Finance Brokers conference on Gold Coast launches Australia’s first independent finance knowledge portal – Today, Friday Nov 1

Buying a home is the biggest decision most Australians will make, but it’s also the most confusing.

If terms like ‘mandatory comparison rate’, ‘amortisation period’, ‘parental leave option’, and ‘break costs’ leave you confused, then help has arrived in the form of a new website – www.beforeuloan.com – designed to give you the information you need, without trying to sell you anything.

It’s being introduced to the public for the first time during the Finance Brokers Association of Australia (FBAA) annual industry conference at Royal Pines Resort on the Gold Coast on Friday November 1.

FBAA managing director Peter White AM said the association’s motivation was to help people understand finance better.

“Too many Australians don’t understand finance or lending, have little knowledge of what all of the terms mean, and the options available to them,” he said.

“No one is teaching people about this subject, and this lack of knowledge about finance is limiting many people.”

Mr White said one of the major mistakes borrowers make is focusing only on interest rates.

“The most important thing when buying a home is to ensure you get the loan that is best for your individual circumstances, and while the interest rate is important it’s not the only factor.”

As well as explanations on terms, www.beforeuloan.com includes everything you need to know when borrowing for a home, car or business, information on the types of loans, articles by leading finance brokers, and numerous calculators.

Mr White explained that unlike most online calculators, you don’t need to provide personal information.

“We thought that as finance and mortgage brokers are the experts in these matters, we should be providing this information with no strings attached.”  

He said while just over 70 per cent of borrowers use a mortgage broker and receive their advice and knowledge, some borrowers – including first time buyers – will not compare products, and if refused may believe that’s the end of the road for the foreseeable future.”

“The rejection by one lender doesn’t mean they won’t be approved by another, and many options including non-bank and second tier lenders are available.

“Before you see anyone about a loan, check out beforeuloan.com so you have the information required to ask the right questions and understand what you are being told.”