There are a number of financial products on the market and it is important that you find a solution that best suits your needs and serviceability.
At LoanPlanners SA we pride ourselves on our ability to get your loan settled! We have extensive experience in all things lending, including:
First Home Buyer
Lots of First Home Buyers need help with this. After all it the first time and it really is a big deal. Lots of friends try to give good advice, and there are always advertisements telling them that each bank is the best, so who do they trust to really know – a good Broker like us!
There are lots of things to know and frankly there are also lots of things that can go wrong with the wrong advice, so we recommend speaking with a really experienced Broker like those at LoanPlanners SA and listening to them.
We have put literally hundreds of First Home Buyers in their homes and can be relied on to give good safe advice that will help take all the stress out of the transaction.
Also there are products and procedures that can help buyers both save money and speed up the eligibility so we can help with those too!
Investment loans are structured in a specific way that allows you to make the most of your assets! An investment plan is one that works toward building your wealth and securing your financial freedom. For some, the future may seem a long way off, but the time to act is now because the future waits for no one. The housing market is generally a seven to ten year cycle: there are always highs, lows and steady patches so do not try and time the market. It’s time in the market that matters.
The main difference between these and ’normal’ loans is simply that these are for when the security is a Commercial Property instead of a residential home. For instance, if an office building or a factory was being secured for a loan, it would be done as a commercial mortgage and some of the terms and conditions will be different. Often they have a shorter term than the normal 30 years offered on residential mortgages and they usually have higher interest rates as well as other charges. When it comes to commercial loans, teaming up with a Broker is vital to navigating the market to get the best product to suit your requirements.
Standard variable & fixed rate loans
The standard variable rate loan offers more features and flexibility than a basic or “no frills” loan, so the rate is usually slightly higher. Fixed rate loans are set at a fixed rate for a specified period – usually one to five years. The advantage of allowing you to organise your finances and repayments without the risk of rising interest rates is offset by the disadvantage of not benefiting from any decreases in interest rates. You are also limited, in some cases, by how much extra you can pay off your loan, over and above the fixed repayment. Best to check with your Broker as to the features of your specific product so you are not unduly penalised.
A loan with lower repayments for the first six to twelve months is often called a Honeymoon Loan. It’s not a type of loan that we generally recommend but there could be some circumstances where it could be a worthwhile idea. After the ‘honeymoon’ the loan often becomes a standard variable rate loan and the repayments increase. We would make sure that you can meet the higher repayments for the remainder of the loan. You could also be faced with a fee at the end of the honeymoon period if you wish to switch to another loan type.
A bridging loan may be required to get you from one property to another. They’re generally nothing to be afraid of and can be very helpful. Years ago banks used to load the rate on these just because they could, but those days are over and now they are usually just loans that enable you to delay the requirement for monthly payments for a few months and the interest is added to the loan. Definitely to be only considered as a temporary fix.
We also specialise in helping you secure your loan and financial freedom by offering risk and life insurance. Through our valued partnership arrangement with an insurance brokerage firm we are able to offer our clients a range of different insurance opportunities.
This service offers a free consultation and even if you are happy with your current insurer for your home, business or any other insurance requirement, we suggest calling the office for a second opinion on price and cover.
This is when buyers move to their second or third home, and it’s made more complicated by having to sell or deal with their current home in some way.
In these cases we can give advice on the best and least expensive way to go about changing over to the newer home. We have the advantage that no single bank has of knowing which lenders are the most helpful with their rules and we can help you take advantage of them.
Lines of Credit, Offset Loans, Professional Packages, Reverse Mortgages, Discount variables etc etc.
These are just some of the other specialist types of loans and features there are out there, and at LoanPlanners SA we can tell you about any of them and let you know if any are the sort of loan that would be suitable for you in your current situation.