We have a plan, but our Bank’s not listening or willing to help.

The Scenario   In June 2015 an existing First in Finance client referred a longstanding major bank rural client to First in Finance. Following some difficult years due to a downturn in a business venture their major bank was not prepared to continue to support the facilities and accounts and issued legal notices to “Sell the Farm”. The clients had taken considerable steps to remedy the situation, but it all fell on “deaf ears” when it came down to listening to a solution to re-balance the debt and take steps to free up equity and pay down debt and thereby…

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Westpac Raises Mortgage Rates

On October 14, 2015 the Sydney Morning Herald reported that Westpac was raising interest rates on variable interest owner occupied home loans (Westpac rate rise ushers in end of the property boom, Elizabeth Knight). This move has caused speculation in the industry that other banks may follow suit. The raise in interest rate of .2% was attributed to the cost of doing business of raising the amount of capital that is required by the Australian Prudential Regulation Authority (APRA). Westpac is in effect passing this cost on to their customers. Most industry observers expect the other big 3 banks (Commonwealth…

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Getting Results Quickly With A Complex Property Refinance

The Scenario A Victorian business broker approached First in Finance on the 17th August to urgently assist a former client with refinancing their existing home loan to provide cash out for investment purposes. The client had tried traditional lending providers for their property refinance, however due to a credit history issue for a considerable sum they were unable to obtain finance without the credit issue being resolved. The client was in dispute of the credit issue; however had no success with lenders listening to their circumstances to have it resolved and seeking to dispute the matter. Due to the client…

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Commercial Property Loans On Competitive Terms

Commercial Property – with interest rates expected to remain low now is the time to look at investing. Commercial property can deliver similar or greater returns than residential property but with longer lease terms and fixed rental increases. First In Finance can arrange loans for Commercial property from $150,000 , including: No-doc loans (no income verification or financials required) Loans for Self-Managed Super funds. Commercial Loan Type: Full Doc – Up to 80% LVR Commercial SMSF – Up to 70% LVR Lease Doc – Up to 70% LVR Low Doc – Up to 65% LVR(Accountants Declaration) No Doc – Up…

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The impact of investment property and interest only lending charges

With the housing boom and the current instability of the world economy, increased pressure has been put on all of the major lending banks to tighten their lending policies for those looking to borrow money for investing in property. Not only have they made more stringent criteria they have also increased interest rates on these loans. The Australian council of Financial Regulators has stipulated that they and banks should be looking to “reinforce sound residential mortgage lending practices”. Raising Interest Rates The rise in interest rates by major banks is one of biggest changes which are happening. They appear to…

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What to do if you have a bad credit history

Almost all of us at one time or another have paid a bill past its due date, or due to circumstances beyond our control, found it difficult to make repayment on a debt or credit card. Unfortunately, as many later find out, a late payment or missed repayments can continue to haunt you when you go to apply for a loan and find out that your credit history is being held against you. The issue with having a bad credit rating is that in most circumstances this will automatically mean you are declined application for finance. This is because statistically,…

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Overcoming Previous Credit History Issues To Obtain A Home Loan

Scenario Our client was an existing client of a non-bank finance provider for several years, due to self-employed lo doc aspects and some previous adverse credit history issues. They had been paying 6.79% (variable) interest on their existing facility which had not been reviewed for some years. The credit related issues were resolved some years ago and when they approach another lender to refinance their existing facility and seek additional funds for renovation they were told that they could not gain approval as there was another credit related issue on their file. This was a shock to them as they…

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Helping a client move fast to buy an investment property

The Scenario Our client had identified a block of units to purchase for investment hold. Given the “hot” nature of the market, the client was keen to take the property off the market and needed to move quickly as there were several genuine buyers circling to acquire the property. The client immediately placed a holding deposit down with the agent on the basis of a settlement by 17th March 2015. The client engaged the services of First in Finance on the 5th February 2015 to secure funding for the property. The Solution First in Finance assessed the requirements and the…

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Helping a self-employed first home buyer purchase off the plan

When you’re self-employed getting finance for a new home is not always straight forward.  Add in the need for extended settlement terms and it get’s even more complex.  In this scenario we show how working with an experienced broker helped a self-employed first home buyer get peace of mind and the finance he needed. Scenario Our client was first home owner grant eligible (FHOG) buyer, looking to purchase a property yet to be built. The purchase was “off the plan”. As our client was self-employed the vendor (developer )wanted evidence of a formal letter of approval for finance from our client. The…

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Asset Finance For Construction Equipment and Vehicles

Asset finance with no deposit and no financials. Up to $150,000 and up to 4 years old. Are you looking to acquire new business equipment or refinance current equipment and need finance fast?        First In Finance can arrange finance for you quickly, without the usual red tape for: Excavators Light commercial (<3.5T GMV) Forklifts & Tele handlers Backhoes Bulldozers Front End Loaders & Bobcats Graders Scrapers Tractors (up to 7 years old) Cars   Who is Eligible? Available for business established for 2 or more years with an ABN (Registered for GST) Business purchasing goods from a…

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