Finance Broking Contract

What is a Finance Broking Contract?

Ability Finance furnish every client with a Finance Broking Contract for acceptance before applying for a loan on our clients behalf. What does it do and what does it all mean?

The NSW department of Fair Trading has this information brochure available for download from this website or the departments website outlining the requirements for finance broking in NSW.

There is an article posted at Mortgage Magazine describing some of the current issues arising with the use, and non use by others, of finance broking contracts.

Always completely read and understand a finance broking contract before you accept and sign it. You could be agreeing to pay additional fees or costs if certain situations arise. The finance broking contract Ability Finance use is designed to inform our clients of all known costs associated with the loan for which you are applying at that time and also to disclose all information in relation to income and interests which may influence the products we are offering. If you do not understand a finance broking contract in anyway whatsoever and your broker cannot explain the contract satisfactorily either seek separate independent legal advice or another broker!