The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has just concluded its hearings.
One result of the Royal Commission has been that the reputation of some major banks and their brands have been severely tarnished in the eyes of the public.
Evidence showing misleading conduct and charging for services which were never rendered has led to a diminishing of trust in many banking institutions.
If you need a home loan or business and equipment finance, you can go about it by either applying directly to your bank or shopping around for a loan with better rates and conditions.
With so many competitive finance deals on the market, many people are realising that going straight to their current bank and signing up with whatever it offers them is probably not the best idea.
On the other hand going with what your bank offers seems easier. It can save you the time of contacting different lending institutions and filling out numerous application forms.
Unless you use a finance broker.
Using a finance broker such as such as PCL Money and Illawarra Home Loans means that you only have to deal with a single company and provide your details only once.
With over 30 years experience in the finance industry they can source the most competitive loan packages on the market.
Another factor is that if you apply for a loan yourself and are turned down, it may adversely affect your credit history. This can be detrimental to any future loan applications that you make.
Traditionally, going with a major bank seemed a better option to some people because they felt that they can trust in their big safe brand versus dealing with a finance broker that that may not have heard of before.
However the Royal Commission has revealed some startling malpractices by many banks which are leading people to believe that they may not be so safe after all.
Experienced brokers such as PCL Money and Illawarra Home Loans can often give their customers better service and more personalised advice than a bank.
Unlike a bank, dealing with PCL Money and Illawarra Home Loans means that you are not locked in with any single lending institution.
They have a large panel of lenders enabling them to provide their customers with the best finance deals on the market.
With a broker you do not have to pay any extra or hidden commissions and you can expect PCL Money and Illawarra Home Loans to provide you with a more competitive loan offering than your own bank.
The major difference between dealing with your bank versus PCL Money and Illawarra Home Loans is that they can provide you with a better choice of loan offerings.
Do you think that your bank would tell you if could get a better loan deal with a different lender?
Your bank can only offer you the finance products that they sell along with their associated lending policies which can often be quite rigid.
This means that you might well be missing out on a better rate or loan conditions that can come with choosing the best deal from a number of lenders.
PCL Money and Illawarra Home Loans have a panel of lenders and many products to choose from. With long experience in the industry they have the expertise to properly evaluate your financial position so they will only apply with a lender that is likely to approve your loan.
In contrast, when applying for a loan with your bank the staff member may not be aware whether or not you will qualify. All they can do is submit your application and hope that the deal goes through.
If your loan is declined this means getting unnecessary credit enquiries listed on your credit file as well as missing out on being able to buy your dream home.
Another advantage of using PCL Money and Illawarra Home Loans is if you have a complex situation they have the experience to properly assess your case and give you the best advice.
Whether your loan application is approved or declined may come down to the financial strengths that you’re able to put in your application.
PCL Money and Illawarra Home Loans have the knowledge and experience to package and present your application in the best possible way.
They have built strong relationships over the years with their lenders and are able to negotiate the best loan terms and conditions on your behalf.
The experience and negotiating power of PCL Money and Illawarra Home loans not only means lower interest rates but also better conditions than what your bank may offer you.
The Banking Royal Commission has shown that some banks have simply not provided their customers with the ethical practices and safety that they were expecting.
Talk to the credit experts at PCL Money and Illawarra Home Loans. Visit their website at www.pclmoney.com.au or call 02 4226 9977 for a confidential discussion and friendly advice.
Please note that the above is general financial information only and is not intended as personal financial advice for which you should contact a licensed financial professional.