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Common scenarios for Non Conforming Home Loans
There are a number of common scenarios which would see you in the ‘non conforming’ borrowing area.
Ironically, many people with inconsistent employment are surprised to find that getting ‘mainstream’ credit as not as easy as they had thought. As are people starting new businesses. These days however, if you have the ability to repay, there is probably a non conforming lender who will give you credit.
Short term self employed: You might be starting new business or recently started a new business. If you can explain your situation in ...
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Categories: Finance News. Tags: Borrowing, Home Loan, Non-conforming Home Loans.
The Federal Government is encouraging small businesses to apply for grants of up to $15,000 to help them better the balance between work and family.
As of February 25, eligible businesses with less than 15 employees can qualify for the money. Round 1 of the program has already proved successful, assisting with flexible working hour agreements or work from home arrangements.
Some businesses even installed family rooms within their offices.
Applications for the second round of the grant close on 31 March 2010.
If you’re a small business looking for a loan, or looking to refinance your current commercial loan, ...
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Categories: Finance News. Tags: Business Loan, Commercial Loan, Mortgage Broker, Small Business Loans.
Fixing and short term funding is the popular option for business borrowers.
Fixed rates have bottomed and have been increasing in line with variable rates. The 1-3 year fixed term range have prompted many business borrowers to look at fixing their loans rather than sticking with a variable rate or opting to long term fixed rates.
And with up to 1 per cent difference between short-term fixed rates and the long term fixed rate, it’s no wonder that fixed rates are increasing in popularity.
Particularly if you are a commercial landlord, a fixed rate may provide you with the opportunity ...
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Categories: Carlo Abate, Finance News. Tags: Business Borrowers, Carlo Abate, Commercial Loans, Funding Options, Short Term Funding.
Most Australians will cope with higher interest rates, because they are already paying above their minimum rate, MFAA chief executive Phil Naylor has said.
According to Mr Naylor, most lenders factored in interest rate rises when deciding whether to grant a loan.
“At the moment people are still pretty well covered,” Mr Naylor told The Australian Financial review.
“Lenders generally have factored in about a 2 per cent increase in rates so we’re still within that.”
For those looking to switch their mortgage, Australasia’s largest independently owned mortgage broker has predicted smaller lenders will provide increased competition to the major banks in the coming year....
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Categories: Finance News. Tags: Business Loans, Herman Wong, Home Loans, Refinancing, Sydney.
A November rate rise is looking more likely with The RBA’s minutes of the monetary policy meeting stating the situation in the global economy is improving.
It was a year ago today that the first major sign of the Global Financial Crisis occurred – the collapse of US Investment Bank Lehman Brothers - but the Australian economy has made a notable recovery since then and is continuing to look strong, and even the US economy is showing small signs of improvement.
The information from the meeting said that ‘at the previous meeting, members had agreed that if the economy continued to evolve as in the ...
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Categories: Finance News. Tags: Interest Rates, John Kolenda, Loan Market, Rba.
Experienced Loan Market mortgage broker Trevor Giacometti is in the ideal position to assist you to assess your home loan options in the current home loan market.
Mr Giacometti, based in Chadstone in Victoria, has extensive experience researching and completing applications for property investors, self-employed and small business borrowers, first home buyers and home buyers.
"Borrowers of all kinds have many questions, even experienced borrowers," said Mr Giacometti.
"The truth is that no matter how experienced you are at buying property and how often you have been through the process of applying for a home loan, there are ...
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Categories: Mortgage Brokers. Tags: Chadstone, Home Loan, Mortgage Broker, Mortgage Broker Melbourne, Trevor Giacometti, Victoria.
12 May
Reverse mortgages have come into the market only really in about the past 4-5 years. Over that time, Australians have borrowed billions of dollars against the equity in their property, to help fund retirement, cover medical expenses or to pay for essential property maintenance.
Although reverse mortgages have become more mainstream, they can still be a tricky area both legally and financially to navigate. The assistance of professionals such as a mortgage broker accredited in reverse mortgages, an accountant or financial planner, and a solicitor are essential.
I can assist you to determine the pros and cons ...
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Categories: Mortgage Brokers. Tags: Catherine Yap, First Home Buyer, Foreign Investor, Investor, Low Doc Loan, Mortgage Broker, Reverse Mortgage, Self Employed, Small Business, Sunnybank.
The borrowing criteria surrounding business and commercial finance has changed significantly over the past 6-12 months just as residential lending has changed.
What this does mean is that it's really essential to use a mortgage broker who understands business financials and is working constantly with the banks and lenders on business and commercial loans.
Debtor finance, cash flow lending, and using security as property are all still options available for both small and large businesses, if you know where to look.
Be aware you may need to provide some additional information regarding the state ...
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Categories: Mortgage Brokers. Tags: Business, Commercial, Finance, Grant Rheuben, Low Documentation Loan, Port Melbourne, Security Property, Self Employed.
April 6, 2009
Unemployed mortgage holders will get a mortgage repayment reprieve thanks to a deal reached by the Rudd government and the big four banks.
The big four banks have agreed to temporary mortgage hardship variations of up to 12 months for mortgage holders who have lost their jobs.
The banks will also consider extending mortgage contract periods, repayment reductions and interest-only loan repayment options.
While it will be up to the banks to decide which of its borrowers gain mortgage relief, the hardship variations will serve to help mortgage holders coming to terms with sudden unemployment.
"The Government's purpose in its negotiations with the banks ...
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Categories: Finance News. Tags: Interest-only Loan Repayment, Mortgage Hardship Variation, Mortgage Repayment Reprieve, Reduce Mortgage Repayments, Unemployed Mortgage Holders.
February 3, 2009
Interest rate cut not good news for borrowers with fixed rate home loans
Today's 1 per cent interest rate cut by the Reserve Bank of Australia's (RBA) is set to take the cash rate to a 45 year low of 3.25 per cent.
And with new figures showing inflation at its lowest level in a decade, economists are predicting interest rates could be as low as 2.75 per cent by Easter - the lowest the interest rate has been since 1960.
Today's predicted rate cut brings more good news for borrowers, but only time will tell if lenders match
the official ...
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Categories: Finance News, Media Articles. Tags: Fixed Rate, Home Loan, Interest Rates, Variable Rate.
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