How First in Finance Helped a Client Consolidate and Pay Out Debts. Debt Consolidation Refinance.
The Scenario Following a recent settlement for a First in Finance client, that client referred us onto close friends of theirs and highly recommended that they talk to First in Finance to discuss a solution to consolidate their debts. We originally met in June 2015 to discuss what they were trying to achieve and what their requirements were. They had seven debts to consolidate which over time put a significant amount of pressure on the couple. In particular there was an ATO payment plan in place which the client wanted to clear in total. The Solution We went about gathering…
Just because you have a relationship with a Bank don’t expect to get a loan
Recently a chance meeting with one of our suppliers at First in Finance created a conversation about a personal scenario that the supplier (now a First in Finance client) had with his own bank of over 30 years. The client was absolutely dismayed and despondent with the attitude of his own Bank when looking to acquire an investment property. Although the client has other investment property and a substantial asset position, his bankers declined to assist, stating that they would not provide 100% finance on the loan. The real issue here is that even though the Bank in question have…
The State Of The Property Market – Risks and Opportunities for Investors
In November 2015, First In Finance held their first partner luncheon in Sydney. Presenter Matthew Royal from partner firm Development Finance Partners explained the current factors influencing our property market and what investors can do to mitigate their risk and make the most of the current conditions. We’ve made Matthew’s presentation available here for those wanting to prepare for the changing market conditions. First in Finance, plan to hold future events in 2016 for financial planners, accountants, solicitors and property agents. Should you wish to find out more about our partner programme and to receive an invitation to future events, contact…
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…
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…
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…
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…
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,…
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…