Finance Knowledge Archives

Be Proactive with a Pre-Approved Home Loan

Posted on November 27, 2020 by Uniik Finance

Buying a home can often be a long drawn out process, where you can sometimes come up empty-handed in the end. A pre-approved home loan can help streamline this lengthy process and protect you from losing out on your dream home. A home loan pre-approval is a prior agreement with a lender to lend you a set amount of money to purchase a home before you have decided on or successfully purchased a home. Getting a pre-approval before beginning your house search has a large number of benefits, both practical and psychological, that make it worth your while.

Narrow Your Search

Getting your home loan pre-approved will let you know precisely what you can and can’t afford before you begin looking for a new home. When you get pre-approved, you are given a set amount you can be provided for your home loan. This allows you to refine your search to properties under that amount, saving you a lot of time that you can use for your property search.

Greater Confidence at Auctions

Knowing exactly how much you can afford to bid at an auction gives you a greater sense of security and confidence when making bids. This allows you to capitalise on any opportunities that present themselves at an auction with the peace of mind that you have already been approved.

Attractive to Sellers

The seller of property gets the same peace of mind you get when you have a pre-approval as they know you’ve already been approved for a loan. As a result, you are a much more attractive option than someone who offers a similar amount but still has to get approved for a home loan before they can purchase the home.

Getting a pre-approval for a home loan can take away a lot of the stress and work of buying a new home. It will give you more time to enjoy the excitement of finding a new home and the joy of purchasing one without the added worry of finances.

Our brokers have extensive knowledge of pre-approvals and can help you acquire one for your next property purchase. If you would like to learn more about credit score, please get in touch with us today.

Refinancing for Debt Consolidation. A Quick Guide

Posted on July 29, 2020 by Uniik Finance

Debt consolidation is the process of combining a number of different debts into a single loan, in order to help improve your overall finances and better manage your repayments. It may be a good choice for individuals who are struggling managing repayments for several debts or if you want to reduce monthly payments and lock in a lower interest rate. A mortgage broker can help you analyse your current financial situation and how debt consolidation can improve your situation.

There are a number of options available to consolidate all your debt.

Refinancing Home Loan

One option to consider when deciding to consolidate your debts is refinancing your home loans. Interest rates for home loans tend to be lower than other types of debts. Refinancing your home loan to include other debts, could mean a reduction in your overall monthly repayments.

Personal Loan

A personal loan may be useful for individuals who have multiple debts with high interest rates such as credit cards and other loans. Consolidating many debts into one may provide you with a lower interest rate and/or repayments, making it easier for you to manage your finances. With only one repayment to account for each month, it allows you to budget easier and gives you a clear date for when all the debt is able to be paid off by.

Credit Card Balance Transfers

A credit card balance transfer involves transferring the balance of one or more existing credit cards into a new one, usually in favour of a lower interest rate on the full balance. This could make it easier to budget and pay off in the long term. When searching, look for a card that still meets all your financial needs while still having a low rate. It’s a good idea to consider the ‘revert’ rate that will apply to any existing balance once the low rate expires.

When in doubt, speak to a mortgage broker who can help you research the best options for your current debt and what options will suit your current situation.

Getting a Home Loan as a Small Business Owner

Posted on May 28, 2020May 28, 2020 by Uniik Finance

Getting a home loan is already difficult enough but getting a home loan as a small business owner is even harder. Lenders like to see regular amounts of money coming in as it makes them feel less at risk. When you run a business for living your income can be anything but steady as its directly tied to the ebbs and flows of your business. However, there are some measures you can take to ensure that your home loan application results in a swift and smooth approval.

Have All Your Documents Ready

Your lender will need to see valid proof of your income from the last two years of financial documents. This can include personal and business tax returns, financial statements and a notice of assessment from the Australian Tax Office. Your lender then uses this to assess how well you will be able to service the loan based on your known taxable income.

Get in Touch with an Accountant

It’s possible you may be underselling how well your business is performing. A good accountant will ensure your financial records are accurate reflections of your business’s performance. Any unseen costs or changes in income can be confirmed with a letter from a qualified accountant to your lender.

Work with a Mortgage Broker

A mortgage broker will help you find the right home loan that suits you and your situation. Importantly, they will also negotiate with a lender for you so that any issues that might be an obstacle for approval will be addressed by the mortgage broker.

While applying for a home loan as a small business owner may be difficult, completing these steps will make the process a little easier.

If you would like to learn more about applying for a home loan as a small business owner, please get in touch with us today.

Why You Should Be Reviewing Your Home Loan

Posted on March 31, 2020March 31, 2020 by Uniik Finance

Once people secure their home loan, they often forget about it and simply pay their loan repayments till the end of the loan. This may seem fine, but the reality is you could be missing out on many benefits and savings by not reviewing your home loan regularly. We have put together a list of potential benefits you could get simply by reviewing your home loan every now and then.

Unnecessary and unused perks
When you first set up your home loan have been often extra benefits that are part of the deal. However, as time goes on these benefits may seem unnecessary and are no longer of use to you. Despite this, the rate you pay for your home loan will remain unchanged. By reviewing your home loan, you can refinance to a home loan that makes more sense to your current lifestyle and financial goals.
A change of circumstances
Our lives are constantly changing, whether it is personal circumstances, family or finance, changes in circumstances will always affect the suitability of your loan. Therefore, you should be reviewing your home loan whenever your circumstances change to ensure your loan is still suitable.
Get a better interest rate
While your home loan’s interest rate may have been competitive at the time you signed up for it, it may no longer be competitive against current home loan interest rates. Additionally, the interest rate you were offered was based on your past circumstances, you may be able to get a cheaper interest rate with your current financial history and situation.
Pay off your home loan faster
When you initially set up your home loan you may not have had the funds to afford a shorter home loan. However, if you are now in a better financial position, you may be able to pay it off faster by refinancing.
Due to these potential benefits, you could be missing out on, it is worth reviewing your home loan regularly to ensure your loan is still the right one for you.
If you would like to learn more about reviewing your home loan.

What You Need to Know About Debt Consolidation

Posted on March 16, 2020March 24, 2020 by Uniik Finance

Debt consolidation is the process of consolidating all your existing debt into a single loan rather than pay them off as multiple loans each with their rates of interest. On a surface level, it might make things easier to manage as you only have a single loan to keep track of repayments for. However, it can potentially make things worse for you if the interest rate of the consolidated loan is higher than the unconsolidated interest rates. As a result, there are a few considerations to keep in mind when considering debt consolidation.

Potential for getting deeper into debt

The greater amount of credit that you often get with debt consolidation comes with a greater potential for spending and acquiring even more debt.

Losing a home

If you merge all your unsecured debts with secured debt like a home loan, you could potentially lose your home if you aren’t able to pay off the new debt.

Review all interest rates, fees and charges

Make sure you’re aware of every little fee, charge and interest rate change associated with your consolidated loan so you know if you’re paying more. Often your consolidated loan may seem like it’s cheaper on the surface, but underneath there can be a lot of hidden legal fees, fees for paying off your loan early, application fees, valuation and stamp duty.

Debt consolidation can be a great way to help you manage all your debt. However, it’s not necessarily a cheaper way to do it. Ensure you speak to a broker to know if you’re getting the best deal you can.

If you’d like to learn more about debt consolidation and debt management get in touch with us today.

Hans is the most passionate and dedicated person to his work that I have ever had the wonderful opportunity to meet. He strives above and beyond to achieve the best possible outcome for his clients. He always finds the time to make himself available without hesitation and his bubbly personality and exciting nature will bring a smile to your face

YOLANDA christodoulou

I've had the pleasure of using Uniik Finance for many of my purchases, Hans' is always fantastic. He knows the business very well, he's very thorough and diligent to make sure a successful loan and settlement. Highly recommended.

D Dang

What can I possibly say about Hans And my experience with him!
Extremely competitive ,Professional and efficient
I recently refinanced my home loans where Uniik finance who did all the hard work of finding the best possible loan for my circumstances , when I realised my interest rate had become really uncompetitive due to my old lender not passing through rate cuts and even increasing my rates by small bits here and there over the years. By getting Hans to look into my portfolio and moving me to another loan provider who was able to reduce my rate from well above 6% to just 3.82 %, which adds up to a lot of dollars saved every year. The initial application with with Uniik finance was very easy.
There was no hassle and the time involved was well worth the savings!
Hans has been great to deal with, both through the application and with day to day stuff.Thank you again
Highly recommended.

Mena Abdelmessih