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  When the time comes to enter into a financial commitment the process can become quite daunting if not familiar with the process involved.

Why choose one lender over another
Finance Package options - Which one should I choose?
Finance - What is a pre approval?
Finance - Construction
Finance - Purchase of established premises
Finance - Property Investment
Upfront Costs - How much do I need
Refinancing - Is it worth it?
Debt consolidation - Should I?
Vehicle and Equipment Financing

Why choose one lender over another
As financial institutions having different lending policies and guideline to adhere to, by going through a broker the elimination process of which lender will suit your needs over another is made easy.  Due to the difference within lenders,  this can be the difference between being approved or declined for finance.  Another example of difference between lenders is that your borrowing capacity may differ. An example of this is Lender A may lend an additional $20,000 when compared against Lender B.  This is at times may be the difference between owning or not owning your dream home.

Finance Package options - Which one should I choose?
There are many different finance packages available when seeking finance - How do you know which one best suits your needs?

The potential savings by choosing one finance option over another can lead to savings thousands.

Finance - What is a pre approval ?
This is a great way to have confidence when approaching a financial commitment. The majority of financial institutions have this service available. This means actually getting approved for the loan subject only to the selection of the property/home. All aspects of the loan process including credit checks, income verification and affordability are covered in advance! The bank will issue a document that states that you have been pre approved for a loan of a certain amount - subject to the property.

PLEASE NOTE - Pre Approvals are NOT a 100% guarantee that once you have enter into a contract of sale/purchase that your finance will be approved - which is why we recommend still including a 14 day finance clause.

Finance - Construction
When looking into a construction purchase, there are several aspects of the finance process that need to be taken into account. Dependant on whether you already have land or a re entering into a house and land package, the way your loan is structured is very important.

Drawdown - Throughout the construction process your loan will be drawn down (debt requiring repayment) in different stages, this will occur as your new home is being built eg slab, frame etc your loan will slowly increase which will result in your repayment requirements also increasing.

Renting whilst constructing - Something to keep in mind, as your new home nears completion your loan is also increasing. This is something that needs to be budgeted for as until you can move into your new home you are required to meet home loan repayments whilst continuing to pay rent.

Finance - Purchase of established premises
When entering into a contract of sale to purchase an established property it is an option to have clauses placed within your contract if desired.

Some of these are :
   •  Subject to Finance
   •  Subject to Builders Inspection
   •  Subject to Pest Inspection

By having the above conditions placed within a contract of sale you are then no longer bound to the contract if any of the above are conditions are not up to acceptance by a set date. This date is agreed upon by all parties when negotiating the purchase price.

Finance - Property Investment
There are many ways to create/accumulate wealth. Traditionally - property (Bricks and Mortar) has been one of the safest avenues to do this.

Upfront Costs - How much do I need
Unfortunately this is an area where a lot of people entering into a property purchase may get caught out if they haven't budgeted correctly.

  These are some of the upfront fees that need to be considered
   •  Stamp Duty
   •  Registration of land transfer
   •  Mortgage Registration
   •  Your contribution to the loan amount eg 5%, 10% etc
   •  Conveyancer

Refinancing - Is it worth it ?
At times the answer to this question may be NO. Refinancing is where you transfer your loan balance from current financial institution to another.

The following considerations will need to be looked into.

   •  How much will it cost to leave my current lender
   •  Will I be charged an early termination or a deferred establishment fee when I leave my current lender
   •  What are the set up fees with the new lender
   •  Will I be charged additional fees with my new lender if my loan exceeds a certain percentage of my house       value

Debt consolidation - Should I ?
This is a subject which can be of assistance if needing to free up your current cash flow.

One form of debt consolidation is where you utilise the equity within your current property. You can then increase your home loan debt to then payout some of the following examples
   •  Personal Loan
   •  Car Loan
   •  Credit Card

The distinct advantage is that the interest rate charged on a home loan is generally lower than that of a credit card debt or a car loan.

The disadvantage can be when discussing a Car loan. Instead of paying this off over approximately a 5 years term, dependant on how you structure your repayments you could then potentially end up paying this debt off over a home loan term of up to 30 years.

Vehicle and Equipment Financing
When sourcing finance for vehicles, machinery, office fit outs etc relating to business, there are many finance options that you can enter into. When looking at this style of financing it can be very beneficial to talk to your accountant prior to seeking finance to ensure the correct the correct finance package is chosen to suits your business structure.
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