We are technically a law firm (khai Kwan) in Sydney which has a strong interest in social law and AI issues. Bankguru website is designed as a gateway to aggregate loan applications so that applicants can be empowered to syndicate their loans together with others to secure better rates and terms. We do not profit from sourcing loans rather we provide legal advice on the loan documents upon acceptance of loan offer by the Client. Part of this process will require us to apply machine learning to understand your risk profile so to match with similar. From the Banks' point of view, syndication is another tool to diversify their lending risk for each party. In short, if your loan is approved by 2 banks or more, it looks better than one that has only been vetted by one. Better loans mean when the bank packaged them (known as securitization) better price can be obtained. It’s a win-win situation. Put in another way, if you are worried about NOT getting a loan, then there are good reasons for this. A bank should not lend funds to you when they know that it is a challenge to repay and charging you high rates or insurance to buffer their potential risk. Rather they should have been prudent by diversifying with other banks. Obviously if your credit profile is too risky then it makes sense not to borrow (not even a credit card). Getting yourself into debt is easy but getting out is hard as interest rises. However, if you have issues with the lender/bank you are welcome to contact us for a free consultation or quote.

Competition and Fees: We do not accept fees or commission, so we do not have any conflicts with banks. Our service is mainly to give you advice and explanation about the loan documents, you the borrowers are about to execute. We do charge a fee here AUD 500 after preparing a podcast made available for you to download plus one hour of consultation. This fee is subject to changes from time to time. Should you decide to use another lawyer to give you independent advice then there is a breakup fee nominal at half unless waived by Khai Kwan. Obviously to be independent of the giver of loans (banks) we must at all times avoid any relationship with them. We cannot charge a "broking" fee for your loan because we are not loan brokers. We simply provide your applications to the banks for them to make an offer and it is up to you to elect which banks to do business with. It short, it is more like an expression of interest ("EOI") Our position is that you get the best advice on the loan documents but it is also up to you whether you want to be bind by those terms. In limited circumstances, we can negotiate for you but this will be extra. Our role is simply to educate you on what you are about to execute.

Privacy: We are lawyers and are bound by law under Attorney-client privilege, a legal privilege that works to keep confidential communications between an attorney and his or her client secret. The privilege is asserted in the face of a legal demand for the communications, such as a discovery request or a demand that the lawyer testify under oath. For a complete understanding please refer to Privacy Page

Financial Advice: Even though we are trained in finance and have worked in banks previously, we are not licensed to give financial advice as this is not our core business. We believe that after the Royal Commission Report (Feb 2019) banks will be more prudent and responsible in lending practices but if there is any short-fall, we will of course inform you of your rights (like being charged for non-existence services).