You've heard that 'history repeats itself' and, when it comes to property finance, the 'proverbial pendulum' really does swings from one extreme to another.
After the GFC we had a credit squeeze but pretty quickly lending restrictions relaxed.
Why? Because lenders make money from lending.
In recent years, especially since the banking royal commission, lending has again tightened. This time probably as much as we have seen for a very long time (perhaps ever).
So, banks are hurting and to find business they are offering some 'out of the box' offers.
You still have to qualify - i.e. service with the lender making the offer.
Assuming you do, here's just some of what we can offer you:
10 Years Interest Only Loans (with 90% LVR):
Investment loans up to 90% of your investment property's value on a ten year interest only period! That's HUGE...
Maternity Leave? No Worries...
Future income for someone on maternity leave being included in the servicing calculator of another lender!
So, if you're taking time out to care for a new baby and you can demonstrate an ability to manage a loan now anyway, we can include your future income (i.e. post maternity leave) when we run your figures through the servicing calculator.
The changes we are seeing are great for many people.
More importantly, they indicate a changing attitude among our lenders.
They want your business and over the coming months I expect we are going to see a lot more 'sweeteners' being offered.
In a Borrower's Market there are deals to be had...
If you'd like to explore the possibility of extracting a better deal and / or a longer interest only term on either a home loan or investment property loan(s), please set aside 15 minutes to complete what we (affectionately) refer to as a 'My Starting Point' form; because that's exactly what it is, your starting point right now.
WARNING: Garbage In = Garbage Out:
Please be accurate with the information you supply
Don't guess your figures
Wait until you can get your hands on, and supply us with, actuals
Don't forget about the credit card you don't use or the personal loan you took out to buy a car (e.g.)
With accurate information we are able to offer suggestions on how / where you could save money and get a better deal out of the banks (i.e. if you qualify).
If you already have the best that's on offer at this time we'll tell you that too
We will only offer suggestions where there is a measurable benefit to you