FAQ's

Rather than apply to every single lender individually BidMyLoan requires you fill in one application and then only once. The initial details collected in the Bid Request are the minimum our lenders require to make their first offer. Once accepted you may need to provide additional information but the information you have entered initially is simply prepopulated to the lender's application form.

Throughout the process you have access to our team of Loan Chaperones who will help as you need it, whether this be whilst completing the initial Bid Request, understanding the various bids and selecting an option, negotiating a better deal with a lender or completing the lender's application requirements.

BidMyLoan has the ability to find a great deal for you. We can do this through negotiating directly with lenders, understanding their target customers, and haggling on your behalf.

Besides the commission payment, there’s another important distinction. With BidMyLoan, YOU choose the lender (from the list of bidders). While brokers offer a choice of lender, in general they make a firm recommendation of one or two lenders to a customer. Lenders pay broking companies different commission levels depending on the deal they’ve agreed between them. This means naturally some lenders can be favoured. This is the case even in companies where the brokers are salaried staff.

We receive a payment from the lender that provides you with the loan or from an agent of that lender. In the world of home loans, there are two types of commission, ‘upfront’ and ‘trail’. Like a broker, BidMyLoan receives ‘upfront’ commission payment from the lender, a ‘finder’s fee’ if you like. Unlike a broker, we don’t receive ‘trail’ the ongoing commission that is paid during the life of the loan. Why not? Because we don’t believe that’s fair on customers.

Some of our lenders do not deal with brokers, because they do not want to pay the ongoing commissions. These low-cost providers may well be able to provide you with a better deal than you could get from a broker.

A Bid is a loan offer based on the information you provide in your Bid Request. Sometimes you may be able to negotiate an improved deal through discussion with the lender.

No. We will present you with the best bids we can find, but if you get a better offer elsewhere then naturally you will select that offer.

There is no cost to you for BidMyLoan to help you find, negotiate and settle your loan.

There is a wide variety of costs which may impact your loan. The major costs relate to stamp duty and lenders mortgage insurance. Please speak directly with your selected lender to clarify all costs prior to incurring any expense.

The time taken varies based on your individual circumstance. Generally the process can take as little as two weeks but depends whether you are buying a new property or refinancing a current one.

This checklist details the items required by most lenders.