Tue, Sep 30th - 12:57AM
A Complete Guide for understanding Granny Flat
Granny Flats The Meaning
An image of a Granny Flat
Granny flats are regularly defined as "secondary dwellings because they are secondary to the main property. Such flats are usually used by families to accommodate aging parents. The dwellings must be self-contained. Granny flats have taken off in recent years, and if you decide to use the dwelling as an ideal situation for investment, it will give you a good rental return.
The Benefits of Granny Flats
Granny flats are becoming increasingly popular amongst home owners and the benefits in building a granny flat are many. Here is a list of the most popular benefits for you to consider:
They are used to accommodate extended family members
They are used as a home office, or
They are used to generate income
Factors to consider before constructing a Granny Flat on your Property
If you want to construct a granny flat, you should do some homework first, and before you start your construction project you will need to:
Contact your local council and find out about the current legislation surrounding granny flats
Find out if your site complies with the development set out in the State Environment Planning Policy (SEPP), and
Check for any legal and financial requirements
Common Finance Options for constructing Granny Flat
If you elect to construct a granny flat on your property and you want to get suitable finance, you will find there are a number of financing options available such as:
You can consider an Home Equity Loan where you can use the current equity available in your existing property and on which your granny flat is to be built (i.e. this can be by a way of having an additional "loan added" to your current home/investment property loan),or
You can utilise Granny Flat Loans to construct your new granny flat. In this situation, the loan will be considered for approval based on the value of your existing property and the value of the granny flat that you want to build
If the purpose of your construction is to generate rental income, so that you can make extra repayments towards your normal weekly repayments, you should read the following example to fully understand what your benefits will be in both - Interest Saved and Time in Years Saved. The example assumes:
1. That you need a granny flat loan for construction
2. You will receive $300 rental income from the flat, and
3. You are only willing to contribute an additional amount of $200 towards your weekly repayments
Loan Amount: $530,000
Normal Loan Term: 30 years
Interest Rate: 5.00%
Repayment Frequency: weekly
Normal Weekly Repayment: $656
Additional Weekly Repayment: $200
From the example above, your benefits will be:
Interest saved, by making extra repayments: $217,815
Time in Years Saved, by making the extra repayments: 11 years and ten months
So, this is how you can benefit from a granny flat and save money and time. If you have enough vacant area on your property, check the legal requirements and apply for a granny flat loan. Its time to make optimum use of your property.
Singh Finance is a well-reputed finance brokerage firm that specialises in home loans. Its expert loan brokers will suggest the best small deposit home loans after considering your financial situation. Call on 0424 190 908 and get pre-approval on Sydney home loan with defaults.
Fri, Sep 26th - 6:37AM
Learn everything about Off-the-Plan Property Purchase
Australia is currently experiencing a massive boom in apartment developments, and the boom is anticipated to continue for a number of years. Where once off-the-plan apartments were only considered by investors, the massive boom has now opened the door for first-time home buyers as well.
Off-the-Plan Property Purchase - Meaning
You are purchasing "off-the-plan" when you are buying strata units and retirement village homes before the construction of the buildings are completed. The design of the building and sketches of its final appearance maybe included in advertising material and the property is also advertised for sale well before occupation is possible.
Off-the-Plan Property Purchase - Benefits
There are a number of benefits that you should consider when buying off-the-plan, such as:
Lock in a price - You will pay the current market price, even if the property is being completed in the future
Increase in property value - If you purchase the property off-the-plan today you may experience an increase in the property value when you settle 2 years later
Tax Advantage - If you are purchasing for investment purposes, it is important to speak to your accountant as you may be able to claim depreciation on your tax
Stamp Duty - Over the last 5 years, various stamp duty concessions have been offered in certain states and territories
Time to Save - If the construction of the property has not started you will have more time to save, and you will not need to borrow as much
More Affordable - If you buy early, it can be more affordable, because developers are keen to secure sales to enable the development project to go ahead
More time to shop around - You will have more time to shop around to find the best home mortgage that suits your budget
Off-the-Plan Property Purchase - Risks
There are a number of risks that you should consider when purchasing off-the-plan, such as:
Market Viability - If the market drops and you have paid too much for a property, you may find it difficult to obtain finance for the full amount
Rising Interest Rates - Interest rates can increase before you settle on the property
Occupancy - You will not be able to move in until the property is finished being built
Developer Bankruptcy - There is always the risk that the developer can go into bankruptcy before the project is being completed. You will need to ask:
>> will you get your money back, and
>> what guarantees do you have
Failed Expectations - You will not know who your neighbours are until you move in, and there is a risk that the quality of work does not meet your standards (i.e. buying property on paper without having seen the property is a significant risk)
Questions to help you make a Profitable Property Purchase
Before you sign a contract, you should ask questions to the property developer or builder. Here are some questions for you to consider when deciding to buy off-the-plan:
Is the contract complete? (i.e. the conditions of the contract should be closely checked)
Are there any penalties if you withdraw from the contract?
Can you visit the property site during construction? (i.e. you want to be able to check the location and see if other constructions in the area affect your view)
Can you make changes to finishes and fixtures?
What happens to your deposit if the developer runs into financial problems?
What does the purchase price cover? for example, are any of the following items part of the package and what is additional:
>> Floor Coverings, and
>> Painting and Decorating
What happens if you identify any faults post-completion?
Important Reminder You must exercise caution and seek appropriate legal and accountant advice before signing any documents or paying any money.
Seek Expert Help and get Quick Finance
Most brokerage firms recommend that if you are purchasing off-the-plan property, you must think carefully before entering into a contract. It is always advisable to take help of property finance experts because:
They can determine your overall serviceability position
They can calculate how much you can borrow
They know what the standard requirements are to buy off-the-plan
They can provide a much faster credit decision for you, provided they receive from you all the required documents, as soon as possible
They know numerous credit policies and procedures as they deal with lenders/credit providers on a regular daily basis
They will make sure that if you are buying property you have a minimum 5% deposit in Genuine Savings
Truly, property finance experts can help you in getting fast approval on your loan application. I hope this comprehensive manual has served its purpose of giving you complete knowledge of off-the-plan property purchase.
All the best for making a profitable investment!
Buying a property is the most expensive investment of your life and so, it is better to take help of property finance experts. Contact Singh Finance and get quick approval on off-the-plan loans. Book an appointment today.
Thu, Sep 25th - 1:41AM
Solve your need of Small and Structural Home Renovation Today
The burning question on the minds of many Australian homeowners is - will I "Renovate" or "Relocate"? So, if you are one of these home owners, you may have also realised that the high cost of purchasing a new home and selling your current home far outweighs the challenges of renovating your current home. However, you should only renovate if the renovations will:
Add value to your home
Result in an improved standard of living
Be used to perform emergency repairs or full home extensions
Do Lenders/Credit Providers impose Restrictions on the Type of Renovations?
Subject to their credit policies and lending guidelines, most lenders/credit providers will let you borrow the funds to improve the value of your home for any worthwhile purpose, such as if you need to:
Add another bedroom, or any other room
Renew/update your bathroom or kitchen
Add a pergola and outside recreational area
Install a swimming pool
Extend your garage from a single garage to a double
Construct a secondary dwelling on your existing property with a granny flat construction finance or
Any other structural or non-structural construction
What Methods of Finance can I choose?
Here are some examples of the popular methods to ensure easy home renovation:
Home Equity Loan - This financing arrangement is perhaps the most common way for Australians to finance home renovation projects. A home equity loan works where you borrow the money against the value of your home. To illustrate this I have provided the following example:
The example assumes your home is worth $700,000, and
Your mortgage loan is $300,000
From the example illustrated above, you will have $400,000 equity in your home, which you can use to fund your renovation project.
The recent rise in house prices has resulted in many Australian homeowners having acquired considerable equity in their property, this can make getting a home renovation loan easier for these people and reduces their need to dig into their own cash reserves.
Personal Loan - This financing arrangement is a suitable option for you to consider if:
You do not have any equity available in your home, or
You only have to complete some minor renovations
By choosing a fast personal loan, you will find that:
The personal loan interest rate is much higher than a home equity loan, and
You may be limited to the amount you can borrow (e.g. from $5,000 to $50,000)
Construction Loan - This financing arrangement is available for you to complete large scale renovation projects that require council approval and the services of a licensed builder. The lender/credit provider will impose the following restrictions when they are considering a construction loan for home renovation:
The lender/credit provider will not fund the full loan amount upfront to you
The lender/credit provider will release the money to you only in stages as the renovation progresses
Can I afford to Re-build my Home if it was destroyed?
You should already have normal home and building insurance policy in place, but you need to increase your building insurance to cover the costs associated with your home renovation project. So, if you cannot afford to rebuild your home if it were destroyed by damage from fire, or from any other natural disasters, you should ask yourself the following questions:
Do you have building insurance?
If you have building insurance in place:
>> Is the amount of insurance cover adequate?
>> What does your building insurance plan cover?
>> Does your insurance plan include Total Replacement cover or Sum Insured cover?
Don't Delay and Take Action Straight Away
So, if you are thinking of renovating your home without any stress, you should seek advice from a professionally qualified and expert home finance broker who is a specialist in home renovation loans and, has helped numerous home owners when they had considered renovating their property.
He/she can arrange finance for your renovation project. A loan broker will provide you with a wide range of finance options and products after creating a budget for you. But, remember that you should be clear about your future plans as it will help you in choosing the right finance option.
Now that you have read this article, I sincerely hope it will help you to understand the easy way of renovating your home with a professionally qualified and specialised finance broker.
Buying a home or renovating it, everything is easy with Singh Finance. The firms expert finance broker will help you in getting cheap home loans as well affordable home renovation loans. Contact the firm today.
Tue, Sep 16th - 11:16PM
Simple Guide for understanding the Different Types of Homes
Each year, thousands of Australians buy a home or house to live in or to rent out, and lenders/credit providers are quite happy to lend the money to assist them to buy the properties. So, if you are like the thousands of Australians and you are excited about looking to buy a home or house, then you may also be aware that this can be nerve-wracking, as it will take:
Lots of Planning
Lots of Research, and
Are you about to buy a Home or House?
If you are ready to buy your home or house, you should follow this guide as you will be able fully to understand the different homes and housing options available to you to choose from:
A free-standing residential Detached house, home or dwelling
Duplex homes (also called Duplexes)
Flats (also called "Home Units.")
Different Types of Home or House
Here is a list of information for you to read and consider, which explains at a glance how each home or house is different:
A Detached house - sometimes also called a single detached dwelling, or separate house is a free-standing residential dwelling. The building has no other homes attached to it, except its garage or shed. It has only outside walls and does not share an inside wall with any other building. A detached house is occupied by just one household or family and, all maintenance and repair costs (interior and exterior) are at the owner's expense.
Semi-detached housing - consists of two houses built side-by-side as dwellings, they share a common wall. The layout of each dwelling when built is such that each house's layout is a mirror image of its twin.
A Terraced house - has a house attached either side of it (i.e. a terraced house usually consists of three or more houses all joined together in a row). Terraced houses in Australia refer almost exclusively to Victorian and Edwardian era terrace houses or replicas and they are found in the older inner city areas of the major cities. Modern suburban versions of this style of dwellings are referred to as "town houses."
Townhouses - are a medium-density housing in cities, usually but not necessarily terraced. A modern townhouse is often one with a small footprint on multiple floors. Townhouses are often found in large complexes and often have:
High security, and
Resort facilities (e.g. swimming pools, gyms, parks and playground equipment)
Duplex Homes - consist of a building containing only two dwellings, with one dwelling placed over the other in whole or in part, and each duplex dwelling has its individual and separate access. The two duplex homes share a common wall. For the most part, a true duplex will occupy no more ground space than an average sized house, even though the structure provides living space for two households.
Flats (also called "Home Units") - are single-floor dwellings located in a block with three floors or more. The dwellings consist of a set of rooms for living in, including a kitchen. In Australia, the term Flat was traditionally used, but the American term (Apartment) is also frequently used, as is "Unit," which is short for "Home Unit."
Granny Flats - are regularly defined as "secondary dwellings" which means they are secondary to the main property and the dwellings are located on the grounds of a single-family home. This type of dwelling is sometimes called a granny flat because it is a way of families to accommodate aging parents. The dwellings must also be self-contained. Granny flats have taken off in recent years, and if you decide to use the dwelling as an ideal situation for investment, it will give you a good rental return.
So, these are the different types of housing options available in Australia. Once you decide the type of house or home you want to buy, I suggest you to seek help of an expert finance broker for obtaining low rate home loans. He/she will understand your financial situation and guide you in making an affordable home purchase.
All the best for buying the home of your dreams! Hope you find it soon.
Singh Finance provides complete financial solutions to its clients. It will provide you the best home loan package. It will also help in choosing the ideal loan protection insurance solution for your home loan. Contact the firm today and book an appointment.
Sun, Sep 14th - 10:32PM
Caveat Loans - So that you never have to undergo Cash Crisis again
The Meaning of a Caveat Loan
A caveat loan is a short-term asset based loan product. In contrast to conventional forms of finance, a caveat loan needs to be established quickly (i.e. within 24 hours from the time the loan application is first lodged). The loan is secured on the value of concrete assets, such as:
A block of land, or
A commercial property
The Purpose of a Caveat Loan
If you are a business owner, a property developer or even an investor, it is inevitable that you may experience cash flow crisis and you may find yourself needing money quickly. So, a caveat loan is the right loan for you as it will enable you to:
Commit to any potential business growth by providing you with the required increased working capital
Secure the required funds for property development or construction projects
Get the cash-on-hand you need for urgent bills and expenses
Prevent foreclosure or repossession of your property
Enhance your day-to-day business cash flow
Get your investment property up-to-date for a sale
NOTE: - It is important to note that caveat loans are not offered to consumers who seek to use the funds for purposes to which the National Consumer Credit Protection (NCCP) Act may apply. The loan facility is only to be used for business or investment purposes (i.e. for investments other than investments in residential property).
Features of a Caveat Loan
There are a number of features for you to consider when you are looking at applying for a caveat loan, such as:
Funds usage and loan purpose must be strictly for business purposes
Fast approvals to meet your immediate needs and quick settlements
Loan terms up to 36 months
Low set-up costs and low interest rates
Security to be in the form of real estate
Loan repaid at the end of the agreed term
Approval Requirements for a Caveat Loan
To get approval for a caveat loan, the lender/credit provider will require you to have:
Accessible equity in owned property (e.g. your residence or your business)
A reasonable exit strategy in place. You must be able to show the lender/credit provider how you plan to pay back your caveat loan (e.g. you may decide to sell your home or use the profit from the sale of a business)
Do not worry if you have Bad Credit History
If you are in a situation where you have a bad credit history, do not worry. Because, credit checks are not required to be performed on caveat loans, even if you have:
A Discharged Bankruptcy
A Bad Credit Rating
A Court Judgement, or
A Part-9 Debt Agreement
Find an Expert Finance Broker to help you
Contact a reputed brokerage firm with access to numerous lenders/credit providers. The firms professionally qualified and expert finance brokers will:
Structure your caveat loan to suit your individual needs and budget
Help you get the best caveat loan you want and in the quickest possible time and, without the hassle of running around trying to find your own finance
Liaise with the numerous lenders/credit providers to arrange the best possible caveat loan solution for you, and at the right price
So, now that you know everything about caveat loans, dont waste any more time. Contact an expert finance broker and get ready to end your cash crisis.
Singh Finance will provide you quick caveat loans. Simply contact the firm and ask for its commercial finance experts. They will find you the best loan for your business. Book an appointment today.
Wed, Sep 10th - 8:34PM
Non-Conforming Home Loans for People with Bad Credit History
There are many reasons why people get turned down for a home loan by mainstream lenders/credit providers. You may not realise that one of the most common reasons is paying a bill late or defaulting on a loan repayment. Other reasons include having a part 9 debt agreement against you, a bankruptcy, a default on a credit card or a loan or having court judgements against you. Don't despair as non-conforming home loans can give people who have bad credit history the opportunity to buy or refinance a property and rebuild their credit rating. Such home loans are the perfect way of making your dream home a reality.
How do I know if I have Bad Credit?
You will probably have bad credit if:
You are a Bankrupt
You have a Part 9 Debt Agreement against you
You have a Default registered in your name
You have Court Judgements against you, or
You have missed credit card, loan or mortgage payments
You should also try and avoid making lots of enquiries/searches for credit as these enquiries/searches will give you an adverse credit history and will also affect your credit rating.
Non-Conforming Home Loans provided by Specialist Lenders
Providing debt solutions is a specialist market and fortunately there are a number of specialised lenders/credit providers that concentrate on understanding and providing the best non-conforming home loan solutions to individuals.
Specialist lenders/credit providers are concerned about responsible lending (i.e. making sure you can afford the repayments and thereby avoid further debts), and also that you concentrate in "rebuilding" and "repairing" your credit rating.
Effectively, specialist lenders/credit providers will:
Assess each person independently and on a case-by-case basis
Consider your potential to repay the non-conforming bad credit home mortgage rather than just look at your history
Assess when and why your credit problem occurred
Assess who you defaulted against and what has happened since, and
Consider your explanation as to the reason of your bad credit or default, etc.
Acceptance and Documentation
The main documents that will help in determining your acceptance by the specialist bad credit lenders /credit providers will be:
Your proof of income
Your secure and permanent employment, and
Your proof of recent loan or mortgage repayments
Seek Expert Advice
You will find it useful to seek expert and specialist advice from a professionally qualified finance broker who has a thorough knowledge of the credit policies and standard requirements for non-conforming home loans. A specialist bad credit finance broker will give you impartial advice on the best non-conforming home loan available. And they will also help you contact specialist lenders/credit providers who will be sympathetic to your situation.
So, dont worry if you have bad credit history and want to buy a house of your dream, contact a special lender/credit provider and make it a reality with non-conforming home loan solutions.
Singh Finance is the perfect Australian brokerage firm for bad credit buyers. It not only offers bad credit home loan with part 9 debt agreement but also provides quick approval on home loans after discharging bankruptcy. Call on 0424 190 908 for more information.
Mon, Sep 8th - 10:26PM
How to get approved for Vacant Land Loans?
Some people prefer to buy a vacant block of land released for sale in new housing estates or sub-divisions and then have a home built on the vacant land according to their plans and requirements.
How do Lenders/Credit Providers treat Vacant Land Loans?
Most lenders/credit providers treat vacant land loans like any standard or normal loan. So when you offer vacant land as security you will be able to get a standard or normal loan. However, the lenders/credit providers will require that:
The size of the block of land does not exceed a certain acreage ( i.e. this will depend on the policy of each lender/credit provider)
The land is preferable inside major cities and regional centers as well as rural vacant land in lifestyle locations
The land must have direct access using all-weather road. Dirt roads are acceptable as long as they are well maintained, and the property can be accessed by a standard vehicle, not a 4WD
The land must be within the range to be connected to the electricity grid without excessive costs
Town water and sewerage services are not required as many Australian properties have tank water or septic tanks instead
Fully serviced and partially serviced blocks are both acceptable, however some lenders/credit providers will not approve a loan for more than 80% of the value of the property if you are unable to connect town water
The land can be zoned rural, rural residential or the equivalent for your state or territory
The maximum Loan to Value Ratio (LVR) for a vacant land loan is 97%. Most lenders will lend you up to 90% LVR on standalone vacant land as security
Loan Products Available for Vacant Land Loans
You must contact a reputed brokerage firm that has access to many lenders/credit providers. Its professionally qualified and expert finance brokers will assist you in choosing any of the following products:
Standard Variable Loan
Fixed Rate Home Loan
Basic Home Loan
100% Offset Loan
Guarantor Home Loan
Line Of Credit Loan
Low Doc Home loan
Non-Genuine Savings Loan
Refinance Home Loan
Bad Credit Home Loan
Do I have to Build or Construct on Vacant Land?
Some lenders/credit providers will take vacant land security with no need to construct on the property in the short or long term. However, some lenders/credit providers will require you to build a house on the property (e.g. within 6-12 months of settlement). When choosing a vacant land lender/credit provider you should consider this aspect as it could force you to refinance or change lenders within 12 months of settlement if you have no intention of building on it.
Can I get a Low Doc Vacant Land Loan?
Yes, you can get a low doc vacant land loan with a specialised lender/credit provider. However, each lender/credit provider will use different low doc assessment methods, which can include any of the following;
With BAS Low Doc
No BAS Low Doc
Accountants Letter Low Doc
Trading Accounts Low Doc
Income Declaration Low Doc
Can I Get Pre-Approval on Vacant Land Loans?
Yes, an expert finance broker can arrange pre-approval for you. You will have the peace of mind knowing that:
You have a clear picture of what your borrowing limits are
Your finance request has already been pre-approved, and you will know the conditions of your pre-approval
You have the upper hand when negotiating the sale price of your vacant block of land with the vendor, real estate agents, etc.
So, these are the reasons why getting a pre-approved vacant land loan will be beneficial for you. The current low-interest rates have never made it as easy as now for you get a vacant land loan. So, do not wait anymore. The time is NOW!
Singh Finance provides easy approval on vacant land loans. Contact the firm today and its home loan experts will even find you an affordable construction loan deal.
Tue, Sep 2nd - 8:27PM
The Guide for obtaining Loan Protection Insurance
Loan and mortgage protection insurance is designed to help you, and your family keep up-to-date with your loan repayments, when life events happen unexpectedly and regardless of mitigating circumstances. Put simply, mortgages or loans are often long-term commitments, so it makes sense to protect them.
Do You Think About the Unexpected?
There are a number of reasons why even the most responsible money managers may get into financial difficulty. Any of the following reasons can strike at any time and will leave you struggling to make your loan repayments:
Change in health - due to sickness, injury or disease
Loss of income - due to involuntary unemployment, or
Death and Terminal illness - when cancer, stroke or heart attack, etc. may occur.
Loan and Mortgage Protection Insurance - The Benefits
There are a number of benefits you can get from having a loan and mortgage protection insurance plan in place, which include:
The premiums are fully tax-deductible
Financial protection (you will save your family the worry of lost income)
You will save at tax time (you will get more money back in your tax return, and this means more money in your pocket)
You can choose how long you would like to receive cover benefits if you are injured and unable to work
Benefit payouts for total and permanent disability
A benefit amount (e.g. hospital cash) can be calculated for each night you spend in hospital
Associated accident costs can be provided to cover incidental costs (e.g. counseling and rehabilitation).
Common Questions regarding Loan and Mortgage Protection Insurance
Is Lenders Mortgage Insurance (LMI) different to Loan and Mortgage Insurance?
LMI - is compulsory and covers the lenders/credit providers if they lend you 80% or more
Loan and Mortgage Protection Insurance - covers your mortgage repayments in the event of death, sickness, unemployment or disability
Does the Unemployment Benefit apply if I am Self-Employed?
Yes. You may make a claim if:
You have worked in your business (for an average of 20 hours per week) for 180 days immediately prior to becoming unemployed, or
Your business has permanently ceased trading
What Happens to my Policy if my Unemployment Claim is Successful?
Your cover continues for death or terminal illness after making a successful unemployment claim, and your premium and benefits will remain the same.
Who will be the Beneficiaries?
For a single life policy, the benefit will be paid to the policy owner or their estate, and
For a joint policy, the benefit payments are made to the policy owners jointly or to the surviving policy owner in the case of the death benefit
What happens if I need to make a Claim and I have other Insurance Policies?
Upon acceptance of your claim, the loan payment protection insurance policy will payout a lump sum benefit directly to you or your estate and this will be in addition to any other payments you may receive from other insurance policies.
What if I am a Smoker now, will my Premium Change if I Stop Smoking?
Yes. Your premium can be changed to a non-smoker rate if you stop smoking for 12 consecutive months, and
You will need to make a declaration that you have not smoked any substance during this period
So, now that you are familiar with how "Loan and Mortgage Protection Insurance" can protect you and your family against any of life's unexpected events, contact an expert insurance broker. He/she will understand your situation and suggest the best possible insurance policy for yourself.
Singh Finance is the perfect solution for your finance and insurance needs. The firm will help you in getting low rate home loan packages. It will also make sure that you get the best loan and mortgage protection insurance policy. Contact Singh Finance and get ready to make your life less stressful.
Mon, Sep 1st - 8:10PM
Manage your Debts by Refinancing your Current Home Loan
Are Your Debts Getting Out of Control and Are You Thinking of Refinancing?
If you have answered yes, you should consider the possibility of refinancing your current home loan and combining your multiple debts (e.g. credit cards and other personal loans) into one home loan.
Do You Want to Get Back in Control of Your Debts?
If your debts are getting out of control, and you are thinking of refinancing your current home loan, consolidating your debts and reducing your repayments, let a reputed brokerage firm arrange your refinance. You will find yourself being able to better manage your personal and household budget.
How does the process of Refinancing My Home Loan to Consolidate My Debts work?
The process of refinancing your current home loan to consolidate your multiple debts is a very easy process. You simply consider applying for a new loan on your current property and you use this new loan to pay out:
Your current home loan, and
Any other debt you may have (e.g. higher interest credit cards or unsecured personal finance)
How Can I Benefit by Refinancing My Current Home Loan and Consolidating My Debts?
You too can benefit in the same way that many Australians are already benefiting by refinancing your current home loan. This will enable you to:
Lower your monthly repayments
Make only one repayment
Lower your interest rate
Reduce the amount of time it takes to pay off your home loan
Get yourself back in control of your debts much sooner than you anticipated
You will not have to experience the stress and pain of overdrawn or over the limit credit card balances
Reduce your debts (including eliminating high interest credit card debt and personal loans)
You will not have to pay the higher credit card interest rates anymore
The benefits available to you are best illustrated in the following example. The example assumes that you have a mortgage loan of $300,000 and a credit card with a credit limit of $12,000:
From the example above you can clearly see that:
Your interest saved by choosing to Refinance your loan will be: $91,003.00
Your monthly repayments will be reduced by: $401.00 per month
Who can enjoy the Benefits of Refinancing?
Refinancing may benefit you even if you fit into one or more of the following categories:
Short-term employed or not employed long enough
Government Allowance including New Start
Declined by another lender
Adverse credit history
Existing loan arrears or defaults
Limited savings history
What Should I Consider When I Am Applying for a Refinance Home Loan?
Make sure, the refinancing and debt consolidation process is beneficial to you. I suggest you to consider the following outcomes at the time of applying for a refinance home loan and confirm in your own mind, if the outcomes are to your benefit:
You are kept fully informed
Your repayments will be reduced - not increased
There are no hidden fees or costs
You have achieved control over all your debts
There is a real long term benefit to you
So, dont spend your money in making high monthly repayments. Take full control of your debts and contact a reputed brokerage firm. It will provide you with expert advice on refinancing your current home loan to consolidate your debts.
Singh Finance is a reputed finance brokerage firm. It has a team of professionally qualified finance experts who will help you in refinancing home loan. Get ready to consolidate your debts and make your repayments affordable. Contact Singh Finance today.