Selecting a Lender and Product

Selecting a Lender and Product

At the Finance Fitness Store our goal is to get you into the right product, so that you do not need to go through the process to refinance in the future.  Our processes to get you with the right lender and correct product are more scientific than Eeny Meeny Miny Moe.  This is the process we use to present you with available Lenders/products to meet your needs;

Our Fact find will cover the following applicable points;

  • Understand your current requirements for the need for borrowings, this could be anything from refinancing your current mortgage, purchasing a new property or / investment property, looking to increase your current mortgage to renovate your existing home or consolidate a few existing debt facilities.
  • What will be your contribution / equity be as part of the borrowings?
  • Understand your current income and family situation, are you single or in a relationship and have children?  What is your occupation and the nature of your employment, employee or self employed.  Are there any plans for this to change in the immediate future?
  • What is the value of your assets / wealth?  ie current property, investment property, car/s, house contents, superannuation etc
  • What are your current financial commitments, current mortgage, investment property mortgage, any personal loans, HECS/HELP debt or any other credit facilities such as credit cards or store cards?
  • How much are your current monthly living costs, and will your circumstances change in the immediate future causing your living costs to change?
  • What are your prime criteria, a low rate of interest and fees , or is there something else?
  • What other features are you looking for from a credit facility, offset account, flexibility of redraw, a line of credit…
  • Do you have a preferred lender you like?
  • If not what type of lender are you looking for, a lender with a branch network, access to an extensive ATM network (fee free), a robust website that allows efficient electronic banking, affiliations with organisations (Frequent flyer points etc).
  • What are you longer term aspirations, ie is it likely in the future you may wish to use the equity in the proposed property for other purposes, such as an investment property, or a parental guarantee?

From all of this information, we prepare an initial short lists of potential lenders and products that will meet you criteria.  From this list we then perform a detailed analysis to find those few Lenders and products that we know will best meet your needs.  Ideally this final list will contain at least 3 or 4 Lenders or products.  However on some occasions it may only consist of 1 or 2 Lenders / products given your requirements.

While we like to conduct the initial fact find in a face to face situation, it is however possible to do this via email and telephone or over Skype.  Normally in a face to face situation the detail required can be covered in 45 minutes.  This information can then be turned around within 24 hours, with a meeting to formally go through a presentation to allow you to make your selection and then an application can be lodged.

So if you are looking at your options give us a call on 1300 39 39 20 0r send an email to john@financefitnessstore.com.au  and we will be able to quickly assess your available Lenders / products.

 

 

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