There are many times and situations where you may need to borrow money. It may be for a home, car or even a loan to start a business.
Choosing the right type of loan for your situation and knowing the risks and issues associated with borrowing money is important to ensure you have a manageable debt and can enjoy the benefits of being able to borrow.
Below is some information that we hope will help you get started.
Home Loans
If you are a first time home buyer or a seasoned real estate flipper, a home loan is one of the most important things in your future. Understanding the terms of any potential home loan is paramount to a successful real estate transaction.Applying for a home loan requires several different types of paperwork. You will need copies of payslips credit reports, proof of insurance, along with many of important documents your loan agent may require. It is important to stay on top of the loan application process so that no detail is overlooked until the last minute.
Short Term Loans
Common Questions
What is the main requirement for Caveat and Second Mortgage loans?
All caveat and second mortgageloans rely on the exit strategy, this means, how are you paying back the debt?
As long as this is strong, for example; If you have sold a property and can clear the debt from that, then you have a very strongexit strategy. Or you may have a big invoice coming due and need cash flow till then.
How long do these types of loans take?
Normally 2 to 5 business days. Sometimes if they are extremely urgent they can be done the same day.
What sort of documents do the lenders want?
Normally caveat and second mortgage loans will lend around 70-80% of the properties value. The majority of the time a valuation won't even be needed, nor is income proof. The loans rely on the exit strategy.
For what purpose can I use the money?
Any and all worthwhile business or non-residential investment purpose.
What type of properties can be used for the Caveat or Second Mortgages?
Either residential properties or commercial properties. All real estate within Australia will be considered.
What sort of loan terms are available?
Some Second Mortgages will go for 12 months. Most caveat and urgent second mortgages attract 1 to 6 month terms.
What if I have bad credit or do not have any current financials?
Caveat Finance has such a large array of products that this is usually not a problem, once again it depends on the exit strategy.
Personal Loans
Personal loans can be taken out for many different types of expenses, including cars, boats, other short term debt, or unforeseen expenses. Generally speaking, borrowers just have to demonstrate that they have sufficient income to cover the debt. It is not necessary to jump through as many financial hoops for a personal loan as it is for a home loan.
Personal Loan Tweets
