Top 10 Questions to Ask Your Finance Broker Before Signing

You're about to spend $80,000 on a luxury caravan, finance a commercial ute for your business, or lock in equipment loans that will shape your cashflow for the next five years. The broker sitting across from you seems friendly and confident. But are they actually a specialist in your asset class — or someone who mostly writes home loans and occasionally handles the odd vehicle deal?

Most "questions to ask your broker" articles were written for home loan customers. They tell you to check if your broker is licensed and ask about fees. That's a starting point, not a vetting strategy. Here are 10 open-ended questions that reveal whether your broker is genuinely the right specialist for a high-value asset purchase in Victoria.

Why the Right Questions Matter

With the RBA lifting the cash rate to 4.10% in March 2026 — the second consecutive hike — total loan cost matters more than it did two years ago. A broker with deep lender relationships can often access rates and structures that aren't on comparison sites. One without them can't.

Under Australia's National Consumer Credit Protection (NCCP) Act, brokers must assess whether a loan is "not unsuitable" for your situation before recommending it. That's the legal floor. A genuine specialist goes well beyond the floor.

And if something goes wrong? The Australian Financial Complaints Authority (AFCA) received 111,373 complaints in 2025 — a record high — with consumers recovering a record $643 million in compensation, according to AFCA's Annual Review. Choosing the right broker from the start is a far better outcome than needing AFCA later.

The 10 Questions

1. How many lenders on your panel specifically approve luxury caravans or commercial vehicles, and can you name two or three who have settled deals similar to mine in the last six months?

Panel size matters less than panel composition. Specialist brokers can access panels of 40 to 100+ lenders and underwriters, according to Ausloans and 360 Finance — but not all lenders on a panel are active for every asset class. This question separates brokers who have live relationships in your niche from those who are searching cold.

2. For a purchase like mine, what loan structures would you put on the table — and what are the trade-offs between them?

A knowledgeable broker should walk you through chattel mortgage, hire purchase, finance lease, and — for business buyers — the different ATO tax treatment of each. If they immediately default to one structure without discussing alternatives, that's a sign.

3. How do you handle lenders who have different policies on balloon payments and residual values for high-value assets?

On a $100,000+ caravan or commercial vehicle, the balloon payment structure can define your cashflow for years. Different lenders have very different policies on what's acceptable. A specialist knows this landscape and can negotiate it.

4. If I'm self-employed or my income is irregular, which lenders on your panel use alt-doc or low-doc assessment — and what documentation would they actually need from me?

This is the question that separates generalists from specialists. Many lenders who do home loans do not offer alt-doc assessment for asset finance. A specialist will name specific lenders and explain the documentation requirements without needing to "check and get back to you."

5. What's your experience with assets at this price point — can you describe a recent deal for a caravan, vehicle, or equipment in this value range?

A broker who has never arranged finance above $50,000 is not the same as one who regularly handles $80,000–$150,000 luxury caravan or commercial equipment deals. Ask them to describe a recent comparable deal without disclosing client details.

6. How do your lenders assess the asset itself — what restrictions do they have on age, brand, private sale versus dealer, or asset condition?

Lenders often have hard rules: maximum asset age, approved brands or manufacturers, different policies for dealer versus private sales. If you're buying privately or choosing a less mainstream brand, the wrong broker won't know which lenders will approve it.

7. Walk me through what happens between approval and settlement — who manages the paperwork, who talks to the dealer or seller, and what tends to slow things down?

This reveals how hands-on the broker actually is. Some brokers hand off post-approval to a settlements team you've never met. Others manage the entire process. For a time-sensitive purchase — especially a delivery-deadline purchase from a dealer — this matters enormously.

8. What does the total cost of this loan look like over its full term, not just the monthly repayment?

With the cash rate at 4.10% and lenders still adjusting, comparison rates can be misleading. Ask for a full-term cost breakdown including all fees, charges, and any balloon payment. A broker who can only quote the weekly repayment isn't giving you the whole picture.

9. Which industry body do you belong to — CAFBA, FBAA, or MFAA — and what continuing education have you completed specific to commercial or asset finance in the last 12 months?

CAFBA (Commercial and Asset Finance Brokers Association) is the specialist body for asset finance brokers, distinct from the mortgage-focused MFAA and FBAA. Active membership and recent CPD in asset finance signals genuine commitment to the niche — not just a generic broker licence.

10. If my circumstances change during the loan term — I sell the asset, want to refinance, or my business structure changes — what are the exit options and who do I call?

Post-settlement service is where brokers often disappear. A specialist will explain payout figures, early termination fees, and refinancing options clearly — because they plan to be your broker for the next deal too.

The Takeaway

A great specialist broker will answer every one of these questions confidently, specifically, and without hesitation. If you get vague answers, deflection, or "I'll need to check on that" for more than one or two, it's worth finding a good broker who is a genuine specialist in your asset class. Truly choosing a finance broker for a high-value caravan, commercial vehicle, or equipment purchase is worth the extra time before you sign.

This article is general information only and does not constitute financial advice. For advice specific to your situation, speak to a licensed finance professional with one of our listed brokers or visit ASIC's MoneySmart website.