Frequently Asked Questions

What is a finance broker?
A finance broker is a “go-between” who usually arranges loans for a fee (paid by you or the lender or both). A finance broker deals with the lenders for you and arranges a loan for you.

Some finance brokers are called “mortgage brokers”. Mortgage brokers are finance brokers who specialise in arranging home loans or investment property loans

What are the benefits of using a finance Broker?
The benefits of using Gippsland Finance Brokers, is our client’s access to a wide panel of lenders that can help you with your specific situation and loans to suit your needs.
Banks can only offer lending products that they only use. A finance broker will be provided you with a number of products from different lenders and you get to choose which is best for you.

How do you kow you are getting the right loan?
Gippsland Finance Brokers is an independent Broker. Claudio Dippolito is authorised credit representative of Connective Asset Broker services and is a member of FBAA.

Gippsland Finance Brokers are not associated with any financial institution and we provide Professional advice on a variety of Loan Products.
 Our goal is to provide our clients and customers the right loan that best meets their requirements.

Does a finance broker have to licenced?
Yes. If a finance broker is arranging a loan covered by the credit law the finance broker must have a licence. You can check to see if the finance broker is registered by phoning 1300 300 630 or at connectonline.asic.gov.au

Who is the finance broker acting for?
You! The finance broker is providing a service to you.

How much does a finance broker cost?
It will depend on which finance broker you use. There are 3 types:

1. Finance brokers who do not charge you a fee. The lender pays this type of finance broker. The lender will usually pay the broker a fee for introducing you to them and an ongoing fee for the length of your loan (called a “trailing commission”). Mortgage brokers often operate this way.

2. Finance brokers who charge you a fee (or commission) and receive a one-off commission and a trailing commission from the lender.

3. Finance brokers who only charge you a fee and do not receive any payment from the lender for introducing the loan. This type of finance broker is not as common as the other two types.