Frequent Asked Questions
Why use Professional Finance Brokers ?
The world of finance can be quite complex and in today’s market their are many different lenders all offering different products, features, interest rates and borrowing criteria. Using a mortgage broker to help find you the right loan to reflect your own individual circumstances can help save you time and money. At Professional Finance Brokers our experienced finance specialists have access to a comprehensive panel of lenders from which we can compare hundreds of different loan products to find the right loan for you. As industry professionals and through ongoing professional development our staff remain up to date with the many different loan products and features available on the market today. Using our expert knowledge of the many different lenders on our panel and what they offer in terms of products, price and service, we can help you make one of the most important financial decisions you will probably make in your life. So instead of you doing the research with different lenders where you may only compare 3 or 4 loans, let our professional finance specialists understand your needs and compare many different loans to provide an individual tailored financial solution to reflect your requirements. The role of our finance specialists includes:
- Understanding your current and future financial needs.
- Researching and comparing appropriate loan products to meet your needs.
- Completing home loan application and obtaining supporting documentation required by your chosen lender.
- Submitting your application with the lender for formal approval.
- Checking correctness of any loan agreements, security documents and assisting with sign-up if required.
- Assist as required to ensure settlement time frames are met.
- Reviewing your facilities on a regular basis to ensure you retain the most suitable product to reflect your individual circumstances.
Which type of loan is best for me?
There is no simple answer to this question. The answer is dependent upon your individual circumstances, however once a Professional Finance Brokers specialist has spent some time with you gathering relevant information, they will be able to compare many different loan options and advise you which loan will be the most appropriate to match your needs.
What deposit do I need?
To purchase an owner-occupied property a 5% deposit is the minimum required plus sufficient funds to meet your associated costs, although if you have sufficient equity in another property you may be able to borrow the full amount plus associated costs.
What other costs do I need?
There will be various State Government duties and costs relating to searches and transfers. The lender also has application, valuation and in some cases Lenders Mortgage Insurance costs. For more information refer what are my costs ?.
What is an L.V.R.?
L.V.R. is an abbreviation of the term Loan to Valuation Ratio. This is a calculation of the amount of money to be borrowed as a percentage of the value of the property being purchased. Example: a loan of $50,000 against a property worth $100,000 would be an L.V.R. of 50%.
Are equipment finance interest rates fixed or variable?
Interest rates on commercial equipment finance facilities are fixed for the duration of the loan which assists with your budgeting and profit projections.
What are the normal terms available on equipment finance?
Terms from 12 months to 60 months are available on plant and equipment finance.
