Archive: April 6, 2022

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How to accelerate your finance approval

Apr 6, 2022 by admin 0 Comments

Knowing how long it takes to get a loan approved is depended on many factors. Every application is unique, so the time between your first contact with your bank or broker and approval can never be predetermined. There are, however, some things you can do to help hurry your application along.

If you’re not prepared, it could take up to a month. The most common reason for a delay is a lender’s turnaround time to assessment, especially when some lenders have competitive offerings and experience larger application volumes, but a lack of preparation can cause this delay to snowball. 

A good finance broker like Lending Partner will help you take all the necessary steps to ensure fast home loan approval, but there are simple ways you can help hurry the process along before your first meeting with your broker.

Here are some quick tips for the same:

  • Have your paperwork ready
  • Get pre-approval
  • Reduce your expenses and debts
  • Consider talking to a professional
  • Sign and return any forms as quickly as possible
  • Know your credit score.
  • Do your research
  • Employ good financial habits early
  • A correct and complete application form
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Expert tips for getting a Business Loan

Apr 6, 2022 by admin 0 Comments

Securing a business loan in Australia isn’t necessarily difficult but knowing how to navigate your way can be the key between success and failure.

Before you apply for a business loan, there are things you can do to improve your chance of success. Learn about preparing a business plan, checking your finances, and deciding on the best type of loan for your business.

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 from Lending partners on how to improve your chances of success.

  • Understand your finances
  • Work out what is realistic
  • Prepare your business plan
  • Have a credit history and make it good
  • Actively show how risk will be minimized
  • Know your financial limits
  • Provide more than one exit strategy
  • Choose the right loan type for your business
  • Get your paperwork ready
  • Check who you’re dealing with
  • Get expert/consultant advice

Refer to this government information for better understanding

https://business.gov.au/finance/seeking-finance/apply-for-a-business-loan
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Pieces of advice for buying an investment property

Apr 6, 2022 by admin 0 Comments

In order to grow your long-term wealth, Buying an investment property is an excellent option. It can also offer some tax benefits. But as with any investment, buying real estate comes with its fair share of risk. Here are some useful tips for setting yourself up for property investment success.

1. DECIDE YOUR BUDGET

Know how much you can afford to borrow before starting your property search. Besides fortnightly or monthly mortgage repayments, consider upfront costs including stamp duty, legal costs, and immediate property improvements. Also consider any ongoing expenses such as property maintenance, rates, utilities, property management, and insurance.

2. SET YOUR GOALS

Get a clear understanding of your financial goals before you commit to buying a new property. Are you looking to secure an income to support you during retirement? Or do you want to fund your children’s education? Or to offset tax? Whatever it is, create a plan to achieve it and regularly review your situation compared with the current market.

3. DO A BIT OF RESEARCH

Good research is the key to a smart investment. Find out what types of properties are in demand in the area you’re looking for. Research the rental demand and trends in the area by talking to property managers or buyer’s advocates or by searching real estate sites. And find out whether new developments or infrastructure are planned for the area.

4. LOCATION

Location matters the most when it comes to real estate. Look for properties close to public transport, schools, shops, cafes, gyms, hospitals, and other amenities. Not only will these improve the property’s rental appeal, but they’ll also make it more likely to experience strong long-term growth.

5. GET A BUILDING INSPECTION

If you’re buying an older property, it’s advisable to get a building and pest inspection before you sign the contract. The last thing you want is to discover that your new property is termite-ridden or in need of expensive structural repairs a few months down the track, leaving you thousands out of pocket.

6. FRESHEN IT UP

A 1 coat of paint and new flooring in neutral tones can transform the look. Old properties often don’t come equipped with air-conditioning and energy-efficient heating so these can be good valued-adds, too. Make sure the property is looking impeccable by doing a deep clean, fixing anything that needs repairing, and tidying up the garden. These updates will attract better tenants and higher rents.

8. CHOOSE THE RIGHT LOAN

There are hundreds of home loans to choose from, and it’s vital that you find the best loan for your needs and situation. Enlisting the support of a qualified mortgage broker like The Lending Partner can take the stress and guesswork out of getting a home loan.