-- Home LoanWay FOR-- |
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| First Home Buyer |
| Buying a home and choosing the right home loan can be daunting. LoanWay helps you find the right loan and makes borrowing faster and easier, while giving you the personalised service you deserve. How much can you afford to borrow? Use our calculator to find out how much you can borrow. |
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| Buying another home |
| A second home buyer like yourself can place you in a very strong position. Lenders look for commitment and capacity to repay a debt. You’ve already demonstrated this.
You choose who you want to deal with not the other way around.
Bridging Loans are also as an alternative in buying another home.
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| Refinancing |
Beware the refinancing!
I only advise my customers to refinance where there is genuine benefit. There are a couple of instances that come to mind;
1) A first home buyer on a no deposit loan at higher than standard interest rates.
2) Perhaps you may have a personal loan and some credit cards that make it difficult to live.
3) You may be self employed and obtained a loan with minimal employment evidence (lo doc).
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| Property Investing |
One of my favourites! It’s great to see people investing in property because eventually you will come out better for it. Be sure you can make the repayments which brings me to some points to note;
1) you will need 10% deposit
2) Make sure you do not overcommit.
3) Make sure you do your homework on the price of the property.
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| Credit Impaired? |
Don’t despair; there are specialist lenders in the market who do cater for customers with these entries on their credit reports. Interest rates are usually stepped so depending on the level of default will determine the interest rate applicable to the loan. However, you must be able to prove your capacity to make repayments on the loan.
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| Self Employed |
| All lenders will offer loans to buy a home or if you wish to use the funds for investment purposes. There are specialist lenders that will offer loans for business purposes at slightly higher rates than standard residential loans. |
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| There are 3 ways of providing income information to a lender. These being; |
• Full Doc - you have full financials that can support a loan;
• Lo Doc – you sign a declaration stating the income that you earn proving you can service a loan; OR
• No Doc – sometimes referred to an asset lend and you provide no income verification at all. |
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| These are the main differences so self employed customers are well catered for but there are some other nuances to this lending; |
• Full Doc – interest rates are offered as the same as PAYG because you can provide full financials to support the loan. The loan amount can go up to 95% of the value of the property depending on the loan purpose;
• Lo Doc – interest rates are slightly higher than full doc with the loan usually limited to 80% of the value of the property offered as security.
• No Doc – Interest rates may be slightly higher again but the loan is usually limited to around 65% of the value of the property.
It’s also worth noting that the tax office has been targeting Lo Doc loans and comparing the income declarations to the tax returns provided. |
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| Once we understand your specific needs, we’ll help by securing the right loan for you. |
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Contact Us on 1300 367 822 |
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