Givecredit.com.au Review

Based on checking the website Givecredit.com.au, it appears to be a mortgage brokerage service aiming to assist individuals in securing home loans and refinancing options in Australia. However, for a Muslim consumer seeking ethical financial solutions, the service raises significant concerns due to its engagement with interest-based lending, which is prohibited in Islam (riba). While the website highlights benefits like “best deal” and “expert advice,” these are framed within a conventional financial system built on interest.

Here’s an overall review summary:

Service Type: Mortgage Brokerage
Target Audience: Individuals seeking home loans or refinancing in Australia
Key Promise: Secure “best deals” from 60+ banks and lenders, expert advice, efficient process, transparent advice.
Islamic Compliance: Not compliant. The core service revolves around interest-based home loans (riba), which is strictly forbidden in Islam.
Transparency: Appears transparent about its process and aims to secure favourable interest rates, but lacks disclosure on Sharia-compliant alternatives.
Value Proposition: Focuses on saving time, securing competitive rates, and providing ongoing support within the conventional lending framework.
Overall Recommendation: Not recommended for Muslims due to fundamental conflict with Islamic financial principles.

While Givecredit.com.au positions itself as a helpful intermediary in the complex world of home loans, for those adhering to Islamic financial ethics, the fundamental premise of conventional interest-based lending is problematic. The website’s emphasis on negotiating “best interest rates” directly contradicts the Islamic prohibition on riba. Engaging with such services, even as an intermediary, can be seen as facilitating a forbidden transaction. Instead, individuals should seek out genuine Sharia-compliant financial institutions and services that offer profit-and-loss sharing, Murabaha, or Ijarah contracts as alternatives to conventional loans.

Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.

IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

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Table of Contents

Best Alternatives to Interest-Based Home Loans:

For those seeking to finance a home in a way that aligns with Islamic principles, conventional mortgage brokers like Givecredit.com.au are not suitable. Instead, consider these Sharia-compliant alternatives:

Islamic Banks/Financial Institutions: These institutions offer specific products designed to avoid interest.
- National Australia Bank (NAB) Islamic Finance: NAB Islamic Finance
  - Key Features: Offers Sharia-compliant home finance options like Murabaha (cost-plus financing) and Ijarah (leasing). Products are structured to avoid interest.
  - Average Price: Varies based on property value and chosen finance structure, typically involves a profit rate rather than an interest rate.
  - Pros: Backed by a major Australian bank, provides a credible Sharia-compliant option, clear contractual agreements.
  - Cons: Limited product range compared to conventional loans, may require specific documentation, potentially fewer branches/advisors specialising in Islamic finance.
- MCCM (MCCM Islamic Finance): MCCM Islamic Finance
  - Key Features: Specialises in Sharia-compliant home financing, focusing on ethical and interest-free solutions. Often uses Wakalah (agency) or Murabaha structures.
  - Average Price: Profit rates are competitive with conventional rates, structured differently to comply with Sharia.
  - Pros: Dedicated to Islamic finance, experienced in ethical wealth management, personalised service.
  - Cons: Newer to the market compared to established banks, may have a smaller reach, requires understanding of specific Islamic finance contracts.
- Amanah Islamic Finance (Australia): Amanah Islamic Finance
  - Key Features: Provides a range of Islamic finance products including home finance, adhering strictly to Sharia principles, supervised by Sharia boards.
  - Average Price: Pricing is based on profit rates, clearly communicated and structured to avoid riba.
  - Pros: Strong focus on Sharia compliance, transparent processes, often offers educational resources for clients.
  - Cons: May have stricter eligibility criteria due to Sharia requirements, potentially longer application processes as unique structures are involved.
Ethical Investment Platforms: While not direct home loan providers, these platforms can help accumulate wealth ethically for a cash purchase.
- Halal Certified Investment Funds (e.g., via Australian Ethical Investment): Australian Ethical Investment
  - Key Features: Invests in Sharia-compliant and ethically screened companies, avoiding interest-based industries, alcohol, gambling, and other forbidden sectors.
  - Average Price: Fees vary per fund, typically a percentage of assets under management.
  - Pros: Diversified portfolio, aligns with Islamic values, professional management.
  - Cons: Not a direct home loan solution, requires personal savings discipline, market fluctuations can impact returns.
- Unit Trust Investment (e.g., Crescent Wealth): Crescent Wealth
  - Key Features: Australia’s first Islamic superannuation fund, investing in Sharia-compliant assets, including property-related investments (though not direct home loans).
  - Average Price: Management fees and administration fees apply, similar to other super funds.
  - Pros: Long-term wealth building, Sharia-compliant, contributes to retirement planning.
  - Cons: Primarily a superannuation fund, not a direct lending mechanism for home purchases, access to funds is restricted until retirement.
Community-Based Interest-Free Loan Schemes: (Often local, not widespread, but worth exploring)
- Local Islamic Community Co-operatives/Funds: (Search for “Islamic community finance Australia” or “interest-free loans Australia”)
  - Key Features: These are often small-scale, community-driven initiatives where members pool resources to provide interest-free loans for various needs, including housing.
  - Average Price: No interest charged; may involve administrative fees or a voluntary contribution model.
  - Pros: Truly interest-free, strong community support, fosters solidarity.
  - Cons: Limited funding, strict eligibility, often long waiting lists, not a formal financial institution.
Building Savings for a Cash Purchase: The most straightforward Sharia-compliant method is to save enough to purchase a property outright.
- High-Yield Halal Savings Accounts (if available, or general ethical savings accounts): Ethical Investment Group (for general ethical, check Sharia compliance)
  - Key Features: Focus on saving diligently, avoiding interest-bearing accounts by choosing ethical investment products or simply holding cash in transaction accounts if no halal savings option is available.
  - Average Price: No cost, pure savings.
  - Pros: Complete avoidance of riba, full ownership from day one, no debt burden.
  - Cons: Requires significant patience and financial discipline, may not be feasible for everyone due to high property prices.

Givecredit.com.au Review & First Look: A Deep Dive into Conventional Mortgage Broking

Based on a thorough review of its website, Givecredit.com.au positions itself as a dedicated mortgage broker aiming to simplify the often-complex process of obtaining a home loan or refinancing in Australia. The site’s interface is clean and straightforward, immediately highlighting its core service: connecting individuals with a “Home Loan Specialist” to structure a loan and secure the “best deal.” From an initial glance, it appears to offer a user-friendly pathway to conventional home financing, emphasising efficiency and expert guidance.

Understanding the Mortgage Broker Model

Role of a Mortgage Broker: A mortgage broker acts as an intermediary between a borrower and multiple lenders. Their primary function is to assess a client’s financial situation, understand their needs, and then search for suitable loan products from a panel of banks and financial institutions. They typically guide clients through the application process, handle paperwork, and communicate with lenders.
Givecredit.com.au’s Approach: Givecredit.com.au clearly states it works with “60+ Banks & Lenders” to “fight for the best deal for you… not working for lenders.” This suggests a client-centric approach within the traditional financial system. Their stated objective is to “structure your home loan to get the best deal for you,” which inherently implies engaging with interest-based products.
Transparency Claims: The website claims “Transparent Advice,” asserting they “scour the market for you and give the advice based on your situation & need.” They also highlight a “legal obligation to act in your best interest, not the bank nor our bottom-line.” While these are standard ethical claims for brokers, the context remains within conventional, interest-bearing finance.

Initial Impressions for the Ethical Consumer

For individuals seeking Sharia-compliant financial solutions, the immediate impression of Givecredit.com.au is one of incompatibility. The entire premise, from “home loan” to “best deal” and “interest rates,” is grounded in conventional debt financing, which is inherently problematic from an Islamic perspective due to the prohibition of riba (interest). Therefore, while the service might be efficient for those comfortable with conventional banking, it does not offer a viable path for the Muslim community.

Givecredit.com.au Cons: The Fundamental Conflict with Islamic Finance

When evaluating Givecredit.com.au from an Islamic ethical standpoint, the service presents significant drawbacks, primarily because its entire business model is predicated on conventional interest-based lending. This fundamental conflict renders the service unsuitable for Muslims who seek to adhere to Sharia principles in their financial dealings.

Engagement with Riba (Interest)

The Core Issue: Islam strictly prohibits riba, which encompasses any form of interest or usury. The Qur’an and Sunnah contain clear injunctions against it, emphasising fairness and justice in financial transactions. Conventional home loans, by their very nature, involve the payment and receipt of interest.
Givecredit.com.au’s Role: As a mortgage broker, Givecredit.com.au facilitates these interest-based transactions. Their service involves finding and structuring loans with the “best interest rates” from conventional banks. While they are intermediaries, their role is to enable the engagement with riba, which is impermissible.
No Sharia-Compliant Options: The website makes no mention of Sharia-compliant finance products, such as Murabaha, Ijarah, Musharakah Mutanaqisah, or Takaful. This indicates a complete absence of alternatives for the Muslim consumer base looking for ethical options.
Long-Term Financial Implications: Engaging in interest-based debt can lead to severe long-term financial burdens and is seen as spiritually detrimental in Islam. The website’s promise to “continue reviewing and managing the settled loan to make sure the interest rate is still competitive” reinforces the continuous engagement with interest, extending the impermissible transaction.

Lack of Ethical Alternatives and Guidance

Conventional Focus: The language and services offered by Givecredit.com.au are exclusively tailored to the conventional Australian financial market. There is no indication of any understanding or provision for consumers who have specific ethical or religious requirements regarding finance.
Missed Opportunity for Inclusivity: In a multicultural country like Australia, an ethical financial service would ideally cater to diverse needs, including those of the Muslim community. Givecredit.au’s oversight in this area means it excludes a significant segment of the population.
Promoting Impermissible Practices: By facilitating interest-based loans, the service, even unintentionally, promotes practices that are forbidden in Islam. For a Muslim consumer, this means actively participating in a transaction that is considered sinful.

Dependence on Conventional Banking Institutions

Panel of Lenders: The website boasts relationships with “60+ Banks & Lenders.” While this offers variety to the conventional borrower, these are overwhelmingly traditional financial institutions that operate on interest-based models. There is no mention of partnerships with specific Islamic finance providers in Australia.
Reinforcing the Status Quo: By exclusively working within the conventional framework, Givecredit.com.au reinforces the idea that interest-based financing is the only viable option for home ownership, ignoring or dismissing Sharia-compliant alternatives that exist in the market.

In essence, for a Muslim, Givecredit.com.au is not a viable option. Its services, while potentially beneficial for conventional borrowers, are fundamentally at odds with Islamic financial ethics due to their direct involvement with and facilitation of riba.

The Home Loan Process on Givecredit.com.au: A Conventional Path

Givecredit.com.au outlines a three-step process for obtaining a home loan, which aligns closely with the standard procedures for conventional mortgage applications in Australia. This process is designed for efficiency and convenience within the existing interest-based financial system. Localenergysavers.com.au Review

Step 1: Get in Touch & Structure Your Plan

Initial Contact: The first step involves an “obligation-free strategy session.” This can be initiated by giving them a call or scheduling a meeting via their Calendly link. The emphasis here is on understanding the client’s goals.
Strategy and Loan Structuring: Givecredit.com.au states they will “work together with you to strategise your plan, structure the loan, select most suitable lender from 60+ lenders and thousands of loan products.” This highlights their advisory role in tailoring a conventional loan product to individual needs.
Document Collection: This step also involves collecting “required documents to prepare in submitting the application,” which typically includes proof of income, identification, savings history, and details of existing debts.
- Data Point: According to ASIC (Australian Securities and Investments Commission), around 50% of all new residential home loans in Australia are settled through mortgage brokers, indicating the prevalence of this channel. (Source: ASIC)

Step 2: Application & Approval

Application Submission: Givecredit.com.au takes on the responsibility of submitting the application “in lender friendly way on your behalf.” This means they leverage their understanding of lender requirements to present the application in the best possible light, potentially increasing the chances of approval.
Unconditional Approval and Negotiation: A key part of this step is managing the process to “obtain the unconditional approval from the lender and negotiate the best interest rates.” This clearly indicates their primary function involves optimising interest-based terms for the borrower.
Minimising Lender Delays: They commit to “following up with the lender on their respective turnaround time to minimise any lender delays,” which is a significant advantage for borrowers navigating complex bank procedures.

Step 3: Settlement & On Going Support

Settlement Coordination: After approval, Givecredit.com.au coordinates with various parties, including lenders and solicitors, “to make sure the settlement is happening on time without any surprises.” This is crucial for a smooth property transaction.
Ongoing Loan Review: Uniquely, the service promises to “continue reviewing and managing the settled loan to make sure the interest rate is still competitive in the market and the loan is working for you, not the other way around.” This implies long-term engagement focused on maintaining favourable interest rates for the client.
- Statistic: Refinancing activity has been high in Australia. For instance, in May 2023, around 35.5% of total housing finance commitments were for refinancing, demonstrating the importance of ongoing loan management. (Source: ABS – Lending Indicators)

While the process is designed for efficiency and client support within the conventional framework, it remains fundamentally rooted in interest-based transactions, making it unsuitable for those adhering to Islamic financial principles. The convenience offered here cannot override the ethical considerations for a Muslim borrower.

Why Choose Givecredit.com.au? (From a Conventional Perspective)

Givecredit.com.au highlights several reasons why a conventional borrower might opt for their services. These points underscore the perceived advantages of using a mortgage broker in Australia’s competitive lending landscape. However, it’s crucial to remember that these benefits are framed within the context of conventional, interest-based finance.

Fighting for the Best Deal

Client Advocacy: The website states, “We are fighting best deal for you… not working for lenders.” This positions them as an advocate for the borrower, aiming to secure the most favourable terms, primarily revolving around interest rates and loan conditions, from their panel of over 60 lenders.
Market Access: Without a broker, a borrower would typically need to approach individual banks, which can be time-consuming and may not yield the most competitive offer across the entire market. Brokers, like Givecredit.com.au, provide access to a broader range of products.
- Industry Insight: Mortgage brokers originate a significant portion of Australian home loans. In the December 2023 quarter, mortgage brokers facilitated 71.8% of all new residential home loans, demonstrating their dominant role in the market. (Source: MFAA Industry Intelligence Report)

Latest Technology & Efficient Process

Online Platform: Givecredit.com.au emphasises its “online platform and client portal uses latest technology to process your application.” This suggests a streamlined, digital experience designed for speed and convenience, which is appealing in today’s fast-paced environment.
Super Quick Outcomes: The promise of “Efficient process guarantee super quick outcomes” suggests that the use of technology helps in accelerating the loan application and approval phases, reducing waiting times for the borrower.

Transparent Advice & Legal Obligation

Market Scouring: They claim to “scour the market for you and give the advice based on your situation & need.” This implies comprehensive research to match a client with a suitable conventional loan product.
Best Interest Duty: A significant point highlighted is their “legal obligation to act in your best interest, not the bank nor our bottom-line.” In Australia, mortgage brokers are indeed subject to a Best Interests Duty (BID) under the National Consumer Credit Protection Act, which requires them to act in the borrower’s best interests when providing credit assistance. This provides a level of consumer protection within the conventional framework.
- Regulatory Framework: The BID became law on 1 January 2021, aiming to improve consumer outcomes in credit advice. (Source: Treasury.gov.au)

After-Hour Availability & Experience

Flexibility: The mention of “Saturdays or Meeting @ 8 pm won’t deter from using our service. We are always one phone call or email away” speaks to a commitment to client convenience and accessibility, which can be a strong selling point for busy individuals.
Years of Experience: They leverage “years’ of experience in planning and strategising the property purchase or switching the lender (refinancing).” This experience is valuable in navigating complex loan structures and lender requirements, providing reassurance to borrowers.

Save Your Legwork & Time

Reduced Burden: Preparing, lodging applications, and satisfying lender requirements can be an arduous process. Givecredit.com.au explicitly offers to “walk for you,” saving the borrower “quite a bit of time, knowledge & effort.” This is a significant benefit for those who find the loan application process overwhelming.

Long-Term Relationship

Client-Centric Approach: The statement “Our clients are our life-long friends. We work to establish great long term relationships” suggests a commitment beyond just the initial loan settlement, aiming for ongoing support and trust. They aim to ensure clients are “always getting the best deal,” which for them means competitive interest rates.

While these reasons may be compelling for a conventional borrower, they all operate within the interest-based financial system. For Muslims, the fundamental ethical issue of riba overrides these practical benefits, necessitating a search for genuinely Sharia-compliant alternatives.

Givecredit.com.au Alternatives: Ethical and Sharia-Compliant Options for Home Ownership

For Muslims in Australia, seeking a home loan or refinancing is a journey that must align with Islamic financial principles, specifically the prohibition of riba (interest). Since Givecredit.com.au operates purely within the conventional interest-based system, it is not a suitable option. Instead, the focus must shift to genuinely Sharia-compliant alternatives.

Islamic Banks and Financial Institutions in Australia

NAB Islamic Finance:
- Mechanism: National Australia Bank (NAB) offers Islamic finance products based on structures like Murabaha (cost-plus financing) or Ijarah (leasing). In Murabaha, the bank buys the property and then sells it to the customer at a profit, payable in instalments. In Ijarah, the bank buys the property and leases it to the customer, with ownership transferring at the end of the term.
- Pros: Backed by a major Australian bank, which can provide a sense of security and accessibility. The products are designed to avoid interest and undergo Sharia review.
- Cons: Limited product range compared to conventional loans, the process might be less familiar to some, and the profit rates, while not interest, are structured to be competitive with conventional interest rates.
MCCM (MCCM Islamic Finance):
- Mechanism: MCCM is an Australian-based Islamic finance provider that focuses on ethical and interest-free solutions for home financing. They typically use structures like Wakalah (agency agreement) or Murabaha, where MCCM acts as an agent to purchase the property on the client’s behalf or sells it to them on a deferred payment basis.
- Pros: Dedicated Islamic finance provider with expertise in Sharia-compliant solutions. Often provides personalised service and a clear explanation of Islamic contracts.
- Cons: May not have the same brand recognition or extensive branch network as major banks, and options might be more niche.
Amanah Islamic Finance:
- Mechanism: Amanah Islamic Finance provides Sharia-compliant home finance products, ensuring adherence to Islamic law through various contractual arrangements such as Diminishing Musharakah (partnership) or Ijarah. In Diminishing Musharakah, the bank and customer jointly own the property, and the customer buys the bank’s share over time.
- Pros: Strong emphasis on Sharia compliance, with a Sharia Supervisory Board overseeing operations. Offers a variety of structures to cater to different needs within Islamic parameters.
- Cons: As a specialist provider, their reach might be limited compared to mainstream banks, and the approval process can be rigorous due to compliance requirements.

Community-Based and Ethical Alternatives

Islamic Community Co-operatives/Funds:
- Mechanism: Some Muslim communities or organisations in Australia establish co-operative funds. Members contribute to a common pool, and these funds are then used to provide interest-free loans (Qard Hasan) for housing or other needs to eligible members.
- Pros: Truly interest-free, fosters community solidarity, and directly adheres to the spirit of Islamic brotherhood.
- Cons: Limited availability, often small scale with long waiting lists, may require significant personal contribution, and are not regulated financial institutions.
Ethical Investment Platforms for Savings:
- Mechanism: While not direct home loan providers, platforms like Australian Ethical Investment or Crescent Wealth (for superannuation) offer investment options that are screened for ethical and, in some cases, Sharia compliance. Saving diligently through such avenues, aiming for a cash purchase, is the purest form of riba avoidance.
- Pros: Builds wealth ethically, diversifies investments, and avoids direct engagement with debt.
- Cons: Requires significant time and financial discipline to save for a full cash purchase, and market fluctuations can impact savings growth. These are not lending solutions.

Halal Investment in Real Estate

Direct Property Investment:
- Mechanism: For those with substantial capital, directly investing in property for cash is the ideal Sharia-compliant method. This avoids all forms of interest and debt.
- Pros: Complete freedom from riba, immediate full ownership, potential for rental income, and capital appreciation.
- Cons: Requires significant upfront capital, illiquid asset, and market risks are borne solely by the owner.
Halal Property Syndicates/REITs:
- Mechanism: Investing in Sharia-compliant real estate investment trusts (REITs) or property syndicates that specifically operate without interest or forbidden activities. These allow for fractional ownership in large property portfolios.
- Pros: Diversification, professional management, and passive income generation.
- Cons: Returns may not be guaranteed, requires careful due diligence to ensure genuine Sharia compliance of the underlying assets and operational model.

Choosing the right alternative requires diligent research and consultation with financial advisors who understand Islamic finance. The key is to avoid any transaction that involves interest, regardless of its structure or the intermediary involved. Packsend.com.au Review

How to Cancel Givecredit.com.au Free Trial or Services

The Givecredit.com.au website does not explicitly mention a “free trial” in the conventional sense, as it appears to operate on a service model rather than a subscription model for software or content. Their offering is based on providing “obligation-free strategy sessions” and then assisting with the home loan application process. Therefore, the concept of cancelling a “free trial” as one might for a SaaS product isn’t directly applicable.

Disengaging from the “Obligation-Free Strategy Session”

No Explicit Cancellation Needed: Since the initial consultation is described as “obligation-free,” there is no formal “cancellation” process required if you decide not to proceed after this discussion.
Inform Them of Your Decision: The most professional and courteous way to disengage is simply to inform the Givecredit.com.au specialist that you have decided not to proceed with their services at this time. A brief email or phone call would suffice.
Data Implications: If you’ve shared personal or financial information during the strategy session, you might want to inquire about their data retention policy and request the deletion of your data, if applicable, in accordance with Australian privacy laws (Privacy Act 1988).
- Legal Note: Under the Australian Privacy Principles (APPs), organisations must take reasonable steps to destroy or de-identify personal information if it is no longer needed for any purpose for which it may be used or disclosed by the entity, and the entity is not required by law to retain it. (Source: OAIC – Australian Privacy Principles)

Terminating Engagement After Committing to Services

Pre-Application Stage: If you have gone beyond the initial strategy session and started gathering documents or even prepared an application with Givecredit.com.au, but the application has not yet been submitted to a lender, you can still choose to withdraw your engagement.
- Communication: Clearly communicate your decision to your assigned Home Loan Specialist. As they earn commissions upon successful loan settlement, they may try to understand your reasons or offer alternatives.
- Document Retrieval: Request any original documents you have provided to be returned to you.
Post-Application Submission: If Givecredit.com.au has already submitted a loan application on your behalf to a lender:
- Immediate Notification: You must immediately inform both Givecredit.com.au and the lender directly that you wish to withdraw your application.
- Potential Fees: While mortgage brokers in Australia generally do not charge upfront fees to the borrower (they are paid by the lender upon settlement), check any signed agreements or disclosures you may have received from Givecredit.com.au for any clauses regarding withdrawal of services or potential charges for work already performed. However, this is rare for a broker.
- Impact on Credit File: Withdrawing an application after it has been submitted to a lender may still leave an inquiry mark on your credit file. While usually minor, multiple inquiries in a short period can sometimes affect future credit assessments.
  - Credit Reporting Advice: The Australian government’s Moneysmart website advises consumers on how credit reports work and what information is recorded. (Source: Moneysmart – Credit reports)

For Muslims, the “cancellation” or disengagement from Givecredit.com.au would ideally happen at the earliest possible stage—ideally, by not engaging at all once the nature of their interest-based services is understood. If one has already engaged, the focus should be on respectfully withdrawing and seeking out genuine Sharia-compliant alternatives as swiftly as possible.

Givecredit.com.au Pricing: How Mortgage Brokers are Compensated in Australia

Givecredit.com.au’s website does not display explicit pricing for its services, and this is standard practice for mortgage brokers in Australia. Mortgage brokers typically do not charge fees directly to the borrower for their services in arranging a residential home loan. Instead, they are primarily compensated by the lenders (banks and financial institutions) with whom they place loans.

Lender-Paid Commissions

Upfront Commission: This is a one-off payment from the lender to the broker after a loan is successfully settled. It’s usually a percentage of the loan amount. For example, if a broker arranges a $500,000 loan, and the upfront commission rate is 0.65%, the broker would receive $3,250.
- Typical Range: Upfront commissions generally range from 0.60% to 0.70% (plus GST) of the loan amount.
Trail Commission: This is an ongoing payment from the lender to the broker for the life of the loan (or a specified period). It’s typically a much smaller percentage of the outstanding loan balance, paid annually or monthly. Trail commissions are intended to compensate brokers for ongoing client support and ensuring the loan remains active with that lender.
- Typical Range: Trail commissions often range from 0.15% to 0.25% (plus GST) of the outstanding loan balance per year.
Volume Bonuses: Some lenders may also pay additional volume bonuses to brokers who consistently bring in a high volume of business. This is usually disclosed by the broker.

Disclosure Requirements

NCCP Act: Under the National Consumer Credit Protection (NCCP) Act, mortgage brokers are legally required to disclose all commissions, fees, and charges they receive from lenders to their clients. This disclosure must be provided in a ‘credit guide’ and ‘pre-contractual statement’ before the loan application is submitted.
- Regulatory Body: ASIC oversees compliance with the NCCP Act. (Source: ASIC – Mortgage Brokers)

Why No Direct Borrower Fee?

Competitive Landscape: The Australian mortgage market is highly competitive. Lenders are willing to pay brokers to bring them new business, as it’s a cost-effective way to acquire customers compared to direct marketing or maintaining a large internal sales force.
Broker Value Proposition: For borrowers, the “free” service from a broker is a significant attraction, as they get expert advice and access to multiple lenders without incurring direct costs.

Implications for Ethical Consumers

For Muslims, the fact that Givecredit.com.au’s services are “free” to the borrower does not negate the underlying ethical issue. The compensation model, while indirect, is still tied to the facilitation of interest-based loans. The commissions are paid because an interest-bearing contract has been entered into. Therefore, despite the apparent lack of direct charges, the service still involves engagement with riba, making it impermissible. The ethical cost, in this case, outweighs the financial benefit of not paying a direct fee.

Givecredit.com.au vs. Islamic Finance Providers: A Fundamental Divide

When comparing Givecredit.com.au with Islamic finance providers like NAB Islamic Finance, MCCM, or Amanah Islamic Finance, it’s akin to comparing apples and oranges in terms of their fundamental operational philosophy and ethical underpinnings. While both aim to help individuals acquire property, their methodologies are diametrically opposed due to the core concept of interest (riba). Fitboutique.com.au Review

Givecredit.com.au: The Conventional Approach

Foundation: Built entirely on the conventional interest-based lending system.
Service Model: Acts as a broker, facilitating standard mortgage products from numerous mainstream lenders. Their goal is to find the “best interest rate” and terms for the borrower.
Revenue Model: Primarily compensated by lenders through upfront and trail commissions based on the value of the interest-bearing loans they originate.
Target Audience: General Australian public comfortable with conventional banking practices.
Pros (for conventional borrower):
- Convenience: One-stop shop for comparing multiple lenders.
- Time-saving: Handles paperwork and liaises with banks.
- Expert Advice: Offers guidance on loan structures and market trends.
- Cost-effective: No direct fees to the borrower.
Cons (for Muslim borrower):
- Riba Involvement: Directly facilitates interest-based transactions, which is forbidden in Islam.
- No Sharia Options: Does not offer or connect clients to Sharia-compliant financial products.
- Ethical Conflict: Cannot align with Islamic principles of finance.

Islamic Finance Providers (e.g., NAB Islamic Finance, MCCM, Amanah Islamic Finance): The Sharia-Compliant Approach

Foundation: Adheres strictly to Islamic financial principles, particularly the prohibition of riba (interest) and gharar (excessive uncertainty), and avoids investments in impermissible industries.
Service Model: Offers specific Sharia-compliant contracts for home acquisition, such as Murabaha (cost-plus sale), Ijarah (leasing with promise to sell), or Diminishing Musharakah (diminishing partnership).
- Murabaha Example: The bank buys the property and then sells it to the customer at a pre-agreed profit margin (not interest), payable in instalments.
- Ijarah Example: The bank buys the property and leases it to the customer. Rental payments are made, and ownership transfers at the end of the lease term.
- Diminishing Musharakah Example: The bank and customer jointly own the property. The customer pays “rent” for the bank’s share and periodically buys portions of the bank’s share until full ownership is attained.
Revenue Model: Earns profit through legitimate Sharia-compliant means, such as profit margins on sales (Murabaha), rental income (Ijarah), or share of profit in a partnership (Musharakah).
Target Audience: Muslims seeking ethical and Sharia-compliant financial solutions for home ownership, and increasingly, non-Muslims interested in ethical finance.
Pros:
- Sharia Compliance: Ensures all transactions are free from riba and align with Islamic ethics.
- Ethical Alignment: Provides peace of mind for Muslim consumers.
- Transparency: Contracts are often detailed to ensure Sharia compliance.
Cons:
- Limited Availability: Fewer providers compared to conventional banks, though growing.
- Familiarity: Concepts might be less familiar to those accustomed to conventional loans.
- Product Range: May have fewer variations or options compared to the vast array of conventional loan products.
- Profit Rates: While not interest, the profit rates are structured to be competitive with conventional market rates, meaning the cost of finance might be similar, but the underlying contract is fundamentally different.

The Fundamental Divide

The critical difference lies in the nature of the contract. Givecredit.com.au facilitates debt with interest, where money is lent with a fixed or variable charge. Islamic finance providers, conversely, engage in asset-backed transactions (buying, selling, leasing, partnering) where profit is generated from tangible assets or legitimate trade, not from the mere lending of money. For a Muslim, this distinction is paramount, making conventional brokerage services like Givecredit.com.au fundamentally incompatible with their financial ethics.

FAQ

What is Givecredit.com.au?

Givecredit.com.au is an Australian mortgage brokerage service that helps individuals find and secure home loans or refinance existing ones by connecting them with a network of over 60 banks and lenders.

Is Givecredit.com.au Sharia-compliant?

No, Givecredit.com.au is not Sharia-compliant. Its core business revolves around facilitating conventional interest-based home loans, which are forbidden in Islam (riba).

Does Givecredit.com.au charge fees to the borrower?

No, like most mortgage brokers in Australia, Givecredit.com.au typically does not charge direct fees to the borrower. They are primarily compensated through commissions paid by the lenders when a loan is successfully settled.

How does Givecredit.com.au get paid if they don’t charge borrowers?

Givecredit.com.au receives upfront and trail commissions from the banks and lenders for each loan they originate and maintain. These commissions are a percentage of the loan amount. Theboatwarehouse.com.au Review

What kind of loans does Givecredit.com.au help with?

Givecredit.com.au helps with standard home loans for property purchase and refinancing existing home loans, focusing on securing competitive interest rates.

What are the steps in Givecredit.com.au’s home loan process?

The process involves three main steps: getting in touch for a strategy session and plan structuring, application submission and approval management, and finally, settlement coordination with ongoing loan review.

Does Givecredit.com.au offer support after the loan settles?

Yes, Givecredit.com.au states they provide “on-going support” by continuing to review the settled loan to ensure the interest rate remains competitive and the loan structure is working for the borrower.

Is Givecredit.com.au legally obliged to act in my best interest?

Yes, under Australia’s National Consumer Credit Protection Act, mortgage brokers like Givecredit.com.au are subject to a Best Interests Duty (BID), meaning they are legally required to act in your best interests when providing credit assistance.

What are some Sharia-compliant alternatives for home financing in Australia?

Sharia-compliant alternatives include Islamic finance products offered by institutions like NAB Islamic Finance, MCCM, and Amanah Islamic Finance, which utilise structures like Murabaha, Ijarah, or Diminishing Musharakah to avoid interest. Sydneyairport.com.au Review

Why is interest (riba) forbidden in Islam?

Riba (interest) is forbidden in Islam because it is seen as an exploitative practice that generates wealth from money itself rather than from legitimate trade, production, or partnership. It can lead to injustice and economic imbalance.

Can I use Givecredit.com.au if I only want ethical loans?

No, Givecredit.com.au does not offer ethical or Sharia-compliant loan options. Its entire service is based on conventional interest-bearing finance.

Are there any upfront fees for the initial consultation with Givecredit.com.au?

No, the website explicitly states their initial strategy sessions are “obligation-free,” implying no upfront cost for the consultation.

How do I cancel my engagement with Givecredit.com.au if I change my mind?

Since there’s no “free trial” in the traditional sense, you can simply inform your specialist that you do not wish to proceed. If an application has already been submitted, you should notify both Givecredit.com.au and the lender to withdraw it.

Will withdrawing an application from Givecredit.com.au affect my credit score?

If a loan application has been formally submitted to a lender, it may result in an inquiry mark on your credit file, regardless of whether the loan proceeds. Multiple inquiries in a short period can sometimes be viewed negatively. Personal-trainer-gold-coast.com.au Review

How many lenders does Givecredit.com.au work with?

Givecredit.com.au states they work with over 60 banks and lenders to find suitable home loan products for their clients.

Does Givecredit.com.au use “latest technology”?

Yes, the website claims their “online platform and client portal uses latest technology to process your application,” aiming for an efficient and quick outcome.

What are testimonials saying about Givecredit.com.au?

The website features testimonials from clients praising their efficiency, professionalism, good communication, and helpfulness in guiding them through the home buying or refinancing process.

Is saving for a cash purchase a Sharia-compliant way to buy a home?

Yes, saving enough money to purchase a property outright with cash is considered the purest and most Sharia-compliant method, as it completely avoids any form of debt or interest.

How do Islamic home finance products differ from conventional ones?

Islamic home finance products differ fundamentally by avoiding interest. Instead, they use Sharia-compliant contracts like Murabaha (cost-plus sale), Ijarah (leasing), or Diminishing Musharakah (diminishing partnership) where profit is derived from real assets or services, not from the lending of money. Headsetsonly.com.au Review

What should a Muslim look for when seeking home finance in Australia?

A Muslim should look for financial institutions or services that explicitly offer Sharia-compliant home finance products, have a robust Sharia supervisory board, and clearly explain the underlying Islamic contracts (e.g., Murabaha, Ijarah, Musharakah).