SUMMARY OF LOANS

There are literally thousands of Residential, Commercial, Industrial and Private on the market: Each with their own structure, features, rates, fees and terms conditions. But with our experienced and friendly mortgage advisors can clearly explain the difference between each type of loan and each specific loan product that we may recommend.

At Firm Finance we not only look after your personal home loan business we can also manage your car and business finances as well such as Equipment Finance, Business Leasing, Fleet Management, Business Purchase, Personal Loans

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Offers you a facility when The relevant interest rates change accordingly with the movement of the RBA official cash rate or the lender It usually comes with a variety of features, including the option to fix or split your loan, the ability to make additional repayments as desired and an optional redraw facility (on those additional repayments).

Offers you a lower interest rate, but comes with fewer features although you often have the option to pay for any additional features, as required.

Offers you an interest-only variable rate loan that allows you to borrow against the equity in your home and combines this with a transaction account (with cheque book). Interest repayment is only charged on the amount of money outstanding that you use.

Offers you facility which give you the advantage to unlock the equity in your existing property for other opportunities, such renovations, investments in shares or purchasing an investment property or a business or maybe be a round the world holiday

A facility is available for Borrowers to provide them with an ongoing income or a lump sum. The facility loan is taken against equity in the Borrower home, and usually no repayments are required, but interest will capitalize on the loan.

Offers you the most common type of mortgage in Australia. It means that each repayment is made up of a sum in part payment of the principal and a sum in part payment of the loan’s interest.

When interest is paid off during the loan period. At the end of this period, the borrower owes exactly the same amount as borrowed initially and this amount must be paid out in full.

Offers you a facility that keeps you protected against interest rate changes for an agreed period of time, which provides certainty of repayments on the one hand, but means you cannot take advantage of a fall in interest rates during that period. Some first home buyers like this option for the first one to five (1-5 or 10) years of their loan, to provide them with peace of mind and affordability

Offers you the flexibility of a variable rate loan and the certainty of a fixed rate loan. This means that you can take advantage of when rates drop, but also remain protected when rates increase.

Products have been developed to cater for those who are self-employed and investor do not meet typical lending criteria, including no up to date financials

Products have been developed to cater for those who are self-employed and investor do not meet typical lending criteria, including have little supporting documentation

Products have been developed to cater for those who do not meet typical lending criteria; including those who are self-employed investors pensioners with impaired credit history have little supporting documentation but have equity in their brick and mortar security/s

Products have been developed to cater for those who do not meet typical lending criteria, including those who are self-employed have an impaired credit history, have little supporting documentation or savings history or who do not have a deposit and/or other situations that do not fit normal lending criteria or requirement.

Offers you All-In-One Loan links to an everyday transaction account to your home loan. This means that all of your money is kept in your loan account, which can reduce the amount of money you owe and in turn the interest paid. You are able to redraw expenses as you need to via the transaction account facility.

Product non regulated and it can be for all type of loans that are not regulated under the consumer credit such as purchase, refinance, business cash flow leasing and development.

Construction loan is different from a normal home loan because it can be drawn in stages rather than a lump sum at settlement. These stages are in line with the stages of construction. The loan is normally at a variable rate during construction you make interest payments on the amount drawn down amounts

Product non regulated and it can be for residential investment or commercial, development and business borrowing secured by bricks and mortar up to 80 % LVR in some cases. Being as registered commercial mortgage only being 1st or 2nd or 3rd and caveat

Product for high income earners to 106% of the purchase price of a home. These loans cover some of the fees and charges that you incur when buying a home. You can do it either all on your own, or by using the equity in a family member’s home to get into your own home quicker.

Product for high income earners for loans above $250,000 usually offer a discount on the Standard Variable Rate and plus other benefits inclusive in an annual fee

Great solutions for borrowers whom need a quick solution and have an exist strategies being secured by Brick and mortar and non regulated solemnly as registered commercial mortgage only being 1st or 2nd second and caveat for short period no more than six (6) months

Great solutions for borrowers whom need a quick solution and have an exist strategies being secured by Brick and mortar and non regulated solemnly as registered commercial mortgage only being 1st or 2nd second and caveat for short period no more than six (6) months

Commercially and non regulated product is used as a top up after the first mortgage to 85%. Can be used for direct purchase, refinance , construction or developments

Business finance (commercial hire purchase, lease or chattel mortgage) Product available to both company & individuals who will be using the purchased goods predominantly for business use (ie more than 50% business usage). For example, taxi drivers, mobile sales reps, couriers, etc could qualify for business finance. A school teacher driving to & from

Car loan is one of the simplest ways to finance your new car. A car loan differs from a general personal loan in that it is secured against the new car. This means that when the vehicle is disposed of (sold, traded in or written off by the insurance company) the car loan must be paid out. The advantage is that interest rates are generally less for car loans than what you would expect for a personal loan. This is because the finance company views it as less of a risk than a personal loan (due to the fact that if you default on your car loan, the finance company will as a last resort attempt to repossess your car whereas with a personal loan they can’t do this).

Car loans are generally taken by individuals as opposed to businesses and can be used to finance the full cost of the purchase including the on-road costs, insurance, warranties and even loan protection for the car loan itself

Operating Lease is simply a rental agreement. You avoid the risks associated with ownership and have no residual value liability. At the end of your operating lease agreement you may simply return the vehicle. Only available through businesses, the benefits of an operating lease are that working capital is maintained; lease rentals will be fully tax deductible if the vehicle is used to generate taxable income and there is no resale value risk as the financier will own the vehicle at the end of the term of the operating lease. Also very important feature with an operating lease is that the finance cost is known for a fixed period of time – an operating lease is great way for budgeting the cost of your new vehicle.

Car loan is one of the simplest ways to finance your new car. A car loan differs from a general personal loan in that it is secured against the new car. This means that when the vehicle is disposed of (sold, traded in or written off by the insurance company) the car loan must be paid out. The advantage is that interest rates are generally less for car loans than what you would expect for a personal loan. This is because the finance company views it as less of a risk than a personal loan (due to the fact that if you default on your car loan, the finance company will as a last resort attempt to repossess your car whereas with a personal loan they can’t do this).

Car loans are generally taken by individuals as opposed to businesses and can be used to finance the full cost of the purchase including the on-road costs, insurance, warranties and even loan protection for the car loan itself

Car Finance Lease is one of the most straightforward financing options for a business when purchasing a new or used vehicle. Low or no deposit terms for the car finance lease may be available depending on circumstances and payments may be up to 100% tax deductible depending on tax status. A car lease differs from a Commercial Hire Purchase where the interest payable and depreciation is deductible.

Nova Ted lease has become an increasingly popular form of vehicle financing over recent years. A nova Ted lease combines many features of more traditional forms of vehicle finance to deliver some attractive benefits for both employers and employees. A nova Ted Lease is an agreement between your employer, yourself (the employee) and the financier, where the obligations to meet the repayments under the finance lease is with the employer.

With a nova Ted lease agreement, you own the vehicle and have the right to take it with you should you change jobs and, structured correctly, there may be tax advantages with your remuneration package. As with other leasing structures, repayments with a nova Ted lease are flexible and amounts depend on the term, interest rate, amount borrowed and the residual payment.

Commercial Hire Purchase (CHP) agreement is simply a contract where the financier (the ‘owner’) allows you (the ‘hirer’) the right to possess and use a car or other vehicle in return for regular payments. A balloon payment (a final payment made at the end of the term – ideally this payment should be no more that the estimated value of the car at that time) is optional with a hire purchase agreement.

When the final payment of the commercial hire purchase is made, the title to the goods is transferred to you. With a CHP there may be significant tax advantages as you are able to claim the interest repayments as well as the depreciation of the asset whereas with a standard lease the actual repayments are the tax-deductible part of the equation.