Why is a Good Credit Rating Important in Australia?

When you lodge an application for a home loan, the first thing your bank will do is to check your credit score. A credit score or credit history is basically a result derived from the analysis of a person’s credit files.

When you lodged your application for a home loan, the bank will evaluate you in terms of your ability to repay the loan on time based on servicing and previous history. For this, they do a complete analysis of your income, on-going mortgages, assets and take into account many other factors to assess you. This will provide the banks and other non bank lenders a clear picture of your risk status. If you try to borrow money with bad credit from a Bank, it is very likely that your application will be rejected.

Reasons for Bad Credit History

A person may end up with a bad credit score due to a number of reasons. Laziness in paying the bills, poor financial situation and overspending are some of the major causes of bad credit. Different lenders have distinct methods of assessing a person’s creditworthiness. A bank can deny the application of an individual requesting to borrow money with a bad score as per bank’s policies. To improve your credit score, you can talk to a debt consolidation firm for easy repayment options.

Home Loans with Bad Credit

Having bad credit does not disqualify you obtaining a home loan. You can still borrow money with bad score with the help of a Non Conforming Lender.

A Non Conforming Lender will analyse your financial records and grant you loan on certain terms and conditions.

The applicant applying for the loan would generally need to pay a higher interest rate and costs than an individual who has a good credit rating.

If you own a home you can borrow money with poor credit to consolidate your debts, since your asset will be used as collateral. This is called a secured loan. If you do not own an asset, then you still may qualify for an unsecured loan which is subjected to specific conditions.

3 Things To Look out for With An Equity Release Mortgage

Are you looking for a way to fund your kids’ college education? Do you imagine taking the holiday of a lifetime? Would you like to buy a brand-new car and possibly be able to deduct the interest from your federal taxes? Would you like cash for house improvements? Perhaps you are interested in having a method to buy your new dream house while your present home is still on the market waiting to be offered? You are probably believing about getting an equity release mortgage loan if any of these scenarios apply to you.

If you owe $500,000 on a house that is worth $1,000,000, you could re-finance the amount you owe and take up to $400,000 in a money loan against the equity in your house. As great as a equity release mortgage can be, there are a few things to believe about prior to you deciding to take out this type of loan.

How high are the costs to refinance?

If you currently have a great interest rate on your loan, refinancing so that you can get a cash out choice, may suggest paying a higher interest rate on a new loan. In that situation, you may desire to think about taking out an unsecured personal loan instead of a money out refinance mortgage loan.

How quick do you require the cash?

It takes less time to see your money when you take out a unsecured personal loan but rates are much higher. Often, it can take up to 30 days to process an equity release mortgage, so if you require the cash right away, it probably isn’t the best option.

Taking unsecured cash versus releasing the equity in your home can be faster, however constantly compare taking a re-finance mortgage loan versus the choice of getting a personal loan and choose the strategy that is best for you.

Does it make good sense to refinance your mortgage loan?

For some individuals it does; for others, there is no real advantage. If you are considering taking advantage of your home’s equity, make certain to discuss all your refinance alternatives with a great monetary coordinator and understand just what the pros and cons are for your specific scenario.

Lots of people discover a re-finance a feasible alternative to taking out other pricey loans that might not have the same benefits as a house equity loan. Some refinance mortgage loans even have a lower rate of interest than what you are currently paying so it pays to have a look at all your options and make the very best choice for you.

Usually, refinance mortgage loans are taken out by people who wish to tap into the equity they have actually built up by paying down the principal on their home mortgage. For this reason, re-finance home loan loans are also often referred to as house equity loans.

Lots of lenders are ready to provide a refinance home mortgage loan if you have equity in your home, and you may select to re-finance to get money for something you want or need such as a vacation, house enhancements, or a college fund.

All Australian Mortgage Lenders and Brokers must be licensed with ASIC. To help guarantee your Mortgage Lender is reputable and legitimate, check to see if your lender is certified.

Thoroughly evaluate all charges and costs– your lender is required to offer you a “good faith quote”– plus the fine print, like loan terms and prepayment penalties. If the fees seem too many or too high, look for a different lender.

How to Obtain a Rural Agriculture Loan Quickly and Easily

Rural Property Loans

Agriculture is a major sector for the Australian economy contributing 12% GDP. 307,000 people are employed in the sector that earns $155 billion-a-year. The numbers clearly show that agriculture is a big business and like every other owner of a huge business, farmers often have to seek quick and affordable finance.

Rural Funding Requirements

If you are looking at expanding your farm business, or just looking to better manage your business, here is a list of funding situations where you can use a Rural Property Loan:

You may be looking at buying a neighbouring property

You are a livestock producer looking to purchase vet supplies

You may want to increase your livestock numbers

You may need to buy cropping supplies (e.g. weed spray or fertiliser)

You are looking to purchase, upgrade or replace your farm or business equipment

You may need to meet your seasonal expenses

You would like to consolidate all your agriculture finance into one loan, making your finance simpler and more cost effective

You may need drought survival assistance

Summary of Rural Loan Options

Here is a list of agriculture loans that have been specifically designed by specialised lenders/credit providers to address the specific needs of your farming business. These loans are also more flexible than other loans:

Farm Term Loan: It is an ideal loan when you are considering capital improvement or purchasing property.

Livestock Finance: It is specifically designed to enable you to invest in your livestock breeding. The loan has flexible repayments that can suit you cash flow.

There are other Agriculture loan options available to you, and these are:

Private Rural Finance: The loan type will provide you with the required working capital to fund any short-term production costs and to cover any cash flow shortfalls.

Equipment Finance: The loan type provides you with the options to purchase, upgrade or replace your farm or business equipment. The options are either a finance lease, asset purchase or an equipment loan.

Why Contact a Finance Broker?

Farmers need specialised advice from experts who have the right industry experience as well as having a thorough knowledge of the changing economic and market conditions.

Bidding At The Tax Sale – Tax Sale Success Masterclass with The Tax Lien Lady

Joanne Musa, founder of TaxLienLady.com is holding a Tax Sale Success Masterclass on Bidding at the Tax Sale on Thursday, November 10 at 7:00 pm Eastern Time.

Tax lien and tax deed investing can be very profitable. Tax Lien investors can earn interest rates that are much higher than current bank rates without the risk of the stock market. Joanne Musa, known online as the tax lien lady, has been helping investors profit from tax lien and tax deed investing for close to 20 years.

“There are different reasons that people come to me for mentoring or coaching to invest in tax liens or tax deeds”, says Joanne Musa.

“Some just don’t know how to start and want to learn the ropes and do it correctly. Others want to find the best places to invest and have access to the tools and resources that help them pick the right properties to bid on without putting in a lot of time and effort. And others come to me so that they can avoid costly mistakes. Mistakes like not evaluating the tax sale properties correctly before bidding.”

But it’s also very important to understand bidding procedures and know how to bid at the tax sale. Tax Sale Success is not just about picking the right place to invest and the right properties to bid on. Even though those things are very important. It’s also about knowing how much to bid for tax sale properties and having the right bidding strategy.

That’s why the subject of Tax Lien Lady’s next Tax Sale Masterclass is Bidding at the Tax Sale. The Tax Sale Success Masterclass is on Thursday, November 10 from 7:00 – 8:30 pm Eastern time. This is a live virtual training conducted via Zoom.

Masterclass attendees will be able to ask questions about the specific procedures to follow in their state and learn exactly how to determine what to bid on tax sale properties and how to bid at the tax sale.

This masterclass is for investors who have already purchased their first liens or deeds, as well as for newbies who are just getting started and haven’t purchased anything yet. Avoid costly mistakes that could cost a successful bid and even get barred from future tax sales. It’s only $47 to enroll in the masterclass.