Finance FAQs
We know that securing a loan can feel overwhelming, but we’re here to make it easy. Below are some of the most common questions we get from our clients—answered in plain English.
What does a mortgage broker do?
Mortgage brokers are professionals in the home loan industry. They work with you to determine your borrowing needs and how much you can borrow. Brokers help to ensure that you don’t take out a loan that is not right for you.
Professional mortgage brokers only focus on loans and on helping you to select and use the right financial products to help you achieve your goals. Like your solicitor, dentist or plumber, we are specialists in what we do and will provide you a range of options to suit your needs.
Brokers have access to a wide variety of loans. This means your broker can find a loan that’s just right for you.
Do you charge fees for home and investment loans?
No, we do not charge fees for home and investment loans.
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.
Don’t you just recommend the lender who pays you the most commission?
Absolutely not. First of all, there is very little difference between the commissions paid by the various lenders. There is also 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.
Isn’t it more expensive to use a Broker?
Some Brokers charge a fee for their service which they must disclose to you up-front before you engage their services. However, the costs of the loan are the same, depending on the loan you choose.
How much can I borrow?
This is dependent on how much you have saved for a deposit, any existing debt you have and your current expenses. Give us a call and we can go into your options in more detail.
Should I go fixed or variable?
A mortgage broker is only allowed to recommend a product based on what you say is most important to you. For example you may tell us your goal is to pay off your loan quickly, or you may want certainty around repayment amounts each month. We’ll help you assess the options based on what you tell us.
We 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 take out both.
I am not in your area, can we still work together?
Sure thing! We are mobile brokers so we can come to you. Just book a consultation to get started.
Which lenders do you deal with?
We are licenced through Connective. This means we have access to many lenders including the major banks, second tier lenders and credit unions. We should be able to source you a loan from the lender of your choice.
Who sets interest rates?
The Reserve Bank of Australia meets eight times a year to determine the official cash rate for the country. The banks and lenders then use this information to set their own rates. Mortgage brokers do not set rates.
Why should I use a mortgage broker if I can go with a bank?
Banks can only recommend their own products. Mortgage brokers have access to hundreds of options across many different banks and lenders, so they can find a better fit for you, with more choice across products, loan features and rates.
Each bank or lender we deal with has loads 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.
We do all the leg work for you. Our sole purpose is to find the right loan for your needs.
Let’s Find Your Match
What Our Customers Say
What Our
Customers Say
The team at Napoleon Finance made the entire loan process effortless. Their expert advice and genuine care made all the difference!
— David S., Business Owner
Napoleon Finance made our first home purchase stress-free and exciting. The team was super responsive and made everything simple. Highly recommend!
They worked tirelessly to secure the best deal for our business loan. Highly knowledgeable, efficient, and a pleasure to deal with.
I refinanced my home loan through Napoleon Finance and saved thousands in interest. The process was quick, and they made it so easy!
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