Loans

Find here the latest news and information regarding loans.

Settlement and loan management

Settlement and loan management

Things You Need for Settlement There are a few final steps before you can settle your new personal loan, and several things you will need: Building Insurance You will need to insure the property being offered as security and also have the lender’s name recorded on the policy as mortgagee. If the property is a …

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Construction Loan Tips: Our Best Construction Advice

Construction Loan Tips: Our Best Construction Advice

Construction loans allow you to borrow the cost of building a home, often including the cost of the purchase of the land (sometimes called a house and land package loan). Generally, construction loans are interest only during the construction period and then convert to a standard principal and interest loan. Common features: Interest only during …

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How To Improve your Credit Score

How to improve your credit score

This section will focus on improving your credit scores and provide you with information on how you can do even more to improve your credit status. Doing so will go a long way towards improving your credit score because your credit score is derived from the information in your credit report. But there is even …

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What are the 4 C’s that companies look for?

What are the 4 C’s that companies look for?

All loan applications undergo credit assessment before being approved. If the application meets the requirements of the lender (and mortgage insurer, if applicable) the loan is approved. However, this is an involved process that can take some time to complete. The application commonly goes through four assessment steps, known in the industry as the four …

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Successful loan application tips

Successful loan application tips

Having some insider knowledge of the application process will allow you to understand what the lender wants and give you a better chance of getting your loan approved faster. There are three key stages in applying for a loan: Completing the application form Proof of identity Evidence of income Described below is the general market …

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How long will it take to get my loan approved?

How long will it take to get my loan approved?

The lending life cycle of loans is broken into the following key stages, from application to discharge and refinance. Application: the processes around applying for a loan Credit Processing: the lender’s processes to evaluate your application Approval: the processes the lender undertakes to approve your loan Documentation: the processes the lender goes through to provide …

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Interest only term loans

Interest Only (IO) Term Loans

This is an increasingly common feature available for new loans. For a period at the beginning of a loan, only interest is paid. The principal remains the same during the interest only period. The loan converts to principal and interest at the end of the interest only period, and the balance gradually reduces over the …

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A rate-sensitive loan borrower in front of notebook

Are you rate-sensitive?

As a borrower, you are considered rate-sensitive if you will become financially stressed should the interest rate of your loan increase. In general terms, the range for an increase that would result in stress is 1–2 percent. Borrowers on a low income or a fixed income often need a known, consistent repayment amount so they …

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