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Applying for finance can be a daunting process. The process can be far less stressful if you follow the following simple steps to a successful finance application.
You need to discuss with your accountant the details of the finance required. They will be able to advise you of the finance application process. By discussing your situation with your accountant you can identify any potential financial challenges you may be facing and discuss the solutions which are more likely to result in a successful application.
Your bank manager/mortgage broker will discuss the most appropriate finance options for your situation. They will also discuss the loan rate that best suits your finance needs. It is a good idea to discussthe different types of loans offered by banks and other lenders. You can compareinterest rates, fees and terms as well as any other associated costs to find the best deal for your needs.
The checklist below details the documents you may need to have ready to apply for your loan:
Banks and other lenders will not lend the full amount of the property’s value. Therefore, if you are using property as security for your loan the lender may require a valuation on the property. Depending on your circumstances you will not be able to borrow more than 80% of the property value.
If you don’t already have insurance coverage the loan application process is a good opportunity to review your options. Life and income protection includes a range of covers to protect you by paying a lump sum upon death, terminal illness, or in the event that you suffer a total and permanent impairment and are unable to work. Please contact Altitude Advisory for more information.
Phillip Cross, Royce Cross Agencies
Gloria Rowett, Marion Holiday Park