Question 1

How does LendBuddy work?

Accepted Answer

LendBuddy compares home loans from 40+ lenders to find you the best deal. Simply fill out a quick application, and we match you with the most suitable loan options based on your financial situation and goals. Our brokers then guide you through the entire process, from approval to settlement.

Question 2

Is there a cost for your service?

Accepted Answer

Our service is completely free for you. We are paid by the lender when your loan settles, so there is no out-of-pocket cost. We always prioritise finding you the best deal, regardless of commission.

Question 3

Will applying affect my credit score?

Accepted Answer

No. Our initial assessment and comparison does not impact your credit score. A credit check only occurs when you choose to formally apply with a specific lender, and we will always let you know before that happens.

Question 4

How long does the process take?

Accepted Answer

The initial application takes about 5 minutes. From there, we can usually present you with options within 24 hours. The full settlement process typically takes 4–6 weeks, depending on the lender and property type.

Question 5

What documents will I need?

Accepted Answer

Generally you will need proof of identity (driver's licence or passport), proof of income (recent payslips or tax returns), bank statements, and details of any existing debts. We will guide you through exactly what is needed for your specific situation.

Question 6

Can I get a loan for a used car?

Accepted Answer

Absolutely. We finance both new and used vehicles. Most lenders on our panel will consider cars up to 12 to 15 years old at the end of the loan term. The rate may be slightly higher for older vehicles, but we shop around to find the most competitive option for your situation.

Question 7

Do I need a deposit?

Accepted Answer

Not always. Several lenders offer 100% financing, so you can get on the road without paying anything upfront. That said, putting down even 10% to 20% will usually get you a better rate and lower monthly repayments. Your broker can show you the difference both ways.

Question 8

How long does approval take?

Accepted Answer

Most car loan applications are assessed within 24 hours. Once approved, settlement is usually same-day or next business day. The whole process from application to driving away typically takes less than a week.

Question 9

What interest rate will I get?

Accepted Answer

Your rate depends on a few things: your credit history, the age of the vehicle, the loan amount, and whether you choose secured or unsecured finance. Rates on our panel currently start from around 5.99% p.a. for strong applicants with newer cars. We always aim to find the lowest rate you qualify for.

Question 10

Can I get a car loan with bad credit?

Accepted Answer

Yes. We work with specialist lenders who consider applicants with impaired credit, defaults, or limited history. The rate will be higher than a standard loan, but it's often better than what you'd find on your own. Our job is to match you with a lender that fits your situation, not turn you away.

Question 11

What fees should I watch out for?

Accepted Answer

Common car loan fees include an establishment fee (sometimes called an application fee), monthly account-keeping fees, and early termination fees if you pay the loan off ahead of schedule. Not every lender charges all of these. We break down the full cost so there are no surprises.

Question 12

Can I pay off my car loan early?

Accepted Answer

In most cases, yes. Some lenders charge an early exit fee, while others let you pay out the loan at any time with no penalty. If flexibility is important to you, we can prioritise lenders that offer fee-free early repayment.

Question 13

Can I refinance my existing car loan?

Accepted Answer

Yes, and it's more common than people think. If rates have dropped since you first borrowed, or your credit has improved, refinancing can save you a decent amount. We compare your current terms against what's available now and let you know if switching makes sense.

Question 14

How much can I borrow?

Accepted Answer

Personal loan amounts typically range from $2,000 to $75,000 depending on the lender, your income, and your credit history. Your broker will assess your borrowing power and match you with lenders whose limits work for what you need. We always aim to find an amount that fits comfortably within your budget so repayments don't become a stretch.

Question 15

Secured vs unsecured: what's the difference?

Accepted Answer

A secured personal loan is backed by an asset like a car or term deposit, which usually means you get a lower interest rate. An unsecured loan doesn't require any collateral, so it's quicker to set up, but the rate is typically a bit higher to offset the lender's risk. Your broker can walk you through both options and help you decide which one makes more sense for your situation.

Question 16

Can I pay off my loan early?

Accepted Answer

Most personal loans allow early repayment, but some lenders charge an early exit fee or break cost while others let you pay it off whenever you like with no penalty. If having that flexibility matters to you, we can prioritise lenders on our panel that offer fee-free early repayment so you're not locked in.

Question 17

What can I use a personal loan for?

Accepted Answer

Pretty much anything. Holidays, home renovations, weddings, medical bills, debt consolidation, or even a big purchase you'd rather spread over time. Unlike some other loan types, most personal loans from our panel have no restrictions on how you use the funds. Just let your broker know what it's for and we'll match you with the right product.

Question 18

How long does approval take?

Accepted Answer

Most personal loan applications are assessed within 24 to 48 hours. Once approved, funds are typically in your account the same day or next business day. The exact timing depends on the lender and how quickly you provide your supporting documents, but we keep things moving as fast as possible.

Question 19

What interest rate will I get?

Accepted Answer

Your rate depends on factors like your credit score, income, loan amount, and whether you go secured or unsecured. Rates on our panel currently start from around 6.49% p.a. for strong applicants with secured loans. We compare across multiple lenders to make sure you get the most competitive rate you qualify for.

Question 20

Can I get a personal loan with bad credit?

Accepted Answer

Yes. We work with specialist lenders who consider applicants with defaults, poor credit history, or limited borrowing history. The rate will be higher than a standard loan, but it's often still better than what you'd find going direct. Our job is to match you with a lender that fits your circumstances, not turn you away.

Question 21

What fees should I expect?

Accepted Answer

Common personal loan fees include an establishment fee (sometimes called an application fee), monthly or annual account-keeping fees, and early repayment fees if you pay the loan off ahead of schedule. Not every lender charges all of these, and some run fee-free promotions. We break down the full cost upfront so you know exactly what you're paying before you commit.

Question 22

How much can my business borrow?

Accepted Answer

Business loan amounts on our panel range from $5,000 right up to $5 million or more, depending on your revenue, time in business, and the type of loan. Your broker will assess your financials and match you with the lenders best suited to your borrowing needs. We look at the full picture so you get a realistic idea of what you can access.

Question 23

Do I need security?

Accepted Answer

Not necessarily. Our panel includes lenders offering unsecured business loans, which are generally available for smaller amounts and shorter terms. For larger loans or longer terms, some lenders may ask for property or business assets as security. Your broker will walk you through the options so you know exactly what is required before you commit.

Question 24

How long does approval take?

Accepted Answer

It depends on the lender and the complexity of the loan. Some unsecured products can be approved in as little as 24 hours, while larger secured loans may take one to two weeks. We know which lenders move quickly and will prioritise your timeline wherever possible.

Question 25

What types of business loans are available?

Accepted Answer

There are several options including term loans, lines of credit, overdraft facilities, invoice financing, and trade finance. Each serves a different purpose, whether you need a lump sum for expansion or ongoing access to working capital. We help you pick the right structure based on how your business actually operates.

Question 26

Can I get a business loan as a sole trader?

Accepted Answer

Yes, absolutely. Many lenders on our panel cater to sole traders, not just companies or partnerships. You will generally need a registered ABN, a reasonable trading history, and evidence of steady income. Your broker can guide you through the specific requirements for your situation.

Question 27

What documents do I need to apply?

Accepted Answer

Most lenders will want to see recent business financials (such as BAS statements or tax returns), bank statements, proof of identity, and an ABN or ACN registration. Some low-doc lenders require less paperwork, which can be a good fit for newer businesses. We let you know exactly what is needed upfront so there are no hold-ups.

Question 28

Are business loan interest payments tax deductible?

Accepted Answer

In most cases, yes. Interest paid on a business loan is generally tax deductible as a business expense, but the specifics depend on how the funds are used and your business structure. We always recommend speaking with your accountant to confirm how deductions apply to your situation.

Question 29

Can I get a business loan with limited trading history?

Accepted Answer

Yes. While most mainstream lenders prefer at least 12 months of trading history, we work with specialist lenders who consider businesses with as little as 6 months under their belt. The terms may differ from what an established business would receive, but our job is to find the best available option for where you are right now.

Question 30

What equipment can I finance?

Accepted Answer

Almost anything your business needs to operate and grow. Vehicles, heavy machinery, computers, medical and dental equipment, construction plant, commercial kitchen fit-outs, agricultural gear, and more. If the equipment has a clear business purpose, our panel of lenders can almost certainly help you finance it.

Question 31

Chattel mortgage vs hire purchase: what's the difference?

Accepted Answer

With a chattel mortgage, you own the equipment from day one, which is great for claiming GST credits upfront and depreciating the asset on your tax return. Hire purchase means the lender holds ownership until you make the final payment, which can suit businesses that prefer to keep assets off their balance sheet. Your broker will walk you through both options and recommend the structure that works best for your tax and accounting situation.

Question 32

Can I finance used equipment?

Accepted Answer

Yes, most lenders on our panel are happy to finance quality used equipment. There are usually age limits depending on the asset type, but we work with lenders who are flexible on this. We will match you with the right lender based on the age, condition, and value of the equipment you are looking at.

Question 33

What are the tax benefits of equipment finance?

Accepted Answer

Equipment finance can offer some solid tax advantages for your business. Depending on the structure, you may be able to claim interest payments, depreciation, and GST credits as deductions. Your broker can explain how different finance structures affect your tax position, but we always recommend speaking with your accountant for advice specific to your business.

Question 34

How much deposit do I need?

Accepted Answer

Many lenders on our panel offer 100% financing for equipment, so you may not need any deposit at all. That said, putting down a deposit of 10% to 20% can help you secure a lower interest rate and reduce your ongoing repayments. We will show you the options both ways so you can decide what makes the most sense for your cash flow.

Question 35

What is a balloon payment?

Accepted Answer

A balloon payment is a lump sum due at the end of your loan term, sometimes called a residual value. It reduces your regular repayments during the loan because you are effectively deferring part of the cost to the end. Balloon payments are common in equipment finance and can be a smart way to keep monthly costs low, but your broker will make sure you understand exactly what you will owe and when.

Question 36

Can I finance equipment for a new business?

Accepted Answer

Yes, though the options can be a bit more limited compared to established businesses. Some lenders on our panel will consider startups with less than 12 months of trading history, especially if you have a strong personal credit profile or can offer a deposit. We will work with you to find a lender that is comfortable with newer businesses and present the best options available.

Question 37

How long are equipment loan terms?

Accepted Answer

Equipment loan terms typically range from 1 to 7 years, depending on the type of asset and the lender. Shorter terms mean higher repayments but less interest overall, while longer terms keep your monthly costs lower. We help you choose a term length that matches the useful life of the equipment and your business cash flow.

Question 38

Can I finance a used caravan?

Accepted Answer

Yes, we finance both new and used caravans through our panel of lenders. Most lenders will consider vans up to 15 to 20 years old at the end of the loan term, though this varies. Your broker will match you with a lender that suits the age and condition of the van you have your eye on.

Question 39

How much deposit do I need?

Accepted Answer

Some lenders on our panel offer up to 100% financing for caravans, so you may not need a deposit at all. That said, putting down 10% to 20% can help you secure a lower interest rate and reduce your monthly repayments. Your broker can run the numbers both ways so you can see what works best for your budget.

Question 40

Can I include accessories in the loan?

Accepted Answer

Absolutely. Many lenders allow you to roll the cost of accessories and modifications into your caravan loan. Things like solar panels, annexes, awnings, towing upgrades, and off-grid setups can all be included, so you can hit the road fully kitted out from day one.

Question 41

What interest rate can I expect?

Accepted Answer

Your rate will depend on factors like your credit history, the age of the caravan, the loan amount, and whether the loan is secured. Rates on our panel currently start from around 6% p.a. for strong applicants with newer vans. We always compare multiple lenders to make sure you get the most competitive rate available.

Question 42

Can I finance a motorhome or camper trailer?

Accepted Answer

Yes, we can arrange finance for motorhomes, camper trailers, slide-on campers, and pop-tops as well as traditional caravans. Our lender panel covers all types of recreational vehicles. Just let your broker know what you are looking at and we will find the right product for you.

Question 43

How long can I take to repay?

Accepted Answer

Caravan loan terms typically range from 1 to 7 years depending on the lender and the age of the van. A longer term means lower monthly repayments, while a shorter term saves you money on interest overall. We help you find the right balance between affordability and total cost.

Question 44

Do I need insurance?

Accepted Answer

Most lenders will require comprehensive caravan insurance as a condition of the loan, and it is a good idea regardless. Insurance protects your investment against theft, accident, storm damage, and other risks while you are on the road. Your broker can point you in the right direction for competitive cover.

Question 45

Can I get a caravan loan with bad credit?

Accepted Answer

Yes, we work with specialist lenders who consider applicants with impaired credit, past defaults, or limited credit history. The rate will be higher than a standard loan, but it is often better than what you would find going direct. Our job is to find a lender that fits your situation and get you on the road.

Frequently Asked Questions

General FAQs

How does LendBuddy work?

Is there a cost for your service?

Will applying affect my credit score?

How long does the process take?

What documents will I need?