INITIAL CALL – It is important to take your finance ‘pulse’ so to speak from time to time, and run a financial health check on your circumstances. You could be paying too much interest on your mortgage or car loan, or maybe noticed your credit cards have crept up a little too high.
*Are you a first time home buyer, seeking some direction? *Are you a home owner wondering how much equity you need, in order to borrow against for an investment property? * Do you know if you have the right loan for your circumstances? *Would you like to know if you qualify for a business loan?
Many important considerations like these can be answered quickly and efficiently by having an initial discussion with us. Give us a call and we can run through some basics on the phone for you to ascertain if a consultation is needed. *Below are just a few common questions. Call for an initial 10 min phone discussion.
The loan to value ratio, in other words the percentage of your property’s value being borrowed, is most commonly an allowable maximum of 95%. However, it is more cost effective to use a higher deposit, making it also simpler to achieve loan approval. There are options like family pledge loans, allowing you to borrow 100% of the purchase price using a family member’s property as additional security. Then there are other costs, like registration of the mortgage, stamp duty on the property, land tax, and lenders mortgage insurance.
Lenders Mortgage Insurance, covers the lender and not the applicant. LMI is a once off fee that normally applies to loans where the applicant is borrowing more than 80% of the property value. The fee is scaled depending on the exact percentage you borrow and loan size. Many lenders have the facility to capitalize the fee into the loan rather than requesting payment upfront at settlement.
A mortgage offset account can reduce interest on your loan. Your mortgage is linked to an account into which your salary is paid and other cash deposited, interest is calculated taking these funds into account offsetting what you owe. You can then withdraw the funds to pay your bills. A re-draw facility allows you to draw back from extra payments you have made.
Bridging loans cover an interim period only. It is a short-term loan typically covering the period between sale and settlement of a property, when you are selling one property to buy another. It is also used when you are waiting arrangement of longer term finance.
Here is a checklist of the typical documents necessary to submit an application.
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