Where do you go for good Advice when you are wanting to borrow money?
The bank may give you money but depending on how the loan is structured it could mean that you end up paying lots more $$$ in the banks interest instead of yours.
Are you aware of the different ways you can structure your loan which will enable you to pay it off more quickly and cheaper than the standard loan offered by most banks?
Do you really know enough about whether to buy in your own name, a Trust or a LTC (Look through Company)
Do you know what an LTC (Look through Company) actually is and how it is different from the previously used LAQC (Loss Attributing Qualifying Company)?
These questions impact dramatically on what is most probably one of the largest purchases you will make in your lifetime.
The reason for your purchase e.g. owner occupied property, residential investment or commercial, will mean that a different ownership structure is advisable
Another aspect to consider is that it is never good to have “all your eggs in one basket” so to speak. Its not just about borrowing ability but also about Asset protection therefore it pays to build up relationships with other funders and not just have everything with the one bank or non bank lender
It is worth working with a good broker who knows which lenders prefer what type of clients. Just like you, the borrower, has particular preferences in regard to the type of home or investment property you’d like to purchase, so the banks have their preferences in regard to both property and borrower.
It usually does not cost to work with a broker and they can save you lots of money in the way the loan is structured plus save a lot of time running from one bank to the next.
Find out how the rich make their money by making their money work for them !
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*0508 4 Finance (0508 4 34626)
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