Frequently Asked Questions

Below are some of the most frequently asked questions and answers we get as finance brokers from our customers.

• Who are NFC SA?

  NFC SA are finance brokers operating across Adelaide South Australia and online throughout Australia, that seeks out and secures finance solutions for you, our customers. We have over 50 years of combined experience, and access to lenders in Adelaide, South Australia and across Australia, providing a wealth of resources all working to help you find the best loan for your circumstances.

• Why use NFC SA?

  National Finance Choice compare the best loan products from different lenders for you in Adelaide South Australia, and throughout Australia online.

  Our experience and knowledge of financial products and lenders is an invaluable resource in getting you a loan approved. Many people have applied for a loan and been declined with the answer ‘you don’t meet the lending criteria‘.
  Often this is the right answer because all lenders have different criteria which are put in place to select the exact customers they want.
  This is one of the many advantages of dealing with NFC SA. We are aware of the lenders criteria and place your details with the lender that best suits your individual circumstances.
  In addition, sometimes you may not meet one of the lending criteria by only a small margin, but in other areas you may be very strong. Knowing your individual circumstances and the lenders criteria, enables us to “match” you; on your behalf with the lender of best fit, turning a potential decline into an approval.

  Using NFC SA increases the chances of you getting your loan approved.

• What Supporting Documentation Do I have to supply?

  It really is very simple…

  Your National Finance Choice finance broker will advise you of exactly what supporting documents are required in your circumstances, but as a guide:

  1. If you are consolidating an existing personal loan, 6 months most recent statements.
  2. If you are consolidating a store/credit card, 3 months most recent and complete statements.
  3. A home owner/mortgage holder; you will need to supply current council rates notice.
  4. If you are employed, 2 most current pay slips.
  5. If you are self employed, most recent tax assessment notice.
  6. If living in N.S.W. the signed ‘financing broking contract.
  7. If living in Victoria. the signed ‘finance broking appointment.

  ( The last 2 can be printed off of the Broker’s web site; or they can email/fax them to you)

• How long will it take to get an approval?

  Once your finance broker has ALL of the ‘supporting documentation‘ and other information needed, we will analyse the information and select the best outcome for you. The time from having all the information to a ‘conditional approval’ is generally less than 2 hours. Plus, as a special service, if you get ALL the information they require, within 24 hours, they will give your application “PRIORITY” status.
  So make sure you send everything needed as fast as possible, helping them get the money to you much faster!

• Will NFC SA do a Credit Check?

  Many finance brokers don’t care about your credit file, all they care about is getting paid, so they apply a “shotgun” approach to getting you a loan, hoping that someone, anyone, will give you a loan. In this process, many enquiries are made on your credit file, leaving long lasting problems that can take years to correct. At NFC SA, we know your credit file is vitally important and very fragile, we protect it as though it was our own and do not in anyway harm it, at NFC SA, we respect your credit file.

• What loan repayment terms can I have?

  With your loan repayments, you can choose weekly, fortnightly or monthly repayments which ever works best for you. With regards to the length of the loan, if you borrow less than $15,000 your loan term can be between 0 and 5 years. If you are borrowing more than $15,000 your loan term can range from 0 to 7 years.

• What will the interest rate be on my loan?

  Finance brokers do not lend you the money, therefore they do not determine the interest rate. They work for you to find which bank, credit union or finance company will be lending you their money. As such, the lenders determine the interest rate themselves and let the brokers know what it will be when they give “unconditional” approval for your loan. It is fair to say however, that our panel have access to the most competitive rates in the market place and can, and do negotiate with lenders on your behalf to get the best deal possible.

• How do lenders determine what interest rate to charge me?

  All lenders operate the same way, lending money against lending criteria based on the assessment of risk. The interest rate will be determined by the strength of your application. Every piece of information earns points giving a total score at the end. For example if you are a home owner you will score more points than someone who is renting, although the person renting will score extra points if they have been at the same address for a long period. The same applies to employment, credit defaults and the list goes on. All of the information can be verified by the lender, or you may be asked to provide verification, so it is vitally important to provide accurate information. Conflicting information can result in your loan being declined. Your NFC broker is there to help as we check the information before submitting it to a lender.

• What are the loan repayments going to be?

  Loan repayments will be determined once the loan has been ‘unconditionally approved’. Many factors have an impact on the repayment amount, amount borrowed, term of the loan, strength of the applicant and finally the interest rate. This will vary depending on your specific circumstances.

• What are the Finance Brokers Contract / Finance Brokers Appointments?

  These two documents are legal requirements for brokers in several states of Australia. They are designed specifically to disclose the maximum limits for the credit you are seeking. The information contained in them, describes the upper limits on loans from the panel of lenders, and not an indication of what your actual loan terms will be. One of the advantages of dealing with NFC is we have many contacts with brokers lenders and domains. This means we are able to get the best fit for your situation. In States where these documents are required, you CANNOT get a consumer loan without completing them as they are legal requirements. They are also required BEFORE your application can be passed on to any lender.

• Can I make additional repayments?

  Many lenders offer this option on their loans, and is often available without penalty.

• What are the fees and charges?

  Each lender has a different scale of fees and charges, including different fees, depending on the type of loan you apply for. Once National Finance Choice has all of the information and reaches the final ‘unconditional’ approval stage we, and therefore you will know all of the fees and charges for your particular loan. As a general indication however, application fees are commonly around the $150 mark.

• Are there any hidden or other charges?

  Once you are provided, the loan repayment amount is inclusive of ALL fees and charges. “Drive away no more to pay”.

• Do I qualify for a loan?

  Some people are not sure if they qualify for personal loans, car loans etc. That is what NFC is all about. Once you have entered your details in our enquiry / application form, our experience and lenders matrix decides who can help you, taking your personal details into account. If you do qualify for a loan, your application is discussed with you, by one of NFC ‘s specialist finance brokers, and you will be asked to send through your ‘supporting documentation‘, which is then passed on to the lender of ‘best fit’; who makes the decision whether to approve the loan.