Think about why you want to buy a home: Do you want to live in it or will it be an investment property This can help determine the kind of loan you apply for and home you buy, depending on your short and long-term plans.
Research potential properties and loans: Knowing the market is crucial, so do some research on the areas you are targeting. Check out auction clearance rates and recent sales, as well as price trends in the area. Once you are aware of what you are looking for and the approximate price, the next step is saving a deposit.
Savings: While some lenders will offer loans if you have saved less than the usual 20 per cent deposit , being able to show a record of good saving habits will aid in getting your loan approved.
Factor in other costs involved: Depending on the property, there can be a number of additional costs.This can include, but isn’t limited to, stamp duty, loan establishment fees, legal and conveyance services, utilities, property insurance, maintenance and lenders mortgage insurance
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Investment Property Loans
If you’re thinking about purchasing an investment property, it’s important to manage the risks adequately. For example, you shouldn’t rely on rental returns as a guaranteed income to meet loan repayments, as there are times when a property may be vacant.
Annette Tothill Finance will help you find the right product, so that you can afford the repayments
Most investors will already have put some thought into where they would like to invest and will have an approximate price-range in mind.
With access to property data and trend analyses like RP Data’s, Annette Tothill Finance can pull property reports for you, detailing how the area has performed in the past as an investment, the average median house price or rate of return and how much the property values have increased over the past five or six years.
Annette Tothill Finance can help you get the most out of your property investment
With Construction Loans there are additional decisions to be made about the structure of the loan, additional documentation is required and the funding is released in an entirely different way.
In addition to documentation about your finances, income and identity, your application for a construction loan needs to include contracts or tenders for the construction, as well as the plans so that a valuation can be performed.
Further documentation will also be required before the first payment is made from the lender to the builder, including a schedule of the payments to be made (called drawdowns), the builders’ insurance details and the final plans that have been approved by the local council.
The drawdown schedule is very important, as you don’t start paying interest on each portion of the loan until it is paid to the builder.
Annette Tothill Finance has the expertise to find you the Construction Loan that best suits your needs
Finding a lower interest rate doesn’t necessarily mean you have a better deal. In fact, a product with more features may cost you a bit more in fees or interest, but could save you more in the long run.
There are fees involved when you refinance which may include discharge and application fees, a valuation fee, land registration fee, and mortgage insurance. You may also be subject to stamp duty depending on what state your property is located in. While these cannot be avoided, Annette Tothill Finance will ensure that the costs involved are not higher than the savings, to make the process worthwhile.
Fixed rate Personal Loans can help you stay in control with a fixed interest rate and fixed repayments for the life of the loan.
Variable rate personal loans can have flexibility to make extra repayments without a fee and redraw facility if required.
Pay a lower interest rate by using your car as security.
Car finance for business
Financing, rather than buying outright, enables businesses to take advantage of two key benefits: greater control of cash flow and working capital, as well as various tax benefits.
There are many different types of finance, each offering different tax benefits.
A business owner may have the opportunity to claim various tax deductions, such as rental payments, interest payments and depreciation, thus minimising the amount of tax payable.
Expert tax advice is strongly recommended
Finance for a start-up
For a startup company with no trading business or cash flow it is important to have a good business plan. Try to have an accurate cash flow forecast and implement a good exit strategy. Lenders want to see what you would have in place if things don’t go to plan.
Finance for quick cash flow
Similar to a line of credit, a business overdraft can be drawn down to a certain limit, but is specifically a commercial loan that is priced accordingly. A great option for those unspecified cash flow requirements that go with owning a business.
Finance for expansion or investment
Aimed at funding long-term investments, term loans are ideal for business expansion. They are fully drawn advances for a fixed length of time with scheduled repayments. Normally secured against a valuable asset, term loans are commonly used for purchasing new equipment or moving to larger premises.
There is also the option of lease finance for those who require equipment upgrade. Lease finance is typically used for office equipment, photocopiers and such that you don’t need to ultimately own because it gets superseded.