FINANCE

At Equity Realty SA, we have the facilities to assist all types of borrowers, including Home Owners, Investors, Commercial Loans including Business Loans and Self-Managed Superfund lending.

Our in-house accredited Finance Broker is ready to tailor a loan to suit your needs. With very flexible working hours we can meet with you at a time and place that will suit you, at no cost.

Whether you are a first home buyer, first time or experienced investor, looking to buy a commercial property or even looking to buy property in a self-managed superfund, we will work with you from your initial enquiry all the way through to settlement and for the life of the loan.

If you currently have a loan that you would like to review or if you are interested to know how much you can borrow, then please call us anytime.

Top 10 Lending Myths

1. Going direct to the bank will get you a better interest rate.

Mortgage Brokers have the exact same rates and products to offer as the banks. The only difference is the bank can only offer their products and services, whereas Mortgage Brokers have a large range of lenders and products to choose from. Mortgage Brokers usually have strong relationships with bank Business Development Managers that can asstist with getting you a great deal.

2. Can I get a loan as a self-employed person?

Yes! Borrowing money as a self-employed customer shouldn’t be an issue. If you’re financial statements and tax returns are not completely up to date you may have the option of taking out a low doc loan.

3. Having a family guarantor will increase your chances of getting your loan approved?

Having a family guarantor can assist you buying a property if you don’t have enough deposit but do have the ability to make the required minimum home loan repayments.

4. It’s more expensive to deal with a broker.

Most Finance Brokers in Australia are paid commissions by the lenders they place the business with. Generally speaking there is no cost to you. This system is a win – win for the client as the broker is working hard trying to secure the client a great deal and make sure they are happy.

5. If your bank won’t give you a loan no one will

Different lenders have different policies and lending criteria. A Finance Broker can often find you a lender that is willing to assist with your individual circumstances.

6. Having a default, bankruptcy or judgement against your name will stop you getting a loan.

Home-Loan options are available for people with adverse credit histories. It is best to be upfront and honest with your broker.

7. You can tell a competitive mortgage by its interest rate.

Not always. Set – up and ongoing fees add to the expense of a loan. When comparing mortgages; look at the ‘comparison rate’ which takes into account all fees, costs and charges payable with the home loan.

8. It’s only wise to borrow from the big four banks

Many smaller lenders have more competitive rates and flexible terms than the major banks. With the Federal Government banning exit fees it provides consumers with greater power and choice to refinance to a better deal.

9. Lenders Mortgage Insurance (LMI) covers my repayments if I get sick

As the name states “Lenders Mortgage Insurance” insures the lender in the event that you default on your loan and the property is sold at a loss. This does not protect you or your loan repayments in any way.

10. You need at least a 20% deposit to get a mortgage

Having a 20% deposit is ideal if you want to avoid paying the Lenders Mortgage Insurance. Most of the lenders require seeing a minimum deposit of 5% plus costs.

Financial Appraisal Request