banks and specialist lenders. What that means for you is that we know how to present your loan to make sure that it gets approved!
We are also specialise in helping people in tricky situations. If your situation is unusual then most bank managers and mortgage brokers will not have the knowledge and expertise to get your loan approved. We know exactly which lenders can help and how to present your loan application!
We are a friendly, young and enthusiastic team who aim to build strong relationships with our customers and help them achieve home ownership. We don’t charge any fees for most of our loans and we help individuals Australia-wide.
You’re our customer and we will work with you to make sure your experience is positive and memorable. As a testament to our success as a team, we receive a large amount of referrals from satisfied customers.
How we are offering our services free for most loans?
We are paid by the banks for introducing loan applications and for doing some of the work that would otherwise be completed by one of their staff.
As a result we do not need to charge a fee for most loans. The lenders will not charge you a higher interest rate for using a mortgage broker. In fact, we usually negotiate a competitive discount for larger loans.
It is unlikely that we will charge any fees if:
Your loan is over $300,000, and
Your situation is not complex, and
You are keeping the loan for over two years.
What are the fees for your services?
There are some fees that will only apply in some situations. Our mortgage brokers will inform you if you will be charged one of these fees.
Prepare to buy program
If you are not ready to apply for a mortgage yet but you would like to know what you need to do to be eligible for a loan then we can complete a prepare to buy assessment. We charge $250 for this service but this fee is then refunded to you when you obtain a loan through us later on.
Complex or Small loans
If your loan is exceptionally complex or is under $300,000 then we will charge a fee for our services. Please ask one of our mortgage brokers for a quote for your situation.
Commercial property and business loans require more experience and involve more work than a standard residential loan. We may charge a brokerage fee and/or a commitment fee depending on the type of finance you are applying for. Please ask one of our mortgage brokers for a quote for your loan.
What is short term loans and fees involved?
If you repay the loan in the first 24 months after settlement (when the loan is advanced) then the lender may charge us a fee known as ‘clawback’ because we have introduced an unprofitable loan.
The banks charge us up to 0.8% of the loan amount in the first year or 0.4% of the loan amount in the following year. If we are charged this fees then we will pass it on to you.
We only charge the amount that has been charged to us by the bank.
If you think this may be a problem then let us know up front and we may be able to apply with a lender that does not have clawback.
Why do we have fees?
With the current level of reduced incentives paid by banks to mortgage brokers it is not possible for us to remain a viable business and to offer a high level of service to our customers if we do not charge a fee for unprofitable loans (smaller loans, complex loans and short term loans).
Please do not hesitate to Contact Us if you have a question about our fee structure. As you can see for most loans there are no brokerage fees.
Reasons To Use Accord Finances:
We believe in people's hopes and dreams; whether its' financial freedom or getting into first home.
We have strong credit approval experience, and not just a normal mortgage broker.
Our services are free for most types of residential loans.
Providing Australia wide services.
Access to over 40 lenders including the major banks.
A full member of the FBAA and COSL, ensuring professional and ethical lending practices.
How does mortgage brokers get paid?
A broker's fee or commission for arranging a loan is often paid by the credit provider. Different credit providers pay different commission levels.
We believe in transparency and always provide Credit Disclosure guide along with Client needs analysis and Preliminary assessment report which articulates the amount we will get paid.