Frequently Asked Questions
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General
Q: What is the difference between RLA Finance and my bank?
A: We guide you through every step of the way. One of the great benefits of using RLA Finance is that once you use our services and we have everything on record, it makes future lending transactions a lot less complex. The fact that we understand your personal needs, and that of your business, saves you in both time and stress.
RLA Finance is also able on many occasions to get lower rates than if you were to go directly to your bank. This is because we have built solid relationships with the banks and financiers so they are able to offer us rates lower than their standard rates.
Q: What is the process?
A: Firstly we ascertain what your needs are either by phone, email or personal interview. We will then ask you to sign our privacy acknowledgement to enable us to act on your behalf.
Q: What information and documents do I need to provide?
A: This will vary as to the type of lending that you are applying for, and whether you are a new client to either RLA Property Finance or RLA Equipment Finance. As a general rule, we will always need proof of your identity, and documents that support your assets and liabilities. We will supply you with a list of requirements either during or immediately after your initial interview, and this does vary on a case by case basis. We can also approach your accountant directly (with your permission) to obtain the precise information that we need for your application.
Q: How long will the process take?
A: This depends on the complexity of your lending, and the time-frame that we receive all your supporting information as requested. Once we have received everything, we will compile your loan application, and forward this to you by email for your signature. We will then submit your application to the bank.
Q: What assistance do you give me when I'm purchasing a property or business?
A: If you have signed a Contract to Purchase a property or business, we are always mindful of your contracted Finance Approval and Settlement Dates and will assist you by dealing with your solicitor if you wish.
Q: Do I have to pay RLA Finance to obtain my loan?
A: No. We do not charge any fee to you for our services in obtaining Business or Home Loans for you. We do charge a fee to obtain an Unsecured Personal Loan on your behalf. This is calculated at 5% of the Total Loan Amount, or a minimum of $500. We may be able to further negotiate this fee if you are an existing RLA Business, Home Loan or Equipment Finance client. The Banks themselves pay us Commission on your total loan amount once your loan is settled. In the case of either Home Loans or Unsecured Personal Loans, the commissions that we receive from the Bank are fully disclosed to you in our Credit Proposal Document which is provided to you for your signature prior to us submitting the application on your behalf.
Q: Does the bank increase my interest rates to be able to pay you?
A: No. The Banks do not 'load' their interest rates to cover our commission. Indeed, it is quite the reverse, in that RLA Finance are able to negotiate interest rates on your behalf that can at times be significantly lower than if you approached the Bank yourself.
Q: Is there a fee if I decide not to go ahead / if my application is declined by the bank?
A: No. We do not charge any fee to you for our services.
Q: Do you do personal unsecured loans?
A: Yes. We are able to apply for Unsecured Personal Loans on your behalf. The process in this instance is very fast. Generally, from time of application submission to full settlement the timeframe is usually around five business days. Personal Unsecured Loans can be used for any purpose, such as travel, car, debt consolidation, wedding, minor home improvements, tax debt, education, or any other purpose which is not of a business nature.
Q: What is the interest rate going to be?
A: Interest rates will vary from bank to bank, with variations based on the type of loan you are applying for. Business Lenders calculate interest rates based on different factors related to the information in your application such as credit history, repayment ability, fall-back situation, business experience etc. Whether you are a Business applicant, or a Personal applicant, we always strive for a lower interest rate and work with applicants and the financiers to achieve the best results for your financial situation.
Q: What happens now my loan has been approved?
A: We will notify you that your application has been successful, and arrange for your loan documents to be either sent directly to you, or to our office. We will advise you on the requirements for the completion of the documents, and in the majority of cases we will ask you to attend our office at a time convenient to you for sign-up. This is because we are able to go through the documents with you, and answer any final questions that you may have. We also have Comm. Decs on our staff, who are able to witness the documents as required. We will also return the documents to the Bank on your behalf.
Q: Will you let me know when my loan has settled?
A: Yes. We will be in touch with you to advise you when your loan has settled.
Q: Will you be able to assist me with my loans or enquiries once they have settled?
A: Each bank has their own requirements as to what we can do for you on your behalf once your loan has settled. In the case of business lending, in most cases, we will be able to deal with your business banker directly. For individual consumer lending, we will be able to assist you directly with your enquiries, or be able to provide you the information to be able to deal with the bank in the most expedient manner.