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Residential Loans
GP Finance mortgage brokers offer many types of loan options. The lender have their own variations and ofcourse they price their offerings accordingly, please see below.
This is the type of loan that most people will take if they want to pay off their home loan and the interest incurred in the agreed loan term.
The benefits of having a principal & interest loan are:
Principal & Interest:
- You will be able to pay off your inital amount borrowed (the principal) and also the interest incurred in the loan term (interest)
- As time goes by, your principal amount will decrease as well and you will also save interest.
- Making extra repayments and having loan features such as a offset account and loan redraw will also benefit you when you want to reduce your loan principal.
The disadvantages of Principal & Interest loans is that you pay slightly higher repayments compared to interest only loans.
Types of loans available with principal & interest loans:
- Basic Home Loans
- Standard Variable Home Loan
- Introductory Rate Home Loan
- Fixed Rate Home Loans
Interest Only Home Loan:
This type of home loan product is designed to be tailored to match the cash flows for an investment property usually for the first 5 years of the home loan, after this time the loan can be converted into a Principal & Interest loan or taken over another 5 years of interest only.
The benefit of having the Interest Only Home Loan is you make lower repayments because you are only paying the interest from the loan.
The disadvantages of paying interest only in your loan is:
The disadvantages of paying interest only in your loan is:
- You will not be paying any of the loan principal balance unless you make extra repayments from the loan balance
- You are only paying the minimum repayments from the loan
- People who would take advantage of this type of loan would usually use the extra cash they have saved up to pay for their owner occupied loan or other loans.
Line Of Credit:
Also known as "Equity Loans", these facilities free up the equity in the underlying property and convert it into a Revolving Line Of Credit which can be used for personal or investment related purposes.This involves having a credit card and using it to pay for bills and other monthly expenses incurred
The benefits of having this loan are:
- Every month once your income comes in the account, your credit card is paid off and the remainder is taken off your principal.
- Withdraw up to your credit limit on your credit card without having to gain a pre-approval from the bank
- The credit card limit amounts will be usually higher other credit cards available directly from the lender.
The disadvantages of having a Line of Credit loan are:
- You need good budget skills when you have a credit card, in most cases your credit card limit will be higher than your monthly income therefore you will need to budget yourself correctly so you dont overspend.
- In some cases you may pay a higher interest rate.
Construction Loans:
These are very short term facilities for those who are in the process of building. This loan suits anyone who is wishing to purchase a land and then construct your home on it. The loan is drawn down in 5 stages which will pay the bulder. During the construction period, your construcion loan is interest only to help you pay your rent or other mortgage you already have. After the construction period, the loan will revert to a standard loan.
Commercial Loans
For our business customers who are in the market to:
- Purchase a new/existing business
- Purchase a business Premise
- Purchase a Property or Industrial Estate
- Purchase properties within Australia and some overseas countries
We can offer you flexible commercial loans to assist you to purchase your commercial premises sooner.
Interest rates are variable or fixed and the loan can be Principal & Interest or Interest Only.
Interest rates are variable or fixed and the loan can be Principal & Interest or Interest Only.
Construction Loans
A construction loan is a loan used for homes that are being newly built or homes that need to be renovated.
This type of loan is setting up a schedule of progress payments (usually 5 payments) to pay the builders and organise the payments to be made after stage of building the home has been inspected and verified by the lender/bank.
The lender who provides you the construction loan will need the following documents in order to process the loan.
This type of loan is setting up a schedule of progress payments (usually 5 payments) to pay the builders and organise the payments to be made after stage of building the home has been inspected and verified by the lender/bank.
The lender who provides you the construction loan will need the following documents in order to process the loan.
- Estimate costs needed for construction are Council approved plan and specifications ,which may inlcude any conditions of approval.
- When the home is completed, the construction loan will revert to a agreed choice of home loan.
- The lender may require the borrower to repay only the interest repayments from the loan draw-down to date during the construction period.
GP Finance staff have extensive knowledge when it comes to requiring a construction loan to build your first home or even your second home.
Our expert mortgage planners can also assist you when it comes to obtaining a home loan for investment purposes, refinancing your current home loan or purchasing another property.
No application is too hard for our staff, we can come to a place of convenience at a time that suits you.
Our expert mortgage planners can also assist you when it comes to obtaining a home loan for investment purposes, refinancing your current home loan or purchasing another property.
No application is too hard for our staff, we can come to a place of convenience at a time that suits you.
Leasing and Equipment Loans
Leasing, also known as Asset Finance is the purchase of equipment, machinery, small vehicles & trucks, mainly for business use.
It is basically a way of purchasing equipment, machinery or other assets without having to pay the full amount upfront, but in monthly repayments consisting between 12 and 84 months in most cases.
It is basically a way of purchasing equipment, machinery or other assets without having to pay the full amount upfront, but in monthly repayments consisting between 12 and 84 months in most cases.
Our Business Finance services include:
- Equipment & Machinery Leasing
- Commercial Hire Purchase
- Chattel Mortgage
- Operating Lease
- Novated Lease
- Finance Lease
- Car Leasing (Business Use)
What are the benefits of Leasing?When it comes to Leasing Equipment & Machinery for your busines, there are many benefits to it.. see below
Some Cash Flow Benefits for Leasing may include?
- In most cases a Lease can provide 100% finance which means you dont have to come up with upfront costs when purchasing goods
- When you start up a business , the equipment that you purchase may not reach full revenue potential for a number of years; therefore structuring repayments to suit the business is vital for cash flow.
- If your running a business which is seasonal or has irregular revenue, leasing has the to allow cash flow to be maintained in these times.
- The repayements can be 100% tax-deductible (you will need to seek independent financial advice from a certified accountant)
- Upgrading your existing technology to newer available resources.
- Easy monthly repayments.
Car Loans
Are you in the market for a new or used car?Do you want to buy a car for work, weekend trips or anything inbetween?GP Financeallows you to search, compare and apply from over 400 car loans.
- Pay a lower interest rate by using your car as security
- Stay in control with a fixed interest rate and repayments for the life of the loan
- Choose from weekly, fortnightly or monthly repayments
- Choose a loan term from one to five years
- Make extra repayments up to an additional $1,000 per year^
- Borrow from $10,000 with no maximum loan amount.
Personal Loans
Whether you're dreaming of a holiday, looking to make home improvements or need help with your wedding budget, a Personal Loan with us can make it happen.
- As personal loan experts, we'll work harder to make it happen.
- A loan specifically tailored to you, with fixed - variablerates and regular payments.
Deposit Bond
Are you in the market for a property but do not have the ready cash deposit to exchange contracts? Do you want to buy "off-the-plan" or perhaps at auction but want your hard earned savings to still be working for you?A Deposit Bond can be used instead of the traditional cash deposit for short or long term when exchanging contracts of sale for a property.
The product is easy to apply for and all you need to prove is that you can settle on the property you are acquiring
Let weassist you in finding the suitable Deposit Bond for short and long term arrangements in the marketplace.
The product is easy to apply for and all you need to prove is that you can settle on the property you are acquiring
Let weassist you in finding the suitable Deposit Bond for short and long term arrangements in the marketplace.
Personal Insurance
Risk insurance overview
When we think of wealth advice we often concentrate on investment strategies. While these are very important, it is equally important to put defensive strategies in place. Consider the consequences of not being able to work for a year due to illness or injury, or the death of the family's breadwinner. While nothing can compensate for the emotional loss that such a catastrophe causes, it is possible to minimise the financial loss to your family or business with risk insurance cover.
Term life insurance
Term life insurance provides a lump sum payment for your family to ensure that the plans you had for them can be achieved. It also enables the financialobligations of your business to be met.
Total and permanent disability insurance
Total and permanent disability insurance provides a lump sum payment if you suffer a sickness or injury and are permanently unable to work. This will help you pay the additional expenses that arise due to an ongoing sickness or injury.
Trauma insurance
Trauma insurance provides a lump sum payment if you suffer one of a list of major medical traumas. This will assist you to obtain the best medical and rehabilitation care, and change your lifestyle.
Income protection insurance
Income protection insurance provides a regular earnings replacement payment if you suffer a sickness or injury and are temporarily unable to work. This will help you maintain your lifestyle until you can return to work.
Business expenses insurance
Business expenses insurance reimburses the owner of a small, self-employed business for ongoing, fixed business expenses while the owner is unable to work because of a sickness or injury. Risk insurance might be particularly important if you carry debt, have dependants, are self-employed, or if your income would not continue if you were disabled as a result of an injury or illness. Don't risk the financial future of yourself, your family or your business - take action today.
Financial Planning
If you could achieve your financial goals by simply putting money away in the bank, you wouldn't need a financial plan. Unfortunately, life is a little more complex - it's hard to understand the intricacies of investment, taxation and ever-changing rules and regulations, so you need professional help.
Yet many of us resist seeking advice, as if our financial future weren't just as important as our health or our children's education.
We often decide to manage our financial affairs ourselves, or leave it to someone we know, which is a bit like buying vegetables at the butcher's.
Financial planning is a specialist profession and you should make sure that you're getting advice from a properly qualified person.
A financial planner will help you reach your goals; even if retirement may seem a lifetime away, the sooner you start planning the more likely you'llbe to achieve financial independence and peace of mind.
ReadYour Money Magazines story on how to find a professional financial planner with your best interests at heart.
Yet many of us resist seeking advice, as if our financial future weren't just as important as our health or our children's education.
We often decide to manage our financial affairs ourselves, or leave it to someone we know, which is a bit like buying vegetables at the butcher's.
Financial planning is a specialist profession and you should make sure that you're getting advice from a properly qualified person.
A financial planner will help you reach your goals; even if retirement may seem a lifetime away, the sooner you start planning the more likely you'llbe to achieve financial independence and peace of mind.
ReadYour Money Magazines story on how to find a professional financial planner with your best interests at heart.