FAQs
Why choose Functional Finance?
Often you hear businesses say that they put the customer first. But at Functional Finance, we put the customer at the centre of everything we do. Every decision that is made, is made to benefit our clients in the short, medium and long term.
Our highly experienced Mortgage Brokers are dedicated to making sure you feel informed and confident through every stage of the application process. Building a clear vision of what needs to happen in order to achieve your financial goals.
We prioritise sustainable decisions to ensure the best financial outcomes for every single client – every interaction is valued the same way and we want you to walk away knowing that we genuinely care about your financial wellbeing.
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What services do you offer?
At Functional Finance we aim to help each and every one of our clients achieve their financial goals. By making sustainable long-term decisions, that ensure their finances work for them and their lives.
Some of the many types of finance we are able to assist you with include (but are not limited to): First Home Buyers, New Purchases, Investment Properties, Refinancing, Bridging Finance, Asset Finance, Commercial Finance and Construction Loans.
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How much can I borrow?
How much you can borrow depends upon a number of factors, including your income, employment position, the size of the deposit you have saved, your current living expenses and any liabilities you may have.
Contact Dan to talk thorough your options and circumstances in more detail, to find out how much you may be able to borrow.
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Why would I go to a broker when I can go direct to the bank?
Each bank (or lender) has a variety of loan products on offer, but lenders will only sell you their own products. That is where your mortgage broker becomes an invaluable resource.
If you go direct to the bank, you will only be offered the loan options available through that one lender. But as your mortgage broker, we do all the leg work to find the right loan for you.
At Functional Finance, we have a thorough knowledge of many lenders and all of their loan products, and our sole purpose is to find the most suitable loan to match your personal financial circumstances and goals.
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Don’t you just recommend the lender who pays you the most commission?
Certainly not. At Functional Finance we aim to provide exceptional lending services that are not only functional, but also adaptive to our client’s needs, while operating with the upmost integrity.
Our job is to find the most competitive loan for your needs and financial goals. We will always tell you upfront what commission we will be getting from the lender.
That aside, 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.
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Do you have to do face to face appointments?
With clients based all over Australia, we make ourselves available to clients at a time which is suitable to them.
With a physical presence in Melbourne, Ballarat and Adelaide we can facilitate meetings at our premises, at yours or virtually.
Irrespective of when and how you meet us, we want you to leave every meeting with full confidence that we will deliver an exceptional outcome for you.
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Are you associated with any membership bodies?
As a member of the Mortgage & Finance Association of Australia we are bound to uphold the highest level of standards when providing finance solutions to customers. Members must meet strict experience, education, ongoing training and insurance requirements in order for them to renew their membership each year.
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What lenders do you deal with?
At Functional Finance we can source loans from many different lenders and provide you with a variety of options that are suitable for you and your financial goals.
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Once the loan settles, do I still contact you for any of my ongoing needs?
Yes absolutely. At Functional Finance we genuinely care about the financial wellbeing of everyone we work with and pride ourselves on building trusted long-term relationships with our clients.
We are here to help you achieve your financial goals and are more than happy to answer questions big and small, as well as offer trusted advice anytime.
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What documents do I need to provide before applying?
To help make it really easy for you to pull together all the documentation you will need to submit your loan application, we have put together this helpful Required Documents Checklist.
If you have any questions about the items listed on the checklist, please contact Dan.
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What does a Mortgage Broker Do?
Mortgage brokers are qualified finance industry professionals. As brokers we work with you to determine your borrowing needs and objectives, establish how much you can borrow, and ensure that you don’t take out a loan that is not right for you.
Like your solicitor, accountant or financial planner, we are specialists in what we do and will provide you with the best possible finance solution to help you achieve your goals.
With a mortgage broker, you can expect a more personalised level of service than you would usually receive directly from a lender. Additionally, our brokers have access to finance products from a wide variety of lenders. This means we can compare lending products from different lenders to find a loan that’s just right for you.
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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. These costs depend on the loan and lender you choose. If you want to save on loan costs, just tell us. We can locate loan products from the lenders with the lowest fees and charges.
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Should I go fixed or variable?
The choice to choose a fixed or variable loan is dependent upon a number of factors. As your mortgage broker our job is to recommend the best possible loan products based on what is most important to you.
Whether it be paying off the loan quickly, having guaranteed repayments or the lowest total cost. We can recommend a variable, fixed or split loan product that will help you achieve your financial goals.
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Who sets interest rates?
Although we would love to have a say, mortgage brokers do not set interest rates. The Reserve Bank of Australia meet on the first Tuesday of every month to determine the official cash rate for the country. The lenders then use this information to set their own rates.
Have we missed anything? If you have any other questions, please contact us and we will get back to you within 48 hours.
