Common questions

That’s a really great question. You could absolutely go directly to your bank or another lender, but let me quickly explain why using a broker like Symington Financial often works out much better for you, especially when it comes to protecting your credit file, getting approved, and ensuring the finance structure actually suits your needs.

1. We Protect Your Credit Score First:

“When you apply directly to a lender and get declined, that enquiry can lower your score. We aim to prevent that.”

“Here’s how we do it differently: Before we lodge any formal application, we do a thorough assessment. We can often get a ‘soft approval’ or pre-approval indication from potential lenders. This gives you a clear idea of likelihood, potential rates, and loan amounts without impacting your credit file initially.”

“It’s important to know: While most lenders allow this pre-assessment stage without affecting your score, a few might perform a credit check immediately upon submission. In those cases, based on our initial assessment, I will only submit your application if we are very confident it meets their criteria and is highly likely to be approved, minimizing any unnecessary impact on your file. We only proceed with a formal application once we’ve strategically found the right fit.”

2. We Understand the Bigger Picture (It’s Not Just About Score):

“Lenders look beyond the score – employment, residence history, age, existing debts, past credit behaviour, and even the vehicle’s age all play a part. Applying directly to the wrong lender increases your risk of decline. We match you appropriately from the start.”

3. More Options = More Solutions:

“Your bank has limited products and strict criteria. We have access to over 40 lenders – banks, non-banks, and specialist lenders. This huge panel means we can handle a much wider range of circumstances and offer more solutions:”

Finding Approvals: We can often help with past telco/utility defaults, some financial defaults (with explanation), Part 9 arrangements, or even discharged bankruptcy through specialist lenders.

Income Types: Some lenders consider Centrelink or Pension income (though not guaranteed).

New Businesses (Tradies): We have lenders who consider day one ABNs for newly qualified tradies.

Cashflow Solutions for Tradies: Options like ‘sale and leaseback’ on your current ute, or leasing a vehicle you don’t own yet to start earning.

Refinancing Existing Loans: If you already have an asset loan (usually after 6-12 months), we can look at refinancing it for a better rate or terms, provided it’s beneficial for you.

Debt Consolidation: We can explore options to consolidate multiple debts into a more manageable payment.

Business ATO Debt: We even have lenders who can assist businesses with financing solutions for paying off ATO debt.

4. Avoiding Common Pitfalls (Like Mortgage Top-Ups):

“Sometimes people think about topping up their mortgage. While I can’t give financial advice, be aware that spreading a car loan over 25 years often means paying far more interest in total. Also, for business use, a personal mortgage top-up usually means you lose out on potential tax benefits because the debt isn’t correctly structured under your ABN/ACN.”

5. Our Commitment to Honesty & Transparency

Just so you know, our approach is always honest and non-judgmental. We’re here to help you achieve your goals, regardless of your current financial position or circumstances.”

“As part of the process, we’ll need to review documents like your ID, credit file, payslips, bank statements, and maybe existing loan statements. We handle all this information with the utmost confidentiality and compliance – we’re strictly regulated.”

“All we ask in return is complete honesty from your side. We’re on your team and want to find the best possible solution, but we rely on accurate information to do that. If we suspect any dishonesty during the process, unfortunately, we won’t be able to proceed with assisting you.”

In short, using Symington Financial means:

• You get expert, non-judgmental guidance tailored to your specific situation.
• You protect your valuable credit score as much as possible during the assessment phase.
• You save time and avoid unsuitable applications.
• You access a wider range of solutions, increasing approval chances.
• You get the right finance structure, potentially saving you money and maximising tax benefits.

Reach out to our team today!

We sure do! We have a range of unsecured and secured loans, meaning we have various options to suit your business needs.

In short, it’s determined based on your cash flow – much like a home loan. Your borrowing capacity will be calculated based on income vs expenditures.

An approval can be achieved within 1-3 days. However, allow time to collate any required documentation, as this can extend the process.

A pre-approval isn’t necessary, but it’s certainly advised. It’ll provide guidance in terms of your potential borrowing capacity, which is a factor in terms of how much you can afford to spend.