Richard and Maggie were concerned with being close to retirement age still with a sizable mortgage on their own home, with no savings or investments. They had hopes and dreams of buying a business as a vehicle to clear their debts and have a comfortable lifestyle in retirement.

“We found the business opportunity that suited our needs but we were concerned that because of our ages, with limited superannuation and equity in our own home, the traditional lenders would not help us.” said Richard. “We were referred to Loan Saver Network by James Home Services. They were fabulous. We had a tight timeframe… but with Loan Saver Network we were able to meet the deadline and secure the franchise we wanted.” “It’s a dream come true being our own bosses and not only earning a great income from the business but with the help of Loan Saver Network we are now setting up the foundations to buy our first investment property.”

A lender will need to verify all information included in an application. Some information is obtained in your credit file, but in most cases you will need to provide the information below.

• Wage slips, Letter from your employer.
• Previous two (2) years Tax returns (or self declaration form if low doc loan)
• Rates notice or Property Title.
• 6 Months Home loan statements
• 6 moths other loan statements (if consolidating)
• Proof of Deposit (if first home buyer)
• There may be other supporting information required for complex lending structures.

We will provide you a list of items to collect following our needs analysis and identifying a choice of products.

A credit report is prepared for all people who have ever applied for credit. It is a document a lender will access to assess the credit worthiness or risk associated with a client.

Knowing what is in your Credit Report can help you:

• Keep track of your credit-worthiness
• Be aware of any errors or inaccuracies that may affect your credit rating that need to be investigated and corrected
• Be alert to any possibility of financial fraud against you
• Be empowered to sart the process to repair any “marks” against you that may affect your ability to gain approval for a loan.

If you have glitches in your Credit Report or Credit Defaults you may still have loan options. Loan Saver Network specialises in Loans for the Credit Impaired.

Buying a house anytime can be a stressful situation. There are many things to consider in a purchase, with the chance that the tiniest miscalculation could cost you 100’s or 1000’s of dollars.

Do you need Bridging finance? Have you got enough funds to settle your purchase?

This type of loan is ideal for people who:

• Looking at buying a House.
• Structure their loans for best cash flow returns.
• Selling their existing property or simply buying a new property.
• Require Bridging Finance to help in the transition from one property to another.

When buying a house the loan features available include:

• Borrow from $20,000 up to $2.5 million, for a period of 15 to 30 years.
• Obtain up to 110% Loan to Value Ratio on your purchase to cover purchase costs.
• Choose from a variable interest rate or a fixed rate for 1, 2, 3, 4 or 5 years.
• Loans can be Interest Only or Principal and Interest.
• Repay your loan monthly, fortnightly or weekly including by direct debit
• Choose a 100% Offset Facility, including phone or internet, ATM and EFTPOS Access and monthly statements.
• Choose a Line of Credit Facility, including phone or internet, ATM and EFTPOS Access and monthly statements.
• Clean or Impaired Credit History. *Conditions Apply

Fixed rate loan is simply a loan with a fixed Interest Rate and Term of the Fixed rate. After the Term has lapsed the rate will usually revert to the standard variable rate for that bank, at this time you will need to choose a competitive product to transfer to.

Fixed Rate loans won’t suit all borrowers. There are Restrictions on making extra repayments and there can be early payout fees attached. Appropriatte Loan structuring can provide an all-round solution.

Most Fixed rate loans prevent you paying off your loan as quick as you might like, but there are flexible fixed loans around.

Variable rate loan is a loan with a variable Interest Rate. The interest rate is linked to the RBA (Reserve bank of Australia) rate and will fluctuated along with this rate. Variable rate loans can tend to be of a flexible nature and can have features included where fixed rate loans have not.

There are generally no restrictions on making extra repayments though lenders are beginning to include early payout fees if the loans are closed in a pre-determined period of time (eg 4 years). Appropriatte Loan structuring can provide an all-round solution.

Variable Rate loans can have benefits such as:

• Available to make extra repayments
• Redraw
• 100% Offset Facilites attached.
• Line of Credit Facilituies
• Interest Capitalisation (product specific)

A couple of years ago, Debbie, a single mum was struggling with a number of high interest debts and a sizable mortgage on her own home. She had approached a debt consolidation company who had set up a loan for her. The company did not fulfil on their promise to Debbie and she was left disillusioned.

“I had gotten myself into a financial mess, with credit card debts, a car loan and my mortgage. It’s even harder when you don’t have a partner to turn to for support. I had heard about Colin from Loan Saver Network,” said Debbie. “Colin was a lifesaver. Not only did he deliver exactly what he promised but he supported and guided me with my interest in property investing.”

“I still have my own home as well as an investment property in Geelong. I can easily meet my financial commitments and the most exciting thing is I have just bought a fantastic acreage property in a prime location with a view to start a business in property developing. I couldn’t have done any of this without Colin’s intervention and guidance. I would recommend Loan Saver Network to anyone. Thanks for everything Colin!”

Construction loans are usually set up by the lender initially as a standard variable loan. Throughout the construction of the dwelling, there are up to 5 progress drawdowns of the loan. The first draw down is when the slab is laid, through to final drawdown when the house is finished.

The purchase of the land can be a second loan, or combined with the construction loan.

Lenders have different policies and procedures for Construction Loans. The value of a Constructed Property is mostly seen as the value of the land + the value of the Fixed Price Building Contract. The lender will use this figure as a valuation as opposed to the actual proposed end valuation.

There are many options for Construction loans, each to suit a variety of circumstances.

These loans are designed specifically for Owner Occupiers and Investment clients who can fully veriify their income. You can be Full-time/Part-time or Self-employed people (with an ABN registered for 1 or 2 years or more). With this loan you can:

• Borrow from $50,000 up to $2.5 million, for a period of 15 to 30 years.
• Obtain up to 100% Loan to Value Ratio.
• Choose from a variable interest rate or a fixed rate for 1, 2, 3 or 5 years
• Repay your loan monthly, fortnightly or weekly including by direct debit
• Choose a Line of Credit facility (up to 90% Loan to Value Ratio) , including phone or internet, ATM and EFTPOS Access and monthly statements.
• Choose a Offset Account (up to 95% Loan to Value Ratio) , including phone or internet, ATM and EFTPOS Access and monthly statements.

This type of loan is ideal for people with full financials and who:

• May need to borrow money for debt consolidation, investment or personal purposes.
• Are able to fully verify their income.
• Have equity in their own home or a deposit.

There are a number of costs involved when refinancing. Be sure to calcualate the total savings over your loans life when choosing a product, or it just may be better off staying put.

Costs can be broken into two (2) Catagories:

Lender Charges - Lender charges can included solicitors fees, application fees, valuation fees and any ongoing fees associated to the loan itself. There may also be Deferred Establishment Fees which is a deferred application fee that is waived if you keep your loan with the lender for a specific period of time.

Government Charges - Stamp Duty on the mortgage (state dependant), registration of title and deregistration of title.

Loan Saver Networks role in Mortgage Application process is to help identify a competitive and/or suitable product while minimising the costs to refinance. Refinancing should provide either a cost or other advantages.