Home Loans

Buying a property and in particular your first home is a big deal, it’s very exciting but can also be daunting. There can be a lot to think about and do. The big questions are always;

• How much can I borrow?
• How much will I be repaying?
• Should I get a pre-approval for my loan
• Do I have enough deposit?
• What government incentives are available?

We shall undertake a detailed review of your unique situation, and be happy to answer your questions. We will outline what options are available to you and present these clearly to ensure you fully understand each option and can make the right choice.

Whether it’s your first property for investment or you’re a seasoned investor, that next property can still present its challenges. Typical questions we are asked include:

• How much extra can I borrow?
• How will the lenders look at my existing lending?
• Will the rental income be sufficient to cover repayments on my loan?
• How can I borrow 100% or more of the purchase price by using another property to lend against if it has sufficient equity?

Not all lenders treat investment property rental income the same, nor allow for potential tax benefits on the loan. The more properties you own, the more complicated it becomes and one lender alone may not suit you best.

At Loanworx, we take the time to understand your current situation and future plans. We review in detail your current lending (if any), equity in any available properties, your available deposit and fees for the property transaction. We then set about structuring your loans accordingly to meet your needs, keeping you in the loop at all stages.

Our approach is to look for solutions, not roadblocks and to navigate a pathway through the huge array of lenders to find the most appropriate solution for you – taking into account your future plans.

So you’ve had a loan for a few years and wonder if you are still getting a great deal or need access to some money. Everybody is keen to find ways of saving money and sometimes you need to raise some money to improve your financial position by paying out some credit cards, to renovate or for a wedding or even a holiday as examples. If you think it is too much work and time consuming to change lenders then read on, let us do the heavy lifting.

Investigating refinancing your existing loan can be a very worthwhile exercise. If you haven’t reviewed your home loan in the last two years, we could potentially save you thousands in interest paid. As an example, just a 0.25% rate saving on a $500,000 loan over 30 years could save you around $25,000 in extra interest over the life of the loan. We call it ‘easy money’ because saving money by refinancing is so easy to do with us.

We are here to make it easy to change lenders and access extra funds if required. You don’t have to move your main banking if you don’t want to, but often there are real benefits in doing so. We have the latest software that takes into account your specific requirements whether that be variable or fixed rates, interest only or principal and interest.

We will explain about the features that you may want such as mortgage offset accounts, redraw and fortnightly repayments. We narrow down a range of options available to a sensible number to review with you and select one that suits you best. Generally the whole process takes 5–6 weeks from start to finish, but this can be quicker with some lenders who can have this done within 3-4 weeks if you’re in a rush.

Building a property to live in or to rent can be challenging as lenders have varying policies depending on whether the land is titled, has a permit, is rural or more than a few acres and your timeline to build. Whether you are an owner/builder buying a house and land package from a builder/developer or buying the land separately and then seeking a builder – these are some of the challenges that you may face when looking to finance your next property. 

We have a wide panel of lenders that provide funding for land purchases, construction and multi property development projects. We will review the contracts and ensure that we tailor the right lender to you, to ensure that the whole process runs smoothly. If you are paying the builder in stages, we will explain how this works and help you at each step of the way.

At Loanworx we understand the challenges that some build projects face and by working closely with you we’ll help ensure your project is completed as quickly as possible, so you can start enjoying the benefits.

If your background is of a professional nature including accountants, lawyers &, medical professionals and you have a recognised qualification, or are in the entertainment industry, your financial position may be more complicated than others. This is because you may have various allowances and multiple roles or complex structures. You may be able to access higher value loans with lower deposits which can normally make getting a loan a little more challenging.

Loanworx brokers have access to multiple lenders that can offer specialist lending schemes for borrowers like yourself and these may include being able to borrow up to 95% of the purchase price/valuation of a property without incurring Lenders Mortgage Insurance (LMI) costs. This can result in a significant saving and open up a great deal of opportunities to invest or purchase.

Our brokers recognise that you may work outside of normal working hours, so do we. We are happy to come to your place of work or home at a time and day to suit you or via Zoom if easier, to run through your requirements. We fully understand that you may have a complex structure with multiple entities and trusts. We are very familiar with understanding financial accounts and putting it together in a way the lenders understand. We have fantastic relationships with a number of lenders in this area who are always particularly keen to bring on professionals as clients. Conscious of your valuable time, we understand your days are full on and you’ve no time to spare. So we’ll take care of everything for you from start to finish liaising with your accountants and lawyers to ensure everything progresses smoothly for you with minimal involvement on your part. As we say, ‘Trust us, you’re in safe hands’.

If you have, or are looking at, setting up a self managed superannuation fund ( SMSF), then your professional advisor may have suggested that you consider investing in property as part of the fund strategy. You may be looking to refinance a current property in your SMSF or purchase a residential property using your SMSF. This is a highly regulated area and is complicated. Finding a lender in the first place, let alone one that has the right lending criteria for you can be time consuming.

Whilst you must always take professional, legal, accounting and financial planning advice, we understand what you can and can’t do by way of borrowing funds using this type of structure. Here at Loanworx, we have financed a number of these transactions so we understand the issues to be aware of and work closely with your professional team to ensure that we are all on the same page. We work with a panel of lenders that specialise in this area to ensure we get you a great deal and meet all of your legal obligations. Our approach here is to project manage this for you and ensure that your transaction proceeds smoothly, and with the minimal involvement from yourself.