© 2014 - 2023 CLL Financial Services Pty Ltd | All Rights Reserved
KNOW MORE ABOUT LOANS
Frequently Asked Question
A Self-Managed Super Fund is a superannuation fund controlled by the individual investor. It provides flexibility to the investor and allows them to choose their investment types.
It is easy to set up a Self-Managed Super Fund when you are dealing with professionals. There is a lot of regulation surrounding the superannuation environment and it something best left to the professionals. Whilst you can be involved in the process it is imperative that your SMSF abides by specific regulations.
Ultimately the individual is responsible for their own SMSF. We offers comprehensive services to make this process almost hands free for the investor. The compliance, maintenance, audits, tax returns and reviews of the SMSF can be done by us. How much do I need in superannuation before I can set up a SMSF? There is no minimum amount required before you can set up a SMSF?
There is an upfront cost to set up the SMSF which varies between $1,000 and $3,000 depending on circumstances. The ongoing fees are between $1,000 and $2,500 depending on SMSF investments and complexity.
Different superfunds have different fees. Typically they range between 1% – 3% of the total fund balance. You can contact us and ask us what your current fees are.
The individual has full discretion as to which property they purchase. Ultimately the investment performance of the property should be the highest priority. There are specific guidelines on property types that SMSF cannot purchase. It is best to discuss this with an expert.
Mortgage brokers are professional in the home loan industry. They work with you to determine your borrowing needs and how much you can borrow. Brokers help ensure you don’t take out a loan that is too big for you.
Professional Mortgage Brokers only focus on loans. If you have a toothache, you go to the dentist not a florist. If your car is broken you take it to a mechanic not a librarian. You go to someone trained to help you with your specific need. It’s same when you need a loan.
Brokers have access to a wide variety of loans. This mean your broker can find a loan is just right for you.
Some mortgage brokers charge a fee and some don’t. When you take out a loan via a Mortgage Broker – it does not cost you more. That is an absolute myth. Brokers get paid commission by the bank for bringing new business to them, this does not impact your rate or level of service.
Some brokers charge a fee for their service. They must disclose this fee upfront to you so you know what you will be up for if you engage their services.
Absolutely not! There is legislation in our industry, called the National Consumer Credit Protection Act or NCCP, that is designed to protect consumers and ensure ethical and professional standards in the finance industry. We tell you upfront what commission we will be getting from the bank. Our job, our only job, is to find the best loan for your needs and serviceability.
This is depend on how much you have saved for a deposit and what you current expenses are. Give us a call and we can go into your options in more detail.
Some Brokers charge a fee for their service which they must disclose to you up-front before you engage their services.
I am only allowed to recommend a product based on what you say is most important to you eg “pay my loan off quickly” or “guaranteed repayments”.
I do however, live by the following; “if you want flexibility take a variable rate loan, if you want budget certainty take a fixed rate loan, if you want both, then do both”.
Sure thing! We are mobile brokers so we can come to you!
I am a Connective Brokers. This mean i have access to many lenders – these include the major banks, second tier lenders and credit unions. We can source you a loan from the lender of your choice.
The reserve Bank of Australia meet on the first Tuesday every month to determine the official cash rate for the country. The lenders then use this information to set their own rates. Mortgage brokers do not set rates.
When we talk about a ‘loan product’ we are preferring to the thousands of options that are currently available for you for your loan. Each bank (for lender) has loans of different loan options – low doc, package loans, re-draw facilities, plant and equipment loans, fixed, interest only, interested in advance, variable, introductory variable… the issues you face as a consumer is ‘which loan is right for me?’ And that is where a mortgage broker comes in. IF you go direct to the bank, you will only be offered the loan options available through that one lender. As your mortgage broker, we do all the leg work for you. We are across many lenders and all of their loan products and our sole purpose is to find the right loan for your needs.
Yes, we are the accredited Associate Credit Adviser and full member of the Mortgage Finance Association of Australia. To achieve this level of accreditation the MFAA requires the following:
- Membership of MFAA
- Professional Indemnity (PI) Insurance
- A certified clean National Criminal History Record
- A Certificate IV Finance and Mortgage Broking FNS40811 or FNS40810
- A Diploma Finance and Mortgage Broking Management FNS50504 / FNS50311 (within a year of joining)
- 30 hours of continuing professional development per year
We have access to over 40 lenders. These lenders comprise of the big 4 banks, the 2nd tier & regional banks, non-bank lenders and building societies.
No. We get paid a commission by the lenders. Our service to you is completely free of charge. We’ll do all the work for you; We’ll do all the negotiations, the paperwork, and the follow-up and there is no cost to you at all for this service.
We get paid a commission by the lenders for introducing new home loans.
Mortgage brokers get paid an upfront (one time only) commission and a trail commission (an annual commission that gets paid for the life of your loan). The average upfront commission is approximately 0.7% of the loan amount, and the average trail commission is approximately 0.2%. The commission levels do vary slightly depending on the lender.
As part of my policy, we will give you a lenders commission table when providing you with my loan recommendations. We aim here is to give you full transparency and alleviate commission bias fears you may have.
No. Most lenders will fully or partially clawback the commission paid to a mortgage broker if a loan is repaid or refinanced to another lender within the first two years. This leaves the mortgage broker out of pocket, and some mortgage brokers charge a fee accordingly. We will not charge you any clawback fees.
Firstly we need to establish your personal & financial circumstances and your loan requirements. Once we have this information, we’ll then use our in-house software to produce a shortlist of several suitable loans. we’ll advise you on the pros and cons of each option, but the final selection decision can be made by you.
We are the credit representative of Connetive (ACL: 389328).
Yes, we have PI insurance up to $20,000,000.
Yes, we are the member of the Australian Financial Complaints Authority or AFCA (47284)
We handle your personal information in accordance with the Australian Federal Privacy Act 2001. We also abide by the Trade Practices Act, ASIC Act, the Fair Trading Act and the NCCP.