Frequently asked questions
Nineteen questions we get asked most, answered properly rather than in one line.
Working with a broker
We work out what you are trying to achieve, assess your borrowing position, compare suitable products available through our approved lender panel at the time of assessment, recommend a structure, prepare and lodge the application, deal with the lender's questions, and follow it through to settlement.
In most cases nothing directly. The lender pays a commission when your loan settles. Where a fee applies, typically on some commercial or complex applications, we tell you the amount in writing before you commit. You will also receive a Credit Guide setting out how we are paid.
Shree Krishna Broking Pty Ltd is Credit Representative 579082 of Australian Finance Group Ltd, Australian Credit Licence 389087. We are not owned by a bank and we are not restricted to one lender's products. Comparisons are limited to lenders available on our approved lender panel at the time of assessment.
The panel covers major banks, second tier lenders, non banks and specialist funders across residential, commercial, development and asset finance. The relevant number is not the total, it is how many can actually do your deal, which is usually a much shorter list.
Yes. We are based in Adelaide in South Australia and work with clients across Australia. Most of the process happens by phone, video and email, and documents are generally signed electronically.
Applying and approval
Usually photo identification, recent payslips or two years of tax returns and financial statements if you are self employed, three to six months of bank and loan statements, and a summary of your assets, liabilities and living expenses. Commercial and development applications need more. We send a checklist specific to your situation.
Straightforward residential applications are often conditionally approved within a few business days of a complete submission. Complex income, unusual security, commercial lending or a busy lender queue extends that. We give you a realistic timeframe up front rather than an optimistic one.
Each application creates an enquiry on your file. One or two is unremarkable. Several in a short period is what causes harm, which is exactly what happens when someone applies at four banks themselves. Narrowing the shortlist before lodging is part of what we do.
Tell us, and tell us why if you know. A previous decline is not fatal, but lodging again without understanding what caused it usually produces the same result. Sometimes the fix is a different lender, sometimes it is waiting three months and changing something first.
Yes. Self employed applications need more preparation and lender selection matters far more. Depending on the lender, we may use two years of returns, one year, or alternative documentation such as business activity statements and an accountant's declaration.
Loans and structure
It depends on how much repayment certainty you need and what you plan to do during the fixed term. Fixed loans usually restrict extra repayments and can carry break costs if you sell or refinance. Splitting part fixed and part variable is often the sensible compromise.
An offset is a transaction account linked to your loan. Money sitting in it reduces the balance interest is calculated on, while remaining accessible. It is valuable if you genuinely hold a balance. If you run the account near zero, a package fee for an offset may cost more than it saves.
Usually yes, up to around eighty per cent of the property value less the existing loan. Structuring the release as a separate split keeps the investment borrowing clearly identifiable, which your accountant will thank you for.
A one off premium that protects the lender when you borrow more than eighty per cent of a property's value. It can usually be capitalised into the loan. It protects the lender, not you, but it can be worth paying if it means buying meaningfully earlier.
Every two years at minimum, and immediately if you are coming off a fixed rate, your income has changed materially, or you are planning a purchase. Loans that have not been reviewed in five years are where we most often find real savings.
After settlement
Yes. We check in periodically and flag when a review is worth doing. A loan that suited you at settlement may not suit you for the long term, and nobody at the lender is going to raise that with you.
Call us. Changes in income, a new job, a separation, a business downturn or an unexpected expense are all easier to deal with early. Lenders have hardship processes, and they work far better before payments are missed than after.
Raise it with us first on 0413 321 141 or dhruv@skbroking.com.au and we will work through it. If you are not satisfied, Australian Finance Group Ltd has an internal dispute resolution process, and beyond that the Australian Financial Complaints Authority provides free, independent external dispute resolution. The full process, including AFG's Complaints Officer details, is on our Complaints page.