Our Credit Advice Service offering is simple, reliable, and great value.
To learn more about the products and services we offer, speak with a RedCap Finance Brokers Advisor today.
It is the laws and regulations that Australian Credit Licensees and their nominated Credit Advisors must comply with. It also refers to the process that individual businesses or approved lenders undertake when evaluating a request for credit as required by LAW and by good business practice/s.
It is the conduct that a credit evaluation and the loan approval process that a business or an individual/s must go through to become eligible for a loan, or to pay for goods and services over an extended period.
Applying for a loan involves much more than filling out paperwork and saying a prayer. Among other things, you need to consider the state of your personal and business finances, how you’re going to repay the loan and how much money you actually need.
4 Steps to Ask Yourself BEFORE Inquiring about getting a Loan
Now you know what you need in your plan - then contact with RedCap Finance Brokers - who will assist in helping you to "Get Finance Ready" and do an Indicative Pre-Approval (Borrowing Capacity) to establish a great starting point.
The first step in applying for a loan is to complete RedCap Finance Brokers' Initial Inquiry / Indicative Pre-Approval Questionnaire and make sure you click the submit button. Then an experienced Credit Advisor will assess your situation based on the information you have entered, and with this information they are ready for the initial appointment with you either in person or by digital means (phone, video conference, etc)
The purpose of this meeting is to help explain your results and the different financing options that may be best suited to your goals.
This initial stage of the process does not guarantee that a lender will grant you an approval for a mortgage, however it does provide the knowledge required to set realistic expectations in achieving that goal.
The 5 Fundamentals of ALL Lending are:
This stage includes an in-depth Credit Needs Analysis, Lender Selection, and final product selection that best suits your needs.
At this stage, we have usually met all the required parts to complete a Lender's application form. It is merely filling it out and submitting the form with ALL the required supporting documentation that the lender's assessment team will need to process your application.
Once Assessed, and all documents are in order, then a CONDITIONAL APPROVAL is issued.
This conditional approval will outline all remaining items that must be checked off before Unconditional Approval is issued. Things like...
After everything has been checked and is satisfactory to the bank then an UNCONDITIONAL Approval will be granted, this is called being FORMALLY APPROVED. The lender will send you the loan documentation (contract) for all parties to sign to eneter into a formal loan contract with ALL its binding terms and conditions.
It is advisable that you receive independent legal advice about this contract from your solicitor BEFORE your sign. It is in most cases not absolutely necessary (you can waive your rights to independent counsel) - except when doing a Reverse Mortgage (SENIOR's Loan) it is a compulsory part of the loan's terms & conditions.
Once all parties have signed the contract, return it to the lender for execution, with any additional requirements that they need to settle the loan. Do this as soon as possible to avoid any possible delays at settlement!
At this stage, once an UNCONDITIONAL Approval has been issued, then the Settlement process begins. After the lender has certified that all of your documents are in order, they can then advance the loan funds.
Settlement has occurred - when the loan is advanced and RedCap Finance Brokers will notify you as soon as the lender informs us.
After Settlement, it is recommended that a regular review of your loan is undertaken annually or at the most bi-annually; to ensure that this loan is still is the best product for you. At this review period, an assessment is made to ascertain if this product is still right for you, or whether we need to try and make any tweaks (if possible), or if we need to refinance this loan to get a better deal.
Get Moneysmart Advice - Click Here
The faster you off your loan - the less INTEREST & FEES you will pay - therefore making the overall loan cost CHEAPER. The main benefit of paying off your loan early is that you no longer have to budget that money to pay back a lender. This repayment money can now be diverted to lifestyle expenditure, or to further investment opportunities.
Get Moneysmart Advice: 6 Ways To Pay Off Your Loan Faster - Click Here
EZFinance Pty Ltd (ACN: 140178383 - ACL: 392611) and it's authorized Advisors are fully qualified to give advice and assist with all/any consumer lending. EZFinance Pty Ltd is a member of AFCA
EZFinance Commercial Pty Ltd (ACN: 639833604) and it's authorized advisors are fully qualified to give advice and assist with all/any Commercial / Business lending. EZFinance Commercial Pty Ltd only advise and assist with "Non-Coded" finance (as described in the NCCP act 2009*) and are not a member of AFCA.
*National Consumer Credit Protection Act (NCCP)
© 2020 The Trustee For The Red Earth Capital (Tasmania) Trust t/as RedCap Finance Brokers ABN 98 374 742 974 All Rights Reserved
Allan Pearson is a proud member (M-330095) of the (FBAA) Finance Brokers Association of Australia Limited.
Redcap Finance Brokers
1. In the First Instance - Please Contact RedCap Finance Brokers direct on 07 3102 4772 to discuss your matter, then...
2. If you feel the issue has not been resolved to your satisfaction within 5 business days, then please contact our Licensee's internal dispute resolution manager:
Attention: EZFinance Complaints Dept
Level 3, 169 Fullarton Road,
Dulwich SA 5065
Phone: 1300 727 909
NCCP Act CODED LOANS ONLY*
We aim to reach a satisfactory outcome for any complaints.
If you are still unsatisfied after dealing with EZFinance's Internal Dispute Resolution Process and their decision, you can then contact the Australian Financial Complaints Authority (AFCA) using the details below:
Phone: 1800 931 678
Email: info@acfa.org.au
Web: www.afca.org.au
Post: GPO Box 3, Melbourne, VIC, 3001
Please Note: - There is NO applicable AFCA membership held by us in relation to NCCP Act: NON-CODED Loans: i.e. commercial credit products and/or unregulated loans.