Many people in Australia have lost their jobs or had their hours reduced due to the covid19 pandemic that continues to unfold. If you are in this position, you may be faced with the question: What can I do if I cannot pay my mortgage?

Can I defer my home loan repayments?

The vast majority of the Lenders are giving home loan customers who have been affected financially a repayment pause of up to six months. As indicated by the most recent figures from the Australian Banking Association, one in fourteen mortgage customers have just conceded their repayments due to COVID-19. More than 443,000 home loans, worth more than $150 billion, have been conceded up until this point.

The Australian Banking Association has likewise declared that your FICO rating won’t be affected if you take a repayment pause.

In case you’re thinking about this choice, be aware that this could cost you in the long run.

If you keep your loan term the same at the end of the delay period, your repayments will also go up to take account of the bigger amount to be paid back.

In any case, if you still have a variety of years left on your loan, your repayments may not increase by a sum for every month.

As a theoretical model, if you have a bundle variable home loan from one of the major banks, Canstar research found that your principal and interest repayments will increment from $1,819 to $1,875 on average after taking a six-month repayment stop. This implies you’ll be paying an extra $56 every month overall. This accepts you have a $400,000 loan with an interest rate of 3.60% and took the repayment delay five years into a 30-year loan term and interest is promoted during the reimbursement stop.

Your bank may likewise give you the alternative to stretch out your loan term to keep your repayments close to their original pre-pause sum. In this scenario, you’ll be compensating your loan for longer and paying more interest on your loan in total.

What are some other options?

Some potential alternatives to a repayment pause include:

Reducing your payments to the minimum monthly amount, or an amount affordable for you.

Retrieving funds if you are ahead on your repayments and have a redraw facility, keeping in mind that fees may apply for redrawing funds.

Accessing your accessible offset balance if you have a balanced account.

Switching your repayments to interest-only for a period of time.

If you live in either the ACT or region, the territory, and state governments individually have mortgage relief schemes that may support you. These schemes give qualified people who are having experience with their home loan repayments access to interest-free loans to cover home loan arrears and certain future payments.

What happens if I can’t pay my mortgage?

While there are a few choices to explore if you are battling financially, ultimately, you can’t make your home loan reimbursements, your moneylender can find a way to get installment. to Money smart, your bank can send you a default notice allowing you 30 days to make the reimbursements you’ve missed, plus your regular repayment on your loan. If could not paid after 30 days, May lender can start legal action to claim the whole amount of your home loan. Your bank may be able to ultimately repossess your home and may sell your home. It may also recoup any exceptional amount by taking further action to claim your assets.

Where can I go for help?

If you are struggling to manage your mortgage repayments or other debt, you can contact a financial mortgage broker in Melbourne for help. You can speak to a financial counsellor for free by calling the National Debt Helpline on 03 9544 2642

Starting a business is an exciting dream of many individuals. Are you one of those enthusiasts? If so, you should put few things together before entering this highly competitive field. One of such important things to consider is a way to fund your business. Without a solid capital, you can hardly achieve your business goals. The most popular way to find capital for a startup venture is obtaining a business loan from a financial institute.  Knowing the importance of this scenario precisely, we extend our helping hands for entrepreneurs in obtaining their business loans quite easily.

How we help you

We are a team of experts who have years of experience in the business world. Other than just being a facilitator to obtain commercial Business loans, including commercial loans, we utilize our expertise to help clients to succeed in their businesses.

Get Expert Business advice

Before applying for small business loans, you should have a sound business plan with you. In general, financial institutes are highly concerned about the dependability of the business proposal you offer. With our business advice, you will be able to create a sound business plan and clearly display the vision to the lender. Apart from that, the advice of our panel would be an excellent assist for you to fine-tune your strategies.

Finding the best option

Upon your inquiry for a business loan, we assign a specially trained representative to handle your case. Making things easier for you, our representative may pay a visit to you to have an initial discussion about the process. After getting to know your exact requirement with precise information, the representative will analyze the situation and come up with the best possible solution with the best mortgage rates in the industry.

Knowing the competitiveness of the business loan interest rates, we make sure to find the most affordable packages for you with flexible terms and conditions.

Documentation

Being one of the most reliable mortgage brokers in the field, we are capable of creating accurate and clear documents required to obtain the facility. In fact, this is an extremely important part of the process you shouldn’t mess with.

Interest-only loans

Many entrepreneurs are highly interested in interest-only loans considering it as great support for a business to grow freely at the initial stage without worrying about large installments. Utilizing years of experience, our team will guide you towards such opportunities and stabilize your startup.

Continuous support

We simply don’t leave you after facilitating the loan. We continue to offer our support until you operate on your own. When you are looking for expansions and diversification, we will be there to help you with the best solutions at the right time.

This is simply your opportunity to grow and be your own. Enjoy the best mortgage rates with us and move towards success. Just leave us a message over the phone or via email and one of our special representatives will be in touch with you soon to assist you.

Building a home – or undertaking a significant basic structural renovation venture – can challenge even the best-set plans.

If you are building your home or redevelopment, you might be keen on getting a construction loan. But our construction project loans take a lot of stress out of the condition. Here’s an overall review of how they work and what to search for.

What is a construction home loan?

A reconstruction loan is a short-term loan used to subsidize the structure of a home or other development venture. This kind of home loan is helpful when you have purchased a plot of land and wish to fabricate your home on it indicated to your own boundaries.

A construction loan most ordinarily has a dynamic drop-down. That is, you get portions of the loan amount at different phases of development, as opposed to accepting it at the same time toward the beginning. You usually only pay interest on the amount that is drawn down, rather than all loan amounts.

If a construction project loan is taken out by a borrower who needs to build a home, the lender specialist might pay the funds straightforwardly to the contractor instead of to the borrower. The installments may come in portions as the project finishes new phases of improvement. Construction loans can be taken out to finance the recovery and reclamation projects as well as to construct new homes.

Of course, a construction project loan is just one potential source of financing for your project. The Federal Government recently revealed its Home Builder scheme, which will give qualified home-buyers and existing owners grants of $25,000 to construct or substantially renovate their home.

What does it mean by ‘standard’ home loan instead of a construction loan?

You might have the option to utilize a standard home loan if you have positive equity in a current standard home loan. You’ll undoubtedly need to have enough value to be able to obtain the amount that you need without utilizing your to-be-developed house as security.

Furthermore, if you have enough value in a loan on the block of the land itself or indifferent resources such as venture properties, then you may be able to borrow the funds for your development, regardless of whether logically or at the same time.

A potential bit of leeway of doing this is you can pay development costs as and when they fall due, including littler accidental expenses en route. This might be a bit of leeway for proprietor manufacturers or the individuals who are DIYing some bit of the development.

You can likewise consider renegotiating a development loan into a standard home loan once your house is completely assembled. You might have the option to discover a lower rate by looking at your alternatives.

How to Apply & Get Construction Loan?

Getting endorsed for a development advance is an alternate procedure for applying for a standard home loan for the current home.

You’ll commonly need to give the moneylender archives, including board plans and allows, a duplicate copy of your fixed-value building contract and any applicable insurance.  You’ll additionally be dependent upon ordinary loaning models, so will probably need to give subtleties of your pay and costs.

The loan specialist will also require further valuations and inspections during the project.

In the event that your credit is endorsed, your bank will give you an advance offer. You will at that point need to make a store, as you would with more different kinds of home credits. This goes about as secure at this phase of development. A bigger store can assist with persuading your loan specialist that you are a safer borrower

How do lenders charge interest on construction loans?

When you get a construction home loan, your bank/lender will only charge interest rates on the amount of the credit that was drawn at a specific stage of construction development. For example, even if you get an endorsement for a $200,000 construction loan and have only used $100,000 so far, interest will only be charged on the $100,000 which you’ve used.

Throughout the whole construction project, the loan remains interest-only. Toward the finish of the development of the house, you may inquire as to whether you can proceed with an interest-only scheme. You can also change your loan to principal and interest.

Some homeowners choose to either refinance their construction loan after the process is finished or use an end loan. You can likewise convert the loan to a standard mortgage when the home is fully constructed.

As should be obvious, building a house isn’t without its difficulties – financial and otherwise. There are advantages and disadvantages to both structures building a home and buying a current home. Getting the right loan structure in place, though, can help to smooth the process.

Home loan rates are among the least on record after the Reserve Bank of Australia (RBA) has sliced the money rate recently, and even with it being unchanged at 0.25% for July month. Lenders have been encouraged to reduce the rates, cost of mortgages and are now intensely challenging for new businesses. Some banks in Australia are offering rates below 2% for the first time, while the huge four races contend.

Refinancing a home loan means getting a new loan from another Bank/lender to pay off an existing one and replacing it with a new one. Refinancing your Home Loan makes sense when a new lender – offers the lowest Interest rate offers a higher loan amount permitted.

There are a couple of ways that mortgage holders can approach refinancing, however, it could be a smart thought to start by working out what you’re paying right now, then making some inquiry into what interest rates are currently on offer.

1. Know your Mortgage:

   Record the essential details of your home loan, such as what interest rate, your lender is right now charged, hat your month to month reimbursements are, the loan rates and charges, and an estimate of how much the loan will cost you. A mortgage repayment calculator could help. It could also be useful to know how much equity you have. Terms could differ depending on if the mortgage is for an investment property or a home.

2. Research home loan rates:

   Use 7mortgage Loan calculator tool to compare loans. The tool allows you to check out Budget Planner, Home Loan comparison, Leasing, Property buying and selling rates, and compare rates and a calculation of what the monthly repayments on each of them could be.

3. Negotiate for a better deal:

   Since you have a decent picture of what is on offer in the current market, it could be worth inquiring about your existing lender if it can give you a superior home loan interest rate, or offer any special benefits.

   The lowest rate isn’t the only factor to consider when making a decision about an advance. Different elements could play a part, such as if it comes with any characteristics, such as an offset account or redraws service, additional charges, or comparative considerations. Consider if you need to seek proficient financial advice

There are numerous reasons that homeowners may choose to refinance home loans.

Money-Saving: Refinancing could enable a borrower to exploit a superior of a better deal, such as a lower interest rate, which could possibly save thousands of dollars’ worth off?

Restructuring: It might be conceivable to, for example, move from principal-and-interest reimbursements to interest-only repayments.

Consolidating debts: In certain conditions, it might likewise be conceivable to consolidate multiple debts into the one home loan while choosing a refinancing option. It could be insightful to think about financial advice before doing so, however, as there can be dangers related to this.

Talk to your lender to consider your options. Instead, you may consult with mortgage brokers in Melbourne, who may be able to help you find the best mortgage and rates in the market that fits your needs.

If you dream to own your own car, how are you going to pay for it? Do you need financial assistance?  Does all the paperwork, rules, and conditions that the banks insist you comply with make it seem too hard to go ahead? Your search is over as you just landed on the perfect place to find the most affordable and flexible car loan quote or comparison schemes to match your needs.

We understand that different people have different financial backgrounds and still want to own a car. Understanding this practical situation, we offer our financial assistance under three major categories.

General Car Loan

If you have no trouble whatsoever with your credit history and possess a steady monthly income, you can easily obtain a new vehicle loan or used car finance under this category. Our attractive loan schemes will allow you to purchase either a brand-new car or a used car no matter if it is from a dealer or a private seller at the most competitive rates possible.

Auto Refinance

You’re paying off your current car loan and find that the going is a bit tough. Then auto refinance may well be the perfect option for you.

Given your current loan payments are up to date, we may be able to refinance your current car loan and reduce your repayments to make life much easier for you.

A simple phone call and one of our representatives will walk you through the auto refinance facility and have you enjoying your car without the worry of high payments. We will support you through the process and you will enjoy your cheap car loan with the lowest interest rates and the easiest payment plan that we can provide.

Bad credit Car loan 

You have got a bad credit history? Do you want to get a car? Our car loan broker, 7 Mortgages will help you get a pre-approval for your proposed purchase.

How? With our expertise in the finance industry and the effort we put into your scenario we will have the maximum opportunity to get you approved for car finance for the lowest interest rate despite the fact that you have a bad credit history.

Bad Credit Car Loans

Having Bad Credit history may be no longer a burden in obtaining a car finance facility!

With our experience in the industry, we have realized that there are many, many individuals with bad credit history who still need to replace their current car or purchase a new one.

 Our firm belief is that everyone, even those with bad credit history should be able to enjoy a loan based on car loans for people with bad credit history.

We have a very deep experience in obtaining a car loan with bad credit.

Our depth of experience and our belief that car finance with bad credit should not keep you on the team will ensure you the best opportunity to succeed in your application.

To ensure the best opportunity, we will thoroughly assess all financial aspects and guide you through the process to give you the best opportunity to achieve a bad credit card finance loan.

Once we are successful in obtaining your credit card finance we will continue to keep in touch to ensure your bad credit loan results in you having the best opportunity to repair your bad credit card loans history and set you on the path of no longer having to apply for a loan with bad credit card finance.

Once again, our belief and motto is that “everyone deserves another chance”.

Contact us today and start the process of obtaining your auto loan!