Which Loan do I need?
There are many different loan products in the marketplace. Most lenders, both bank and non-bank have numerous products from which to choose, each with their own requirements, their own fee structure and often with differing interest rates. Trying to decide which is the best loan for the individual borrower can often be confusing and very time consuming.
Premier Home Loans can organise your loan with the lender of your choice from it’s panel.
Our Credit Representative’s primary role in the loan process is to listen to and understand your needs, to clearly explain and clarify all issues and uncertainties and to offer viable alternatives or solutions that best meet those needs.
Different loans may have different requirements. We will advise you about the features of the loan, the fees and charges associated with it and the documentation required before it can proceed. A brief summary of some possible questions and answers is listed below.
We are first home buyers
Some lenders require evidence of genuine savings of the deposit (generally 5% of the purchase price), while others may offer a loan which equals 100% of the purchase price. You will also need to come up with additional funds for the fees and charges (eg government stamp duties) associated with the purchase.
However, as a first home owner you may be eligible to apply for any First Home Owner’s Grants which may be available at the time.
We would like to refinance our home loan
You will need to provide statements of loan repayments from your existing loan as well as have enough equity in your home to enable you to borrow the funds you require.
We would like to build a new home
You may purchase your land separately if you wish, then apply for the funds to build your home later, or you can apply for the total funds at the outset. You will need to provide a fixed price building contract & council approved building plans & specifications. The money for the construction will be provided in stages until the building is completed. The construction loan will in most cases be an interest-only loan until the final drawdown is completed when it will then convert to the loan of your choice.
We would like to invest in property
If there is enough equity in your home, you can use this to borrow funds so that you can purchase an investment property without providing a cash deposit.
We would like to renovate our home but don’t have the money
If there is enough equity in your home, you can use it to fund the renovations.
We would like to purchase a home but have an impaired credit rating
Many lenders will not lend money to people they regard as high risk clients (which they ascertain partly from your credit history). However, most people with credit blemishes have very good reasons why these blemishes have occurred. At Premier Home Loans, we pride ourselves in our ability to assist “credit impaired” borrowers to obtain loans by not only getting an understanding of the reasons behind their circumstances, but we can also show them how to correct their credit blemishes, thereby greatly increasing their chances of obtaining a loan.
We are self-employed and do not have a steady or regular income
Most lenders understand the nature of income earned by self-employed people and their lending requirements are more equitable in reflecting an understanding of this. The requirements of proof of income vary considerably from those of PAYG employees as greater emphasis is placed on tax returns. Lenders these days can cater for people who may not have updated tax returns.
We have numerous loans and credit cards and need to borrow extra funds
Consolidating all your loans into one loan may be possible depending on the amount of equity in your home. This may not only free up cash because your total repayments may end up being less than you are currently paying, but may also allow you to get the extra funds you require at much cheaper rates.