Investment Archives - Uniik Finance

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.

What is a Construction Home Loan?

Posted on March 11, 2020March 16, 2020 by Uniik Finance

A construction home loan is a home loan that is designed for people wanting to build their home instead of purchasing an existing one. As a result, it has a unique payment structure where you only borrow in stages as more progress is made on the construction. This varies from loan to loan, but the usual payment structure is based around the completion of five stages:

The Foundation, includes levelling, plumbing and waterproofing
2. The Frame, including brickwork, roofing and windows
3. Lockup includes external walls, windows and doors.
4. Fit-out, includes inside fittings and fixtures, plasterboards, cupboards, benches, plumbing, electricity and gutters.
5. Completion, this is the final amount that is paid out from the loan and usually includes the completion of contracted builders and equipment, plumbing, electricity and overall cleaning.

You only pay interest and repayments on the funds you have actually used so far. Therefore, if you have only completed the foundation so far, you only pay for the foundation and the frame once you start work on the frame. The full amount that you are able to borrow for the construction loan will partly be based on the final value of the completed construction.

It is possible to use a standard home loan for building a house. The disadvantage is that you will have to start paying interest and repayments for the entire loan from the first day.

A construction home loan may be a worthwhile option if you are considering building your new home instead of buying an existing one. However, they differ greatly from a standard home loan, so it is worthwhile talking to a mortgage broker to learn more.

If you would like to learn more about construction home loans, contact us today.

Can you afford an Investment Property?

Posted on March 6, 2020 by Uniik Finance

An investment property can be a tempting proposition to a budding investor. It’s one of the most stable and straightforward investments you can make and the opportunity for passive income from rent exists. The downside is that not everyone can afford an investment property because of the massive amount of money required for the deposit and monthly loan repayments. Here are some of the factors that need to be considered when determining if you can afford an investment property.

Identify your priorities

You need to know before you purchase the property of how it’s going to impact your budget and financial goals. You may have to make sacrifices in other areas in order to afford an investment property. If this is a problem for you then you may need to rethink your priorities before you consider yourself able and ready to afford an investment property

Determine how much you need for a deposit

Ideally, you want to save at least 20% of the property’s value as most lenders won’t allow you to borrow more than 80% of the property’s value unless you pay for lenders’ mortgage insurance. When you’re already taking on a massive investment, you don’t want to pay for unnecessary insurance too. Being able to afford a 20% deposit is a big factor in being able to afford an investment property.

Compare homes across different areas

While you may not be able to afford an investment property in your State, it is possible you may be able to afford one in another State where prices are significantly cheaper. Therefore, it’s worth considering the house prices across the country before deciding if you can afford an investment property or not.

There are a number of factors that need to be carefully considered to determine the affordability of an investment property.

If you would like to learn more about investment properties and whether you can afford one, contact us today.

The benefits of refinancing your home loan

Posted on March 6, 2020March 6, 2020 by Uniik Finance

If you weren’t thinking of refinancing your home loan, you may want to think again. There are many benefits to refinancing that you may want to consider the next time you review your home loan. Refinancing may just be the last key to the puzzle of achieving all your financial goals and saving thousands of dollars.

Reduce your monthly loan repayments

If you refinance to a home loan with a cheaper interest rate you will be able to reduce your monthly payments and your overall mortgage balance, saving you thousands of dollars in interest.

Improve your new home

With the extra funds available to use from lowering your interest rate, you can fund the cost of any renovations or constructions you would like to make on your property without taking out another loan.

Consolidate your debt

One of the options you have when you refinance is to be able to consolidate all of your debts into one loan which makes it easier for you to manage multiple payments.

Potential tax benefits

By refinancing to another loan and using the savings to invest you can potentially take advantage of potential tax benefits such as negative gearing and depreciation benefits. Due to all the potential benefits of refinancing your home loan, it is a choice worth considering. A mortgage broker will help you unlock these benefits by finding you the best home loan for you possible.

If you would like to learn more about refinancing your home loan and the benefits of doing so, please get in touch with us to day

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