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Frequently Asked Questions
I have a number of credit card debts, a mortgage and a car loan. I have trouble making the repayments.
Can I lower my repayments?
Yes, you can do this through debt consolidation.
Debt consolidation allows you to transfer your personal loans and credit card debt to your home loan or mortgage. Because your interest rate on your home loan is often lower than the interest rate on other borrowings, you will benefit through lower repayments.
Before you consolidate your debts, it is useful to consider the following:
By consolidating your debts you will still have the same amount of debt. It is only your regular repayments that will decrease. This gives you a financial advantage, because you can use the difference to pay off your debts quicker.
Investment loans allow you to deduct the interest payment from your taxable income. However, interest on a home loan is not deductible. Make sure you ask your financial advisor what the impact is in your situation.
Contact us today to see how much you can save on your repayments through debt consolidation.
What would my monthly repayments be?
Your monthly repayments are determined by such things as the loan amount, interest rate, loan term, principal and interest or interest only etc. Lending Solutions can offer very competitive rates for any type of loan. Contact us today to see what we can do for you.
I'm self employed and am finding it difficult toborrow money. Can you help?
As long as you have an active ABN number we can organise a loan for you without the hassle of submitting tax returns.
Low-doc loans are often used by the self-employed to get access to funds without having to submit all the paperwork the banks often ask for.
In our experience we often get you the same interest rates that you would pay if you did have completed tax returns.
Contact us and find out how we can help you.
How quickly can my loan be approved and money transferred into my account?
From the start of the application process to the settlement of a loan takes between 4 to 6 weeks. The process for obtaining a mortgage has many parts including the initial application, lodgement to the lenders, property inspection and completion of the property valuation report, preparation of mortgage documents, signing of mortgage documents, returning of documentation, liaising with the relevant parties for settlement.
With your cooperation we can speed this process up however as you can see there are many areas involved in getting a mortgage and unfortunately we cannot control them all as much as we try.
I have defaulted and now I have a bad credit rating. What does that mean?
A default is the failure to adhere to the terms of your mortgage or loan agreement. A failure to make payments (defaulting) on your loan may result in the mortgage holder taking legal action to repossess the mortgaged property.
How can I get rid of my bad credit rating?
Once a default has been listed against your name it will stay on your credit report for 5 years. The first step is to ensure that the relevant default has been paid. We specialise in organising debt consolidation loans for applicants with defaults and can often negotiate on these debt values to have them reduced for prompt payment.
Once a default has been paid a lender will always look over your credit application more favourably. We have strategic relationships with specialist companies that can potentially have defaults or judgements removed from your credit file once they have been paid.
Contact us to see how we can get you back on track.
Are there any costs involved in taking out a loan?
There are costs involved in taking out a loan however they vary greatly from lender to lender and product type. Our job is to find you the most competitive deal available for your circumstances at the time.
Below is a list if fees that you may incur:
- Legal contracts
- Property title checks
- Credit checks
- Mortgage establishment fees
- Property valuation
- Mortgage registration
- Mortgage stamp duty
- Lenders Mortgage Insurance (If you don't have 20% of the property value)
Can you also assist customers that need a normal home loan?
Yes, for eligible applicants we offer very competitive deals with:
- No establishment fees
- No valuation fees
- No ongoing fees
- No legal fees
Feel free to challenge us to find you the best loan that suits your situation.
Can I apply for debt consolidation for secured and un-secured loans?
Lending Solutions Group only specialise in consolidation loans for applicants with equity in a property.
