The Direct Difference: Why Harmoney Bypasses Brokers for Your Car Loan

Updated: Nov 24

🛑 The Hidden Cost of the Middleman: What ASIC Found

The Australian Securities and Investments Commission (ASIC) recently conducted a review into the motor vehicle finance sector and its findings exposed significant consumer harm caused by a reliance on finance intermediaries.

Here’s the reality of the traditional car finance process, according to ASIC:

Astronomical Hidden Fees

When you use an intermediary like a broker or dealership, you could be paying thousands more than necessary. ASIC Commissioner Alan Kirkland noted, "We saw instances of loan establishment fees as high as $9,000 on a loan of $49,000." (Source). These excessive costs are often built into the loan, inflating the total amount you repay.
Loans You Can't Afford

The rush to approve a loan via a third party can override responsible lending checks. The ASIC review raised serious questions about customer affordability, revealing that "almost half of all consumers who defaulted on their car finance repayments did so within the first six months of the loan." These numbers highlight a systemic failure in the way loans are being arranged by intermediaries.

✅ The Harmoney Solution: Direct Done Right

At Harmoney, we believe car finance should be simple, transparent, and fair. We don't use brokers or dealers to distribute our loans. By cutting out the middleman entirely, we remove the pressure, the opaque charges, and the potential conflicts of interest that ASIC is investigating.

Going direct with Harmoney means you are in control of the process from start to finish.

3 Pillars of the Harmoney Direct Difference

Our fully online, direct-to-consumer model is built to solve the core problems identified by the regulator:

Transparency and Low Fees
- By dealing with Harmoney directly, you avoid the excessive, broker-driven establishment fees that ASIC called out.
- Our Promise: Harmoney's establishment fee is transparent depending on your loan application.
- The Difference: That's potentially thousands of dollars saved compared to the broker-inflated fees seen in the industry.
A Commitment to Responsible Lending
- Our unique Quick Quote service is designed for both transparency and responsible assessment.
- Upfront Affordability: The Quick Quote process asks you to declare all relevant financial inputs, including your income, expenses, and debts, upfront. This – along with our own reviews of your credit files and bank statements – ensures our assessment is based on your true financial picture.
- No Credit Score Impact: Getting your personalised rate takes around 92 seconds and uses a soft credit check — it won't affect your credit score — so you can shop for finance with complete peace of mind.
Rate Security and Flexibility
- Harmoney offers a fixed-rate loan directly to you, providing cost certainty without the need to haggle or worry about variable broker commissions.
- Your rate is guaranteed for 60 days, giving you two months to find the perfect car without the loan pressure.
- We offer a $0 early repayment fee, meaning you have the freedom to pay off your loan faster without penalty — a key feature brokers often fail to mention or offer.