How long would it take you to search 100’s of loans from over 80 different Lenders? Once we have all your information, we can do an assessment for you in Minutes! Let us do the hard work for you. With our Finance software platform, our Credit Advisors will search hundreds of loans from our panel of lenders to find the one that’s right for you. Here is a list and descriptions on some of the different loan options available:
Opportunity & Research
Available Loan Options Include:
FIXED 1 TO 10 YEARS
LINE OF CREDIT
INTEREST ONLY LOANS
BAD CREDIT LOANS
LOW DEPOSIT HOME LOANS
SPLIT HOME LOANS
PRO-PACK LOANS (PROFESSIONAL PACK LOANS)
TOP UP LOANS
SHORT TERM FINANCE
FULL DOC LOANS
NON CONFORMING LOANS
HONEYMOON RATE LOANS
Analyse The Best Option
Standard Variable Loan
Most Banks and Lending Institutions have a Standard Variable Loan. This type of loan is the most common as retailed (or advertised) by the Banks and normally consists of all the features and benefits associated with a variable loan in today's market. Some of the features and benefits might be:
100% Offset account,
Loan Portability (transfer your loan to a new security when you Sell & Buy),
Ability to split the loan (e.g. Fixed and Variable, or Fixed and Line of Credit, or ???)
Most Banks also offer a cheaper version of this loan, but they may have more restrictions and less features or benefits, however, the cheaper interest rate also reflects this.
Introductory / Basic Variable loans
Similar to the Standard Variable loan above, however, these loans normally have a cheaper/ lower interest rate. Terms and conditions also vary depending upon the Bank, for example, there may be an early exit fee to get out of this loan in the short term.
Being a "Basic" loan, as the title suggests, you would not get all the features and benefits of the Standard Variable Loan, but then, you are not paying for them either!
Introductory Fixed Loan
This is a fixed loan which, as an "Introductory Offer" by the Bank, has a cheaper Interest Rate, for the first year. (or other specific Term) There may be other specific Terms and conditions associated with this loan (especially in regards to early pay out of the Loan), and these will need to be weighed up when considering this Loan. (also refer to fixed Loan criteria's below)
Fixed Loans, 1 to 10 Years
You are able to fix a loan at a specific Interest rate (as offered by the Bank) for between 1 to 10 years. Normally, the longer the term, the higher the interest rate. Once you "Fix" a loan, you have signed a contract to Fix the loan for that period, therefore, because it is a contract, you may be charged a fee to get out of that contract.
During the fixed contract period, you may also be limited as to what you can do with your loan because as it is "fixed", you can't change or alter the loan in any way without attracting a fee or penalty.
Please carefully read the loan criteria before signing up for this loan to determine if it suits your requirements. One reason why someone would like this loan concept, is that they will know exactly what they will be paying every month for the next (say) 5 years, which is good for budgeting or for people who don't like to take risks with the variable rate rollercoaster.
Line Of Credit
Simply, this type of loan is easily described as having a large credit card. You are given a limit at which you can borrow up to for any reason you wish. You can withdraw money and credit money back into the account whenever you like. As an example, Self Employed people may find this type of loan valuable to have access to funds whenever they need them, then credit the funds back when they are able. As interest is calculated on a daily basis, this loan also works particularly well for people who budget well and all their income might go directly into the loan (bringing the Principal and interest down on a daily/ weekly basis) whilst they live off a credit card (say 55 days interest free) which is cleared monthly by the loan.
This style of loan is very effective if used correctly, in getting the loan reduced faster than any other loan. As with all loans, you will need to read the Banks Loan criteria carefully before signing up for this revolving credit facility.
Many self employed people or people who are not able to verify their recent income for a variety of reasons now have access, through RedCap Finance Brokers, to a variety of great competitively priced home or commercial Lo-Doc loans, where minimal income verification is required.
The major banks do not have an appetite for these types of loans, as they prefer the low risk, fully verified customers.
Speak with a RedCap Finance Brokers advisor today and you might be surprised as to what we can do for you. The finance market continually changes, to the extent whereby you might be able to get a loan today that was impossible to achieve a year ago.
Bad Credit Loans
Sometimes, bad things can happen and you might find that a credit default appears on your credit file.This could even happen with or without your knowledge, causing your next finance application to get declined!
RedCap Finance Brokers can check this for you in advance, so that you can confidently apply for the right loan. If you do have a credit problem, don't despair as we may have a variety of solutions which could help you to get the finance you need.
Optimisation (Your Best Interest)
Your needs and situation are like no one else’s.
A home loan deal that saves your neighbour money might not be the most appropriate deal for you. That’s why our Finance software platform comparison tool and the experience of our Lending specialists really make a difference.
A RedCap Finance Brokers Lending specialist will identify your specific borrowing requirements, then use our Finance software platform to compare hundreds of home loans against those requirements. An hour invested with a RedCap Finance Brokers Lending specialist could save you thousands of $$ in the long run.
From the moment you choose a home loan, your RedCap Finance Brokers Lending specialist will walk you through the entire home loan process, from application to settlement and beyond. They’ll also show you where to sign and explain exactly what you’re signing.
When you work out which is the best loan for you, all you need then is to find the right bank or Lender which has the best interest rate, lowest fees, convenient locations with perhaps internet access! The list goes on, but that is where RedCap Finance Brokers can help you through the maze, - quickly and easier.
RedCap Finance Brokers Lending specialists can assist you either face to face (where possible) or by phone and email. It is also becoming more and more popular to complete a finance application online and have it approved promptly through our Finance software platform. Under the new National Consumer Credit Protection Act (NCCP) any loan that is predominately used for residential or personal use will be assessed as a coded (regulated) loan. This applies to investment and owner occupied properties.
The EXCEPTION to this rule is if the borrower is a Company / Trust. Essentially, what this means is that in all cases the Bank/funder and our Lending specialist will now be required by law to be comfortable that the borrower can service any debt, and has a viable exit solution.
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