| Located
in south east Queensland, Gold Coast is the second
most populous city in the state and the seventh most populous
city in Australia. A great tourist attraction, the city is
known for its sunny subtropical climate, world-class beaches,
waterfront properties, and a long skyline dotted skyscrapers.
The principal sectors of industry in the Loan Gold Coast region
are property services, construction, retail trade, business
services, transport, tourism (accommodation, cafes and restaurants),
finance and insurance, health services, education, wholesale
trade and entertainment.
As
you have a whole range of Loan Gold Coast to choose from,
it is never easy to find the right one. Let us take a look
at the types of loans available.
Home
loans
If
you are looking to buy a new home to live or as an investment,
the traditional home loan may just suit you fine. In order
to be eligible for a home loan, you must be 18 or more, and
have the income to repay the loan. You are offered a maximum
term of 25 years for a home loan and 20 years for a residential
land loan. You can choose on what basis you want to repay
the loan: weekly, fortnightly or monthly. The more often you
pay the lower the interest cost. If you feel you can repay
your loan earlier, see to it that the loan has the option
for additional repayments, raising the monthly installment,
or occasional lump sum repayments at any point of time. Also
make sure that you don't incur any penalties if you want to
repay the loan in full at any time. Mortgage protection insurance
in Loan Gold Coast can automatically repay your loan in the event
of death or total or permanent disablement of the loan holder.
In variable rate home loan, the interest rate varies during
the term of the loan depending on economic conditions. Fixed
rate home loan carries a fixed rate of interest for a set
term. Once the term expires, the loan can be renegotiated
for another fixed rate period or converted into a variable
rate home loan. In a fixed rate loan, you may have to incur
additional costs if you opt for early repayment of the loan.
There are other types of home loans such as field fixed, high
start, and low start.
While
applying for a home loan, you should take along your current
employment and income records, list of assets, list of liabilities
and your budget plan. The present employment and income details
such as tax returns, group certificates or a salary skip should
be confirmed for the last three years. The list of assets
includes money on deposit in the bank, cars, investments,
real estate, stocks and bonds, collections and their values.
The
list of liabilities should contain what you owe, for example,
credit cards, personal or car loans, charge accounts etc.
Your budget plan should show all your income and expenses.
Make it a point to include living expenses and out of pocket
expenses as well. It can come in handy for both you and your
lender to determine how much money is available to service
the loan.
With
this information ready, you can now discuss your options and
the kind of home loan and repayments that suit you best. Your
loan consultant can then issue you with a pre-approval or
pre-qualified certificate which states how much they are prepared
to lend you for a home.
Refinance
If
you are not satisfied with your present mortgage loan, you
may go for refinancing that enables you to change from your
original loan to a new one that suits you more.
Investing
If
you find yourself short of the required capital while looking
to purchase securities, shares or invest in a mutual fund,
an investment loan appears to be your best solution. .
Non-conforming
loans
If
you do not meet the traditional requirements for a loan application
like full-time employment or a sound credit history, you should
better try for non-conforming loans that have been specifically
designed for people like you.
Line-of-credit
loans
You
can also utilize the growing range of line-of-credit loans,
also known as salary account or all-in-one loans. This type
of loan offers you an opportunity to use every spare dollar
to reduce the burden of your home loan. In a line-of-credit
loan, your income is paid directly into the loan account to
reduce the loan outstanding sooner than waiting for the repayment
due date. In this scenario, you are in effect also making
larger repayments because you only withdraw the money you
need to live on each month, leaving the spare cash in the
loan account to reduce the balance. This scheme helps you
pay off your loan much quicker and saves you a big amount
in interest costs. It, however, requires borrowers to be disciplined
so that they do not withdraw more money over time than is
going in.
Personal
loan
Unlike
a long-term mortgage or business loan, a personal loan is
often used for buying durable goods, repaying debts or to
going on vacations. Such a loan is mostly unsecured and depends
on credit record, income and debt.
Many
companies in Gold Coast offer brokerages for a full range
of products such as motor vehicle finance, motorcycle finance,
equipment finance, truck finance and boat finance. In most
cases, they also back it up with excellent customer service
These
companies can arrange finance on your motor vehicle to suit
you specific requirements and budget, be it personal or business.
As they have access to a large number of financiers, they
can give you the most competitive package available. If you
are having difficulties in finding the right car or just don't
have the time to look for one, they also have access to a
car finding service that can be a very safe and cost effective
way or buying a car.
Chattel
mortgage
A
chattel mortgage can provide you some tax relief and flexibility
if you are a sole proprietor, a partnership or a company using
cash accounting for the GST.
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