Does it cost more to use our services?
No, in most cases you are not charged for our services. The only cost you may incur are standard establishment fees. |
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What is equity?
Equity is the difference between the value of a property and the amount outstanding on the current loan. |
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What is LVR (Loan to Value Ratio)?
LVR is the loan amount divided by the lesser of the purchase/contract price or valuation amount. Eg: A loan of $50,000 secured against a property worth $100,000 equals an LVR of 50% |
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Are there any other cost?
There may be various government duty and council costs which are non-related to funders etc. but still needs to be known. Mortgage insurance may be applicable to you, it depends on the LVR. |
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What is APR?
APR is the actual annual percentage rate otherwise known as the comparison rate. All lenders should disclose their fees and charges all year round such as set up costs, monthly costs, annual costs, etc, These need to be declared and converted into a rate. |
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What is a Comparison Rate?
A Comparison Rate expresses some of the costs of a loan into a single rate. The aim of the Comparison Rate is to help consumers make a more informed decision on the costs associated with a loan and help them to compare various loans and services offered by financial institutions and mortgage providers. The formula for calculating a comparison rate is regulated by the Consumer Credit Code and all Australian financial institutions and mortgage providers are required to use the same formula. |
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What types of loans are covered?
The new regulations require lenders to disclose the comparison rate for fixed term consumer credit. This includes loans such as Home Loans and Personal Loans but excludes Lines of Credit and Credit Cards. |
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Why is there a warning statement?
Whenever you see a comparison rate you should also see the following warning statement which is required by law to accompany the rate.
"WARNING:
This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan."
This warning statement highlights that when choosing a loan you need to consider more than just the comparison rate. Additionally, the comparison rate is calculated on predetermined amounts and terms and these may not be the same term and amount that you are seeking.
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What is the "right" comparison rate for you?
To get the most appropriate comparison rate, simply look for the rate, term and amount on the Comparison Rate Schedule for loan type that you intend to borrow. You can also use that rate as a comparison of rates quoted by other financial institutions and mortgage providers for the same term and amount. You should remember that costs that cannot be predetermined such as fees and cost savings such as, discounts or fee waivers are not factored into the comparison rate. |
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What the comparison rate doesn't tell you?
The comparison rate is just one of the many factors that should be used to help select your home loan, but don't assume the comparison rate by itself is going to tell you how much your loan is going to cost, or if the loan is right for you. Experienced borrowers know that there are many factors that should be taken into account when looking for the right loan, not just the interest rate and fees.
These include:
Are you going to get good service from your lender?
Do you have the access you need to your loan and lender?
What are the features of the home loan and what restrictions does it have (make sure it has the features you want and the flexibility you need)
Can your lender provide other products such as credit cards, transaction accounts and insurance?
Where can I get a Comparison Rate Schedule?
Just contact the lender you're seeking a schedule from, and it will be happily provided. |
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What is Bridging Finance?
Bridging finance is a short term loan usually for cover between the purchase often known by lenders as a re-locatable loan or can be used as a short term loan for many other purposes. Short term loans are now becoming more popular due to market demand and can be arranged by contacting our nearest office |
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What are Bad Credit Loans?
Bad Credit Loans or Mortgages are for people who have a bad credit rating to due falling behind in their loan repayments. So long as you have a property to use as security we can help to improve your financial situation with our bad credit loans. |
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What is debt consolidation?
Debt Consolidation is the process of combining your debts into one regular repayment. |
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Can I use my existing valuation on my security property?
Yes. Provided it is not more than 6 month old. |
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Do I arrange the valuation of my security property?
No, The lender will arrange the valuer, should it be required. |
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What if I disagree with the valuation of my security property?
You can request another valuation at your cost. |
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Can I get a copy of the valuation of my property?
No. Most do not supply you with a copy of the valuation. |
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What if I don't have all the supporting documents required?
It's essential that you advise us of any supporting ducmentation that you cannot provide. |
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If I supply original documents will I get them back?
Normally yes. |
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Can my interest rate change before settlement?
If you failed to disclose that you had a credit default, or if and supporting documentation is not supplied then the lender may increase your interest rate based due to the higher risk of lending to you. |
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What are the steps in my loan approval?
1. Sign Application doocuments.
2. Return them with all supporting information,
3. A Valuation or assessment of the security property is done,
4. The Loan Documents are issued and signed,
5. Once the Mortgage Documents are received back funding is arranged |
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How long does settlement take?
It is difference case by case. Contact us and we will be able to give you a rough estimation |
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Can I still qualify for Loan if I have previously filed for bankruptcy?
Yes. Your bankruptcy must have been discharged for 2 years. |
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I have bad credit can still get a Loan?
Yes. We are bad credit experts. Generally if you have bad credit you can not get a low interest rate.
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How Does It Work?
If payday is too far away, let us help. We'll get you the money you need - fast! You pay us back when your next paycheck comes. See if a Financial Express cash advance loan is right for you. |
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Do I qualify?
The answer is "Yes" if you:
Have at least three months in your current job
Receive a regular wage or benefit. eg centrelink or pension
Have a Bank account that has been open for at least three months |
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How do I apply?
It's easy! You'll need an e-mail account and access to a fax machine.
Click on "Apply Now" to register.
Fill out the application.
Once your account is activated you can apply for a new loan.
You will receive an email soon after advising the status of your advance and if required you will be asked to contact your payroll Dept and let them know we are going to contact them to verify your Employment, Address, DOB, Bank Account Number and Pay Date. |
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When will I find out?
We'll let you know by e-mail or phone within hours. |
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When do I get the money?
If you apply by 2:00 PM, your funds will appear in your account the next business day. Or you can attend our office & collect cash.
Primary Payment Method:
Our primary form of repayment is to debit your account in the form of a Direct Debit. That's it!
To find out more about Financial Express Cash Advance Loans, contact us now!. |
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