Australian Loans faq

Australian Loans - FAQ


FAQ - DEBT CONSOLIDATION

Can my income be more than $70,000?
Yes, if your total amount of debt exceeds $30,000.

Can I apply for debt consolidation for secured and unsecured loans?
Yes, you can have a mixture of secured and unsecured loans.

I already have defaults on my loans, is that a problem.
No problem.

I do not own property, house, etc. Can I still apply for debt consolidation.
Yes.

My company / business is in debt, can you provide assistance?
If you run your own business or company and are in debt, it's important you contact us, so we may access your situation and provide you with all available options.

These options may include:

1. A simple informal negotiation with one or more of your creditors (including the Australian Taxation Office);

2. Providing your business or company with a business term loan which may assist you in restructuring your debt and in turn make it more manageable;

3. A refinancing of your existing plant and equipment or other business assets;

4. Providing your business or company with a factoring facility, which can help improve your cash flow by providing an immediate injection of cash against the value of your outstanding invoices;

5. Introducing you to parties that may wish to inject capital into your business as an equity partner.

Alternatively, as a last resort, if your business or company is insolvent we may be able to assist you with either a voluntary administration or liquidation of your company.


FAQ - 100% MORTGAGES

What is 100 Percent Mortgage?
This is a new home loan product, we will lend you the full purchase price of your new home, no deposit is needed.

What are the other costs involved in buying a property?
The major costs are:
Stamp duty on the contract price of the property
Mortgage duty
Solicitor's costs

What if I have had a default on my credit report?
If you have a small, paid default we may still be able to organise a 100% home loan for you.

In which areas I can use 100% mortgage?
All metropolitan areas and most regional towns/areas across Australia. We do not lend in Tasmania.

What kind of properties I can buy using 100% mortgage?
Freestanding houses
Semi-detached houses
Town houses
Strata units
House & Land Packages
Construction Loans (no owner builders)

How long will it take before the loan application is approved?
It usually takes 24 - 48hrs for approval.


FAQ - BRIDGING FINANCE

What is the minimum amount I can borrow?
The minimum short term loan amount we will lend is $10,000.

What is the minimum term I can borrow for?
The minimum term for a short term loan is 1 month.

What is the maximum term I can have the loan for?
The maximum term for a short term loan is 6 months.

What fees do I have to pay up-front?
The only fees you have to pay up-front for your short term loan are the valuation fees.

What may cause delays in my loan settling?
The key delay in the settlement of your short term loan is in the circumstance of a second mortgage where the first mortgagee is slow in agreeing to provide us with its second mortgage priority.

What security do I need?
All short term loans are secured against property by way of registered or registrable mortgages. We accept residential, commercial, retail, industrial and development sites as security.

Will I need a valuation on my property?
Valuations on property are required for all short term loans.

How long will it take for you to approve my short term loan?
Indicative approval may be made verbally over the phone in a couple of minutes. A written indicative letter of approval is usually provided within an hour.

How is interest calculated?
Interest on your short term loan is calculated monthly in advance.

 

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