Great Ocean Road Finance | Financial service

Great Ocean Road Finance

Phone: +61 410 641 284

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25.01.2022 There’s an old saying that you should never judge a book by its cover, and this is true for houses after all, who would buy one having never seen more than the front door? Open inspections are opportunities to really flick through the pages, and here’s how to take full advantage. Really use your senses Sniff, peer, listen and feel as much as you can. [ 566 more words ] https://greatoceanroadfinance.com.au//what-to-look-for-at/

25.01.2022 Starting a business? Looking to fund growth in your existing business? Read this post and then call us to discuss. http://www.mortgageandfinancehelp.com.au//7-tips-securing/

24.01.2022 Looking to finally get around to that renovation that you have been planning but haven't yet started? Find out how to refinance to renovate, then call us when you are ready!

23.01.2022 What are the benefits of refinancing and when would I do it? http://www.mortgageandfinancehelp.com.au//when-would-i-re/ Interested in seeing what other options are available for you? Call us for an appointment on 0410 641 284 or make an appointment online via https://greatoceanroadfinance.com.au/contact-us/

22.01.2022 Maximising the amount a lender will hand over to you isn’t about trying to take on unmanageable levels of debt. It’s a matter of taking a few simple but smart steps that could mean the difference between toiling in that ‘fixer-upper’ or owning your dream home. 1.Shop around for lenders Different lenders define income in so many different ways that it pays to use a credit adviser who knows their way around what’s included and what’s not. [ 424 more words ] https://greatoceanroadfinance.com.au//how-to-increase-you/

19.01.2022 https://greatoceanroadfinance.com.au//guaranteeing-your-c/

13.01.2022 Brokers can help connect you to the lender best fit to serve your mortgage needs by shopping around on your behalf. Five qualities In order to decide whether or not to provide you with a loan, lenders will generally assess you against five qualities. Your ability to repay the loan. To establish your capacity the lender will look at your employment history and salary to evaluate whether you have enough cash coming in reliably to pay the loan over time. [ 233 more words ] https://greatoceanroadfinance.com.au//how-do-lenders-asse/

12.01.2022 You know your abilities better than anyone, just because you can, doesn't always mean that you should. To discuss anytime, call us on 0410641284 or make an appointment online at: https://greatoceanroadfinance.com.au/contact-us

09.01.2022 What counts as genuine savings in a loan application? If you apply for a home loan, particularly if the loan is for more than 80 per cent of a property’s value, you’ll more than likely have to prove to lenders that you have a satisfactory amount of savings. This is to demonstrate your ability to funnel a portion of your income into repayments. Although it can differ, in most cases lenders generally look for consistent additions to savings over a period of at least three month...s and preferably a year or more. This means that the following are not considered genuine savings: a cash gift an inheritance casino/other gambling winnings proceeds of the sale of a non-investment asset government grants and other finance offered as incentives Can I still get a loan without genuine savings? For those who don’t have any genuine savings but still want to obtain finance, there are options, said one MFAA accredited finance broker. These include: Guarantor loans - Having a guarantor on your loan may mean that no deposit is required, with the equity or asset the guarantor stakes standing in for a deposit. Other significant assets such as shares, managed funds and/or equity in residential property - Depending on your chosen lender, cash isn’t the only thing accepted as genuine savings. There are even situations where the sale of a vehicle can be considered as genuine savings if proved that it was owned for three months or more. A strong rental record may see a lender allow you to forgo the genuine savings route - Some lenders will waive the requirements if a letter can be produced from a licensed real estate agent confirming that rent has been paid on time and in full for the preceding 12 months, as it highlights your ability to make repayments on time and on an ongoing basis. I regularly write loans for customers who do not have genuine savings using the aforementioned policy exceptions, said the finance broker. It’s just a matter of looking at their full situation and knowing which lender is going to have the policies to suit what you’re trying to achieve. This knowledge can only be achieved through experience and keeping in constant communication with lenders to know what their policy niches are. MFAA accredited finance brokers, such as Great Ocean Road Finance, are trained to have knowledge of a broad spread of products from multiple lenders, so they’ll be able to match you with the right lender and loan.

08.01.2022 Comparing apples with oranges doesn’t make sense. To make finding the right loan easier, and to make advertised rates as transparent as possible, we have comparison rates. You’re looking for the best mortgage deal and you see an ad. It shouts ‘3.8% INTEREST!’ and, underneath that seemingly too-good-to-be-true rate, ‘7.9% comparison rate’. What does this mean? "A comparison rate takes into account all of the fees and charges that can be applied to a home loan and rolls them into the interest rate, showing you a figure that is a more accurate reflection of what you will actually be paying. [ 594 more words ] https://greatoceanroadfinance.com.au//understanding-compa/

08.01.2022 If you’re looking for a creative way to overcome being locked out of the property market by rising prices, buying a house with a group of friends may be a solution. It can also be a minefield though, so here’s how to avoid a blast. While the excitement of banding together in such a life-changing moment can put everyone on a bit of a high, you need to plan for situations in which things might go wrong. [ 483 more words ] https://greatoceanroadfinance.com.au//buying-a-property-w/

08.01.2022 Different lenders use different formulas to work out how much you can borrow, but the biggest loan isn’t always the best idea. Being able to secure your ideal loan amount can seem like a battle of balances. Once you’ve worked your budget and finances through a spreadsheet, there’s still the one issue left to deal with: assessment rates. This is also known as an ‘interest rate buffer’. [ 274 more words ] https://greatoceanroadfinance.com.au//how-lenders-work-ou/

07.01.2022 Looking at your next investment? Speak to us to to find the right loan for your needs

07.01.2022 Paying off a mortgage can seem relentless every payment counts of course, but it can seem to be taking forever to make a dent. Here are some simple ways you can increase the amount you pay off and own your home sooner. Reducing the principle on your mortgage as quickly as you can means paying less interest, so your future payments are going even further towards reducing that principle. [ 604 more words ] https://greatoceanroadfinance.com.au//five-simple-ways-to/

07.01.2022 In this current market of historically low rates, it is a great time to ensure your loan is not only still suitable, but it is also competitive

05.01.2022 Self employed? No problems http://www.mortgageandfinancehelp.com.au//how-buy-home-wh/

03.01.2022 Can I renovate a residential property I own through an SMSF? If you’re thinking of giving your home a total makeover using your SMSF, think again. Unfortunately, while you and your fellow trustees have some control over your fund, it doesn’t mean you can spend your money however you like. The ability to renovate a residential property that you own through an SMSF comes down to how you purchased it. Those who borrowed through their fund to buy the property are restricted in wh...at they can do. Slight improvements and repairs can be made, but a full-blown renovation is saved for those who used the cash in their fund to buy the property. If you used the cash in your fund to buy a property outright, then you can absolutely do whatever you want, provided your SMSF deed allows you to do so, advises the finance broker. You can sub-divide, you can develop, you can pretty much do anything. Those who borrowed through their fund aren’t entirely prohibited on making improvements on their property. Repairs are allowed, but they can’t be vast alterations that change the inherent character of the property. You can make the property more rentable by updating things, but you can’t go and completely gut it and change it, says the finance broker. If you really want to do some renovations and you had to borrow, the best way is to go outside your superfund. Choosing to renovate your property ultimately comes down to increasing its value, but in order to do so, you have to be mindful how you go about it, advises the finance broker. Everyone wants to be a property developer, right? There’s no use dropping a whole heap of cash in a property where nothing in that street is in the same condition and it’s above the price point. You’ve got to be conscious on what you’re spending money on and what you’re doing. Whether you’re renovating to repair with borrowed funds or doing a complete makeover with accessible cash, renovating through an SMSF is only worthwhile if it improves the return on your property exponentially. Not playing by the rules or accessing your SMSF prior to retirement for personal gain can result in hefty penalties with fines up to 40 per cent of the fund value. Speaking to a MFAA Accredited Broker, who specialises in and is educated in SMSF, can help determine whether it’s beneficial for you to renovate through an SMSF or to find an alternative.

02.01.2022 While you may not need a six-figure salary to invest in property, those who earn a relatively low income will require a little more creative thinking to start a portfolio. Here are some tips to help you get started. Find an investor-friendly loan The challenge for low-income earners, explains the finance broker, is the time taken to save for a sufficient deposit. [ 568 more words ] https://greatoceanroadfinance.com.au//how-to-invest-on-a-/

01.01.2022 Want property but can't afford to buy where you rent? You could consider rentvesting. Call us to discuss what might suit your requirements

01.01.2022 Why does it make sense to see a mortgage broker compared to just going to your bank? http://www.mortgageandfinancehelp.com.au//finance-broker-/

01.01.2022 In an attempt to curb the high competition of the Australian housing market that locked out many would-be first home buyers, the Australian Prudential Regulation Authority (APRA) in late 2014 signalled its intention to keep a close eye on a suite of concerns, including the levels of residential lending to investors. APRA’s communications at this time flagged an increased focus on: [ 281 more words ] https://greatoceanroadfinance.com.au//what-are-investment/