Five things to check before you give any broker your bank statements, us included. None of them take long, and every answer should come in writing.
Ask whether the broker holds an Australian Credit Licence or is a credit representative of a business that does, and ask for the number. Then look it up yourself on ASIC's professional registers. The name and number on the register should match the business you're dealing with.
Ours: Capital Hill Finance Pty Ltd is Corporate Credit Representative 569305 of Fintelligence Pty Ltd, Australian Credit Licence 511803.
Before you sign, ask for each fee as a dollar amount: the lender's establishment fee, any monthly account fee, any broker fee, and what it costs to pay the loan out early. A rate on its own doesn't tell you what the loan costs. Put the quote into the business finance quote checker to see what it works out at once fees are included.
Brokers are usually paid a commission by the lender, and some also charge you a fee. Two questions worth asking: "Do you receive a commission on this loan, and how much?" and "Does your commission change depending on which lender or rate you choose?" Ask for the answers in writing.
Ask how many lenders the broker works with for your kind of asset, and which of them they would send your application to, and why. A long list only helps if those lenders finance what you're buying, for a business at your stage, with the paperwork you have.
A broker arranges the finance; a lender provides it. Your loan contract is with the lender, and its terms decide what happens if you pay out early, miss a payment or reach the end of the loan. Before you sign, ask for the lender's name and read their contract, not just the broker's summary.
The same questions apply to us. Capital Hill Finance is a business finance broker for ABN holders, based in Doncaster VIC and working Australia-wide. We're a broker, not a lender, and we arrange finance for business use only. Send an enquiry.
Want to ask us these questions about your own finance? Send an enquiry.
Ask for their Australian Credit Licence number or credit representative number, then search it on ASIC's professional registers. The business name on the register should match the business you're dealing with.
Ask for every fee in writing, in dollars, before you sign: the lender's fees, any broker fee and the cost of paying the loan out early.
Many are paid a commission by the lender, and some also charge a fee. Ask how much commission they receive on your loan and whether it changes with the lender or rate they choose.
No. A broker arranges the finance and the lender provides it. Your contract is with the lender, so ask which lender your quote is from.
5-minute enquiry — we will refer your details to an accredited lender from our panel for review.
Business-use finance for ABN holders. We don’t arrange personal or consumer loans.
Capital Hill Finance Pty Ltd (ABN 21 686 296 720), Corporate Credit Representative 569305, authorised under Fintelligence Pty Ltd, Australian Credit Licence 511803.
We’re not a lender. Any credit contract is between you and the lender, and the lender decides every application. Complaints