#businessloan / 25 posts found
Does the gig economy make it harder to get a mortgage?
For lenders, the ideal customer has a steady income, ongoing employment and the ‘right’ paperwork. Here’s what you can do to get a loan in the gig economy. From launching a start-up to contracting in the ‘expert economy’ or just renting out the spare room as an Airbnb, more and more Australians have sources of income that would have been considered unusual even a decade ago. According to Independent Contractors Australia, self-employed workers – in what is widely called the ‘gig economy’ – now total more than 17 percent of the Australian workforce. That’s two million people who don’t conform to […]
On the market? The federal government’s First Home Loan Deposit Scheme explained
The barriers a first home buyer faces when entering the property market are well documented. So, will the government’s new First Home Loan Deposit Scheme (FHLDS) help, or not? Here’s a guide to who’s eligible, how it will work, and what the new scheme may mean for the housing market. Have you got a spare $228,442.40? That’s the 20 percent deposit needed for a property at Sydney’s median house price of $1,142,212. Aspiring home buyers have been repeatedly told to save for a deposit at that ratio. The FHLDS announced before the 2019 federal election, is intended to lower the […]
What Do I Need to Know About Debt Consolidation?
(Note: Not to confuse it with debt elimination.) If you’re swamped with credit card debt and personal loans, it can sometimes help to talk to a professional about debt consolidation. However, you need to be wary. You might end up paying more in the long term and/or reduce the equity in your home. What is debt consolidation? Debt consolidation is where you transfer your credit card debt and any personal loans to your mortgage. The advantage of doing this is that the interest rate on your home loan is likely to be lower than you’re paying on your smaller debts. […]
The Home Loan Approval Process
Following the lodgement of a home loan application, hopeful borrowers are often keen to know what will happen next and how long it will take for them to receive the verdict. The bad news is that there is no one-size-fits-all answer. The good news, however, is that a solid application is a key to keeping the approval time short. The amount of time it takes for you to receive a response to your home loan application can vary. An answer is usually received between two days to two weeks, depending on a range of factors. Before offering conditional approval, your […]
Seven Tips for Securing a Business Loan
Securing a business loan in Australia isn’t necessarily difficult but knowing how to navigate your way can be the difference between success and failure. Banks and other financial institutions offer a wide range of business finance options, from commercial property loans, commercial vehicle leases, and commercial and equipment leases, to simpler options such as letters of credit, overdrafts, and lines of credit. Here are some tips on how to improve your chances of success. 1. Work out what is realistic It’s a good idea to find and compare credit options based on the amount of money you need to borrow, […]