Under the new legislation by Jan 1st 2010 all mortgage brokers must be either fully licenced (Australian Credit Licence) or be a credit representative of a licencee.
Why deal with a licence holder? well one of the fundamental differences is that a credit representative is restricted to using only the lenders on their licencee’s panel. This could mean that a new product or a one-off special product ideally suited to your needs may not be available – by law if their licencee doesn’t have an agreement with that lender then it is illegal for the credit representative to try and arrange that loan for you. Where as a licencee broker is independent in that they can freely enter into agreements with any suitably accredited lender.
Peach Financial Group is an Australian Credit Licencee – Licence No:385657 and that’s just one more good reason to stay sweet with Peach.