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What You Need to Know About Equipment Finance

by Lalaine Ladores
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Equipment finance is designed to give you access to the funds you need to purchase essential specialised equipment for your business. Whether you’re looking to purchase a forklift to move goods in your warehouse or specialist medical monitoring machines for your private practice, equipment finance is on hand to help. Many lenders and other financial institutions offer this lending possibility, though there is a range of equipment finance options borrowers can choose from. However, choosing the best approach for your business will depend on a range of factors including your financial situation, taxation needs and budget. How does an equipment […]

How to tackle your debts for a savvier 2021

by Lalaine Ladores
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Are you still suffering from a debt hangover? Now that we’re at the end of the 1 quarter of the year, are you still having a hefty credit card bill from all the gift-giving, eating out, holidays, and other festive celebrations? Now, if you already have a mortgage or other loans that you’re trying to pay off, this can all become quite stressful! Don’t fear! Xchange Finance have put together an action plan to help you tackle your debts. Read on! 1. Assess your debts & create a budget If you have multiple debts outstanding (a credit card balance, car loan, […]

6 questions to ask yourself before getting a personal loan

by Lalaine Ladores
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Personal loans are becoming increasingly popular for many Australians who are looking to finance their bigger purchases, however, it’s important to carefully consider if it’s the right option for your needs. Here are some questions you might want to ask yourself before applying for a personal loan. 1. Why am I getting a personal loan? The first and most important question is: Why? Maybe you’re looking to renovate your house, buy a car or consolidate your debts? It’s important to first figure out your purpose so you can determine whether it’s necessary to apply for credit. 2. Do I really […]

Concerned about servicing your loans?

by Lalaine Ladores
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If you are concerned about servicing your loan, reach out to your local mortgage broker for help. As Australians everywhere take a close look at their financial circumstances, mortgage brokers stand ready to lend a helping hand. Whether experiencing financial hardship through job loss, a reduction in work hours, or business disruption, an increasing number of Australians may be struggling to balance their books as a result of the Coronavirus, and in many cases are wondering how they will continue to pay the bills. Difficulty with repayments According to research conducted by Finder in early 2020, about one in five […]

Concerned about servicing your loans?

by Lalaine Ladores
Comments are off for this post.
If you are concerned about servicing your loan, reach out to your local mortgage broker for help. As Australians everywhere take a close look at their financial circumstances, mortgage brokers stand ready to lend a helping hand. Whether experiencing financial hardship through job loss, a reduction in work hours, or business disruption, an increasing number of Australians may be struggling to balance their books as a result of the Coronavirus, and in many cases are wondering how they will continue to pay the bills. Difficulty with repayments According to research conducted by Finder in early 2020, about one in five […]

What are the Extra Costs of Buying a Home?

by Lalaine Ladores
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(Application & establishment fees, stamp duty + more.) When taking out a mortgage, many people forget to consider the associated fees and expenses. Here are some of the extra costs that you’ll need to consider when you take out a home loan. Home loan application fees Most lenders charge a home loan application fee. This can range from loan to loan, and covers: Loan contracts Property title checks Credit checks Attending a settlement Mortgage fees and costs Mortgage establishment fees – Lenders generally charge a mortgage establishment fee – a fee for setting up a mortgage. Property valuation – A […]

Stamp duty explained

by Lalaine Ladores
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Stamp duty is a charge which is applied by state governments in Australia on transactions relating to the transfer of land or property. It is paid upfront and needs to be budgeted for in addition to your loan deposit. The amount of stamp duty you are required to pay differs in each state, however there are three   factors, along with the value of the property, that determine how much stamp duty you will pay. Contributing factors include: whether or not the property is a primary residence or investment property; whether or not you are a first home buyer; and if […]

A Preparation Checklist for a Business Loan

by Lalaine Ladores
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Applying for a business loan is a completely different process to that of a home loan application. To ensure you don’t lose your way, we’ve set out a clear path for you to follow. 1.     Find a specialised broker Commercial lending is very different to residential, so when searching for a broker, it is important to seek one who is not only accredited, but also experienced in commercial and business finance. “The first things you should ask a broker is what experience they have with commercial and business loans, and how many lenders they are accredited with in the commercial space,” […]

by Lalaine Ladores
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Paying off your education is no reason to put off buying property.   You can remember it now: sitting in a chair at the back of the lecture theatre, chatting to your friends and ignoring the debt that each day at university was plunging you into. But now you’re older and wiser, and reality has set in. You want to buy a property, but you’re unsure how your student HECS or HELP debt could impact your ability to take out a loan. When you apply for a home loan, you’ll need to reveal information about your liabilities, poor credit ratings […]

Case study: avoiding settlement penalties

by Lalaine Ladores
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Jarrod Harrison** was well on his way to becoming a first-home owner when issues cropped up prior to settlement that threatened to cost him his deposit. Having found the house he wanted to buy, and exchanged contracts for sale, Jarrod found himself considering a costly settlement extension due to unexpected problems with his deposit. While he had thought that having a deposit sitting in his account would make the process simple, Jarrod had not realised that he needed to have the funds in his account for a minimum of three months before a lender would consider them genuine savings. His […]