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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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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 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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