Service Terms and Conditions
Terms and Conditions of using our service
Home Loan Advice Centre generally does not charge you for the home loan service we provide to you because lenders pay us commissions for arranging your loan with them. Each application however takes between 5 – 10 (or more) hours of work in assessment, documentation gathering, electronic submission, application monitoring. If you engage us to submit your loan application, you do so on the following basis
- That you will keep you loan for at least 18 months after settlement without closing or refinancing; otherwise commissions received by Home Loan Advice Centre will be “clawed back” by lenders. You agree that any such loss of commission incurred by Home Loan Advice Centre due to closure of any loan we arrange for you within 18 months, will be reimbursed by you to Home Loan Advice Centre.
- That you will fully disclose all relevant information that affects Home Loan Advice Centre’s ability to obtain your approval. Any application declined as a direct result of your failure to disclose significant relevant information results in a waste of Home Loan Advice Centre’s time & effort in arranging your application, or a doubling or tripling of our workload if we are forced to apply to alternate lenders. Examples of failure to disclose significant relevant information may include not disclosing any private company directorships or private company shareholdings (particularly if those entities are in a loss making situation), not disclosing an adverse credit history such as past bankruptcy, or significant (>$500) past credit defaults, not disclosing dependent children, not disclosing existing liabilities. You agree that Home Loan Advice Centre reserves the right to charge for time incurred in processing your application(s) in such circumstances at the rate of $200 per hour.
Home Loan Advice Centre receives commissions from loan aggregators who themselves negotiate commissions from lenders based on wholesale loan amounts placed with various lenders. Essentially, lenders such as ANZ, CBA, NAB, Westpac etc understand the time savings brokers can provide to the market and pay brokers for this benefit …. Instead of a potential loan customer arranging to meet a bank loan manager and taking up an hour of their day, brokers can quickly see if that particular lender is well suited to the client’s financial situation and if not, save the bank staff’s time (and the client’s time) by directing them elsewhere.
The benefit of our service to you
The benefit of our service to you is that you get our expertise from around 20 years in the industry, … knowing in how best to structure your loan, knowing the ins and outs of each lender and their loans, and knowing how best to present your loan to your chosen lender for no cost to you provided you satisfy the conditions listed above. You also get the benefits of having us manage the whole process, and getting access to a large amount of quality additional information.
Non-prime type lending, clients with credit defaults, or commercial related lending may be a fee based service dependent on the nature of the application. This would be discussed and agreed to with clients in advance.