About Brokers

What is a Finance a Broker?

A finance broker or mortgage broker is an intermediary or "go-between" who can arrange loans at no cost to the client as Finance Brokers are paid by the Banks and other industry Lenders to introduce new and retain existing business. A finance broker deals with the lenders for you and arranges a loan for you. Some finance brokers are also known as mortgage brokers. Mortgage brokers are brokers who specialize in arranging home loans or investment property loans.

Does a Finance Broker have to be licensed? 

Yes. If a finance broker is arranging a loan covered by the credit law the finance broker must have a licence. Steve Miller Finance Pty Ltd license can be located at www.asic.gov.au (go to Search ASIC Registers then select "Credit Registered persons" from the dropdown menu under Other Registers).

Who is the Finance Broker acting for? 

You.  Steve Miller Finance is providing a service to you.  

How much does a Finance Broker cost?  

A good and common question from most people I talk to is "How do you get paid"? . Banks are continually looking at ways to cut costs and staff is a substantial operating cost. The use of finance brokers by lenders is simply outsourcing of the business development and credit assessment function. The banks get to source new business from a third party without the associated acquisition costs that come with employing staff. The cost savings are used, in part, to pay Brokers who introduce the business.

Should I use a Finance Broker?

This is up to you. You do not have to use a finance broker. You always have the option of dealing with most lenders directly. Finance brokers can be good value and find you a loan that suits your needs with a competitive interest rate. For busy people this can save a lot of time and effort in shopping around for a loan.

At Steve Miller Finance "You are in experienced hands"