Home Loan Lenders In Australia
Posted by Nick Niesen on October 29th, 2010
In Australia there are now many different types of home lenders, each with different interest rates, terms, conditions and lending criteria. The most common types of lenders are:
? Mortgage Brokers
? Mortgage Managers
The mortgage managers job is to set up the loan and perform a liaison role with all parties involved, namely originators, trustees, credit assessors and borrowers. They provide the customer service role and are there to manage your loan throughout its term.
? Credit Unions
Deposits from members are used to fund loans to other members, with the credit union business structure facilitating the process. Credit unions serve people who share a mutual interest, such as where they work, live, or go to church.
Credit unions are non profit organisations, and because there are no external shareholders there is no pressure to earn profits at the expense of customers.
Like banks, they offer a wide variety of banking facilities such as loans, deposits and financial planning. Credit unions main function is to serve members needs rather than make a profit. They therefore put a great deal of emphasis on customer service and meeting the needs of members.
? Building Societies
Customers are paid interest on deposited funds and these funds are then available to lend to borrowers. In turn, these borrowers pay interest to the bank on the sum lent. The margin between interest paid on deposits and interest received from loans provides banks with their major source of revenue.
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About the AuthorNick Niesen
Joined: April 29th, 2015
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