The broker association has launched a new website that helps Australians understand home, car, business, and personal loans – and find a broker.
The Finance Brokers Association of Australia (FBAA) has officially launched its consumer website – beforeuloan.com – to help borrowers understand their borrowing process and find a broker to help them apply for finance.
The website, which was first teased at the FBAA national conference in 2023, aims to provide free resources and broker contacts for “people who are just looking to find answers about their loans”.
As well as providing financial literacy (including contributions from FBAA members), the platform includes a full glossary that helps demystify lending terms and includes an online calendar, so borrowers can work out how much they can afford before seeing a lender without needing to disclose their contact information.
It includes information on mortgages, motor vehicle, business, and personal loans.
Beforeuloan also enables users to connect with FBAA broker members in their local area (brokers can be included on the Find a Broker search function on an opt-in basis) and helps assist borrowers with the types of questions they may want to ask a lender or finance broker before they apply for a loan.
Speaking of the new website, FBAA managing director Peter White AM said he hoped the resource would help Australians navigate the world of finance and potentially save them money.
“Too many Australians don’t understand lending, what the numerous terms mean, and the options available to them,” he said.
“No one is teaching people about these subjects, and the lack of knowledge about finance is limiting many people.”
As such, he said beforeuloan.com would “help people understand all aspects of all types of finance better.”
The FBAA MD said the online lending calculator would likely be a popular resource, as it enables users to calculate borrowing capacities without needing to provide any personal information (as is often the case on lender calculators).
“Most online lending calculators are there to generate leads so the lender can sell you a product, but we wanted to provide consumers with this information with no strings attached,” White explained.
The FBAA MD advised those thinking of borrowing to visit the website before they see anyone about a loan, so they can “ask the right questions” and better understand what they are being told.
“This website is built on openness, trust and transparency and it’s more valuable than ever in today’s highly competitive borrowing environment,” White said.
Touching on the Find a Broker function, he added that while borrowers can access the site at any time anonymously, if they choose to seek personal advice from a broker, they can search for one in their area or who specialises in the type of finance they need.
He said that borrowers would “have the security of knowing the broker is an FBAA member and adheres to the highest levels of standards and integrity”.
The launch comes at a particularly busy time for borrowers, as both mortgage and small business lending are experiencing strong growth.
Nearly every segment of the lending market is growing at the moment. First home buyers have been enticed into market through a range of support scheme, including the expanded 5 per cent Deposit Scheme and soon-to-be-launched Help to Buy Scheme, while there are record levels of investor loans also being written at the moment.
Small businesses are also growing in confidence, leading to more cash flow and commercial lending activity.
The timing is also significant given that record proportions of borrowers are now using brokers for their mortgages. Brokers play a key role in matching borrowers with suitable loan products, and their use has surged as consumers increasingly seek expert guidance in a changing lending environment.
[Related: FBAA to launch new consumer website, open NZ arm]
