About us
SOLICITUDE FINANCEIn an ideal world website wouldn’t exist, a client would acknowledge the importance. We are a friendly firm of Financial Services who are happy to meet with you face to face or liaise with you via the phone or email to provide a service that’s right for you.
Solicitude Finance is a team of qualified people with knowledge, skills and necessary experience in mortgage and lending products. All our consultants have wealth of knowledge and are highly motivated to serve clients in finding the most suitable mortgage or lending product, and with the lowest interest rates. Solicitude finance team offers various products for loans and finance and consultant can even visit you at your place of convenience. A friendly team member can assist you with any of your lending needs as authorised credit representatives in the comfort of your own home or office. We can assist you during and/or after business hours at a time that suits you.
Whether your inquiry relates to a new mortgage or refinancing a home, investment, commercial and/or a business loan, you can be rest assured a better financial situation is only a phone call away.
Event meeting in Salzburg conference hall, 2017
There is a lot of competition in the market with various banks offering record low rates to gain your business. A Solicitude Finance consultant can guide you through ins and outs of various products so that you can make an informed choice and choose the right loan or mortgage. Solicitude finance mortgage broker can assist you in finding the right product with the best interest rate by comparing loans with all of Australia’s leading lenders.
FBAA – The Finance Brokers Association of Australia
Providing support, advocacy, education and representation for Australian finance and mortgage brokers.
AFCA – Australian Financial Complaint Authority
AFCA provide consumers and small businesses with fair, free and independent dispute resolution for financial complaints
nMB – National Mortgage Brokers (Aggregator)
Our primary objective is to find you the best mortgage or loan offer without any hassle and with maximum benefits. Solicitude Finance has its presence in Melbourne and is managed by a team of mortgage specialists and loan consultants.
What is Credit Guide?
A credit guide provides preliminary information about you to a consumer. The time at which you have to provide a credit guide will depend on what type of entity you are and what credit activities you engage in, but will generally be before you engage in credit activities with the consumer.
Read the credit guide
Any company engaging in credit activities must give you a credit guide and credit proposal disclosure document which will tell you:
- their Australian credit licence number
- contact details
- fees and charges
- details of your right to complain or their external dispute resolution scheme.
They must also give you a quote for providing credit assistance unless:
- they have already entered into a written contract with you that sets out the maximum amount you will pay for their services; or
- they are providing services free of charge.
Source – Asic.gov.au
Preliminary Assessment
What is preliminary assessment?
This is a preliminary or final written assessment that a credit contract or consumer lease is ‘not unsuitable’ for the consumer. You are required to give a free copy of the written assessment to the consumer if they ask you for one within seven years of entering into the credit contract (if you are a credit provider) or of the date of the quote (if you are a credit assistance provider).
You are not required to give a written assessment to a consumer if the credit contract or consumer lease is not entered into or the credit limit is not increased (if you are a credit provider), or if you do not provide credit assistance (if you are a credit assistance provider).
What we will need from you
When we provide you with credit assistance, we are legally required to only recommend credit products that are not unsuitable for you. Solicitude Finance tries to achieve better customer outcomes and suitable products and services.
To enable us to review which loan products might be suitable for you, we are required to complete a Preliminary Assessment. When we make this preliminary assessment, we will ask you about your requirements and objectives, your financial and personal situation and your ability to repay the loan that you are considering. In assessing these factors, we are also required to take reasonable steps to verify some of the information you provide us. This verification may include asking you for copies of documents that demonstrate your financial situation (in some cases we may also need to sight original documents) and contacting third parties to assist in verifying the information that you provide.
Source – Asic.gov.au
How do we get paid?
Most Australian mortgage brokers aren’t paid typical wages or salaries, but are instead paid on a commission basis by the banks and lenders who provide the home loans.
When a broker puts a borrower in touch with a bank, and the borrower’s mortgage application is approved, the bank will pay the broker a commission.
Also, for as long as a borrower keeps their mortgage with a bank, the broker that arranged the loan will keep receiving a smaller ongoing commission, known as “trail” commission.
What to check before you borrow money or sign a contract
All lenders, lessors and finance brokers must be licensed by ASIC or be a representative of someone who is licensed. Search ASIC Connect’s Professional Registers to check your credit provider is licensed before you deal with them.
Some businesses that are exempt from licensing, such as retail stores and car yards. While the store may be exempt, the actual credit provider must be licensed. If you are unsure who the provider is, check your credit contract or rental agreement.
Read the credit guide
Any company engaging in credit activities must give you a credit guide and credit proposal disclosure document which will tell you:
- their Australian credit licence number
- contact details
- fees and charges
- details of your right to complain or their external dispute resolution scheme.
They must also give you a quote for providing credit assistance unless:
- they have already entered into a written contract with you that sets out the maximum amount you will pay for their services; or
- they are providing services free of charge.
Hardship threshold
If you are struggling with your loan repayments you can ask your lender for a hardship variation to make your loan more manageable. A hardship variation is a change to the terms of the loan, based on financial hardship. ASIC’s Moneysmart website provides guidance on how to approach your lender if you are struggling with your debts.
If you got your loan before March 2013, your lender must consider your hardship application if you borrowed less than the hardship threshold on the date you signed the contract.
Hardship thresholds from before 2004 until today are listed below; however, even if your loan is above the threshold your credit provider may still agree to vary the contract.
Debt consolidation and refinancing
If you have more than one loan, it may sound like a good idea to roll them into one consolidated loan.
Debt consolidation (or refinancing) can make it easier to manage your repayments. But it may cost you more if the interest rate or fees (or both) are higher than before. You could also get deeper into debt if you get more credit, as it may tempt you to spend more.
Avoid companies that make unrealistic promises
Some companies advertise that they can get you out of debt no matter how much you owe. This is unrealistic.
Don’t trust a company that:
- is not licensed
- asks you to sign blank documents
- refuses to discuss repayments
- rushes the transaction
- won’t put all loan costs and the interest rate in writing before you sign
- arranges a business loan when all you need is a basic consumer loan
Talk to us today on how you can save by consolidating and refinancing your loans
Source – moneysmart.gov.au
https://moneysmart.gov.au/managing-debt/debt-consolidation-and-refinancing