CONSOLIDATING DEBTS WITH HIGH RATES AND HIGH REPAYMENTS
borrowers often struggle with high monthly repayments on personal loans at 10% and credit card debt at 20%
this debt can be refinanced into a housing loan at rates from 2.19%
the refinanced debt can be isolated into a separate loan split and paid off over a much shorter loan term
UNLIMITED NUMBER OF DEBTS CAN BE CONSOLIDATED AND REFINANCED
one lender allows an unlimited number of debts to be consolidated into one single refinance Home Loan
good repayment history over last 3 months is required on each loan being paid out
loan cannot exceed 90% of property value
one of my customers consolidated 8 separate debts and her monthly repayments fell from $3,400 to $1,700
REVERSE MORTGAGE LOANS FOR SENIORS
finance is available to customers over 60 who have suitable residential property as loan security
funds can be used for any worthwhile consumer purpose, but not for business
formal loan repayments are not required but can be made voluntarily
average age for applicants is 70 and independent legal advice is required when signing loan documents
PARENTAL GUARANTEE LOANS UP TO 105% OF PROPERTY VALUE
parents can use their property to help children purchase
loans can be provided to cover full purchase price plus stamp duty (payable if purchase price exceeds $600,000)
80% of the loan is secured by the purchased property
25% of the loan is secured by the parents’ property
deposit for the purchase might be covered by a cash gift or a deposit guarantee
this loan type may be suitable for borrowers who have strong incomes and solid employment
OBTAIN CREDIT REPORT/SCORE PRIOR TO LOAN APPLICATION
it is essential to obtain a personal Credit Report prior to any loan application
many lenders have automatic credit score assessment systems…it is essential to know what the report shows
a personal report can be obtained at https://www.equifax.com.au/personal/products/my-credit-file
matters appearing in the credit report will affect selection of lender and likelihood of loan approval
Barry LeBrocq Melbourne Mortgage Finance Mob 0437417042 Web www.melbournemortgagefinance.com.au
