Category Archives: All Post
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…
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,…
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…
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…