Month: October 2021

Temporary Resident Home Loans

It is a dream for many to take a trip to Australia to stay a while and enjoy the scenery, the environment, and the culture that most can only admire from afar. But if you’re looking to stay a while, whether you’re on a 457 working visa or a spousal visa, you can apply for a temporary resident home loan and have a mortgage-financed home while you stay!

First off, make sure you have your visas properly squared away. Obtain the correct visas for your situation, whether it be a 457 visa sponsored by an employer in Australia, or a spousal visa. There are four different kinds of visas, including residence, temporary residence, migration and visitor, so make sure that you have the proper visa in order to obtain a mortgage finance or home loan for property in Australia. Once you have your visa taken care of, it’s time to apply for approval through the Foreign Investment Review Board. The Australian Government understands that foreigners traveling from abroad enjoy purchasing property on their land. In turn, the Australian Government wants to ensure that if a foreign citizen is buying property in Australia that it is of benefit to the surrounding area, neighborhood and community. Whenever a foreign citizen is applying for a real estate loan or non-resident home loan during their stay, it must receive Foreign Investment Review Board approval in order to pass. This review by the Foreign Investment Review Board can take around thirty to forty days to be processed and approved, and this process does not need to be done if you are buying the property from a developer in Australia that has the FIRB approval letter to show foreign citizens are allowed to purchase the property.

Once you have the Foreign Investment Review Board approval, you can now finance your new property investment in Australia. Now, in regards to financing your property purchase from afar, you can take care of your mortgage from outside the country, but you can also take care of it once you get to Australia as well. If you’re doing so, be sure to bring a copy of your credit report and history, along with any letters of recommendation from your current bank and investment companies. This will not be fully relied upon by Australian or UK banks, but it can definitely help your case for a mortgage finance in Australia. Financing mortgages no matter where you live can be confusing, and it is especially important to know your numbers before applying for a home loan in Australia and fully understand the terms that may be brought up during your application. For example, it’s a good idea to understand the term LVR, or “Loan to Value Ratio.” Mortgages can range from 75% LVR to 95% LVR, with percentages in-between. Let’s say your LVR with the bank you are applying for mortgage finance with is 90% LVR. This means that if you are financing a mortgage on a property …

Are Your Finances in Order? Time For a Checkup

With so many things having a yearly checkup, such as your pets at the vets, your car at the service centre and a health check for private insurance, it’s about time you thought about something that gives us all a grey hair too many, your finances and did a financial checkup. After all surely you would want to know if everything is alright and if you are on the right path?

A checkup of your finances will enable you to see if you are on the way to delivering your personal objectives and goals. For example you may be saving for a new car or a deposit on a house or paying off a loan, this is the perfect time to see if you are achieving this and if not, what changes you need to make to combat this and take control.

A good time to do your checkup is before the end of the tax year in the UK which is the end of march, so any time from the start of the year to end of February are good times for doing this. It will also help if you need to do a self-assessment or file any company returns as well.

First, get your plans out from last year and review the objectives you set. Did you reach your goals? If you are not there, then why not and what happened to prevent you? It may be a good idea to re-timetable your goals and think about what you can actually achieve this year. For example you may have had to start paying for an unexpected expense which has hindered your ability to pay off a loan. Think about what you can do to achieve your goal of paying your loan off. Can you make savings elsewhere, like on takeout or expensive gym memberships which you are not using? Write these goals down and even list milestones that will help you on your way to achieving your main goal. Rome wasn’t built in a day remember!

You also need to look at your personal circumstance, what has changed? Have you had a new baby? Did you move jobs, or get made redundant, retire, get married or divorced? These events on their own can quickly change your goals and financial dreams, you may need to re-address your budget and goals and look over your investments such as your ISAs in light of your circumstance. For example if you got married you and your spouse may be saving for a new home and so this may be your main financial consideration.

It is also good to look over and amend your insurance policies such as your car, home, health and life insurance. Ensure that major changes to your circumstance are reflected in them. Most people don’t think to do this, for example if they buy new furniture or assets then their home insurance should rise. Shop around if you are not …

What Are the Alternatives to Bank Financing For a Car Loan?

These days there are many alternatives to bank financing when looking to secure a car loan. When thinking about getting a loan, we typically think “The Bank”. But a majority of us just can’t get approved at the bank or have to jump hoops to get the bank to do anything at all. There are many lenders in the market that offer car loans at the same rate or even better. These lenders are normally associated with pre-owned vehicle dealerships and are very strict on their selection of used car dealer partners.

Being part of the business, I have seen multiple lenders come and go. These days, the banks have even setup and purchased existing financial institutions that specialized in car financing. The banks had found that there was a lot of business that they were not retaining and being swallowed up by third party lending companies. Now, when dealing with some third party finance company, you may be dealing with a major bank and not even know it.

Most lenders align themselves with new and used car dealerships. The dealerships have to meet specific requirements to be allowed to offer financing to consumers and even after they meet these requirements, their past track record is also looked at to be able to have an approval from the bank.

If you are looking for an alternate to banks for a car loan, visit some of your local used car dealerships and ask them how many different lenders they have. Typically, a well established dealership with a good history with have about 8 lenders. If they don’t have all major banks, then they may have lost the lender due to activities that were not favored by the bank. Use extreme caution when financing with these dealerships.

In Ontario, Auto Funds has 9 different lenders and work along side reputable dealerships to accommodate all the needs of the consumer. They are considered auto loans Ontario specialists. If you have an questions, their finance professionals are always willing to help!…

Placements in MBA Colleges

People invest huge sums to pursue management in the best B Schools to learn managerial skills in a simulated business environment to ultimately be placed in a good multinational corporation. Placement is one of the most important criteria to take admission into a particular MBA college. After doing considerable research and depending upon their performance in the entrance exams, students take admission into only those colleges which are reputed for good placements and excellent industry interface.

An MBA degree opens up new vistas to business professionals to get jobs in almost all sectors. These include marketing, finance, banking, legal, insurance, sales, information technology, management consulting and many more.

Nowadays most organizations look for an MBA graduate who has specialized in a certain field to take up a job. But still having an MBA tag in front of your name is not a sure shot way to get a high paying job as there are many students who enroll in post graduate management programs. Apart from this companies also look at a number of other aspects of their prospective employees, as they have become conscious about the fact that they need to hire the best candidates in order to see their business rising.

Many MBA College offer in house placements. Certain top B- schools also have tie-ups with certain. There are others also which allow their students to go in for pre-placement offers which means that the student may join a company, provided he has the call letter anytime after the third semester. In this process the person is allowed to take exams of the fourth semester.

The top-B Schools of India which have the MBA career placement services organize MBA job fairs and maintain active links with reputed business organizations. This gives the student leverage and also the B-School which offers such placement services become really sought-after. Carrying out such fairs and maintaining liaison with organizations is a job of the in-house placement cells of the B-Schools.

The MBA placements for the last 2 years have not been doing too great. The volatile market conditions are to be blamed for this. However, recession seems to be making its way out now and organizations are again on a look out for people who suit the positions well. So pursue any MBA or PGDM, whether it is MBA in Marketing or MBA in HR from a top rated B- School and open up the corporate world for yourself.…

Unsecured Loans For Personal Consumers

Unsecured personal loans are loans given to individuals based on the strength of their credit. The fact that they are unsecured means that they are not supported by any collateral – as is the case with a mortgage or a home loan. These loans come in a variety of forms, from credit cards to lines of credit, but they carry various strengths and weaknesses over other types of borrowing.

Interest Rates

Depending on your personal credit, the rate for an unsecured personal loan may range from reasonable to very high. These rates are generally higher than the rates associated with secured loans because in those loans, the lender has something of value that can be acquired and sold if the borrower fails to properly service the debt. Even though the collateral may not fully cover the amount of the loan, and the process of acquiring and selling the property is often complex, time-consuming and expensive, it is still able to afford some protection to the lender. In the case of an unsecured personal loan, the lender has no recourse against the borrower other than simply obtaining a judgment to affect the repayment.

Credit cards are example of unsecured personal loans and demonstrate the often high rates that lenders may charge. The credit card company can charge fees, impose penalties, and send you to collection, but ultimately the process of “forcing” a borrower to repay the balance held on a credit card is usually prohibitively expensive. The credit card company would rather sell the debt to a collection company that has calculated the probability of getting paid, than run the risk that they will get nothing.

The Benefits

If you have carefully protected your credit and been a responsible borrower, obtaining unsecured personal loans is relatively easy. Under the current economic landscape, it has become far more difficult than it ever was in the past, but this type of loan can still be obtained. Unlike a secured loan, which requires various conditions relating to the securing property, unsecured loans are unfettered by these restraints. Borrowers wishing to use this type of loan should understand the advantages and drawbacks before proceeding.…

How Guarantor Loans Can Help You Get Credit

Those who have bad or no credit may find it increasingly difficult to obtain credit or loans. Creditors are often unwilling to give credit to those in situations such those with little to no credit history or poor credit. Assurance can come in the form of a deposit such as with secured credit cards or with a guarantor loan. Whether the guarantor loan is provided by friends, family or a third party company, any credit awarded should be used responsibly and repaid in a timely manner to avoid negative credit ratings.

A guarantor loan means that a third party has guaranteed that should the person obtaining the credit cannot pay or defaults on the amount owed, the issuing company will receive funds to settle the debt. This method of getting credit is used after being turned down when applying for credit cards or loans in order to obtain the desired funds. This is often used by college students in order to pay for tuition, books and other expenses associated with student living. A third party will make promises to pay the amounts needed should the loan or credit be defaulted on.

The third party necessary for a guarantor loan may be a business or a friend or family member. In order to qualify as a guarantor, the person or persons acting as third party need to have a good credit rating and have income that meets the guidelines established by the company offering the credit or loan. Having a guarantor to assist in getting credit does not guarantee that the application will be approved as the third party is subject to the same approval process and can be turned down if they do not meet the guidelines.

Just as college students may seek guarantor loans to get credit, so might young adults seek a guarantor when beginning to establish a credit history. This is most often done by a parent on either a credit card or car loan in order to help the young adult be able to gain approval from the issuing company. By doing this the young adult is able to increase or create their credit history and will be able to gain credit on their own after a time period of good payments have passed.

A guarantor loan may also help with getting credit after a divorce or bankruptcy. In those situations the guarantor will assure the company that the credit will be paid for if the person responsible does not. This can help rebuild a positive credit score, especially after a bankruptcy.…

4 Useful Tips To Help You Shop For A Mortgage

Shopping for mortgage is a serious business. Individuals have to remember that once they avail of a mortgage, they will be bound to it for the next ten years or so. Hence, it’s crucial to find an offer that a person would be comfortable in. That being said, following are 4 useful tips to help you shop for a mortgage.

Know the Current Interest Rate

Individuals should first find out exactly how much the market interest rate is. This will serve as the basis for browsing through different lenders and talking with them to allow the possibility of a decreased rate. This can be done by browsing through the internet or perhaps checking out the newspapers. Ideally, homeowners should find out the interest rate for different lengths of loan such as 15 years, 20 years or even 30 years.

Know the Down Payment

Most lenders today ask for about 20% of the home’s value for down payment so make sure to find out how much it would cost exactly. The good news is that 20% is not fixed so shoppers have the option of lowering it down or perhaps looking for other providers for their loan. Of course, the cost of the down payment also varies depending on the length of the loan so it is always a good idea to ask this from the lender.

Browse AND Compare

The great thing about shopping for mortgage nowadays is that it can be done using the internet. Take advantage of this fact and start sending inquiries to different lenders, asking from a specific loan type and the length of the payment. Individuals have the option of going for a fixed or variable interest rate. A fixed one means that the individual would be paying the same amount every month while a variable type means the payment may go up or down depending on the market. Ideally, borrowers should obtain as many quotes as they can, at least 10 would be a good starting point. From there, a thorough comparison should be made between the mortgages before slowly dwindling down the list to match the person’s requirements

Always Negotiate

This is probably the most important. Lenders can be very flexible when approached properly. Hence, borrowers should make sure that they try to at least introduce their ideas on to the table and see if the lenders would be willing to adjust to their needs. This is why having a basis or browsing as many lenders as possible is important. This lets the borrower know how low they can negotiate to their chosen lender. At the same time, they will know exactly how much the highest interest rate is and therefore be informed if the lender is asking too much from them.

Of course, there aren’t just 4 useful tips to help you shop for a mortgage. There are other strategies out there that individuals can use to finally get the home they …

Are 0 Interest Credit Cards Really For You?

I personally don’t own a credit card. I plan never to do so because my parents told me about how the interest can kill you. They always warned me to pay in cash and only use any type of plastic when it’s absolutely, life-or-death necessary to do so. I guess they had what one would call a “really bad experience” when it came to this that left them one string short of being traumatized when it comes to credit cards. My mother keeps repeating that “interest can kill you”, and of course she meant that figuratively. The lowest interest rate I’ve heard of, if I remember correctly, is 2.5% from this call center vendor on the phone. I passed that call to my dad and he promptly pushed the off button on that wireless handset. He assured me that Americans do that all the time and the call center agent will be fine.

Ever since then, I never even considered getting a credit card. Aside from interest, I also learned the term “hidden charges” that print the additional charges in very tiny fine print in a supposed “no extra charge” offer. I also learned about “penalty fees” from banks that charge you insane amounts of money for being late for a payment. Cards have both of these, and being a major cost-cutter, I kept away from owning any type of rectangle piece of plastic that to me, had “debt” written all over it.

When I learned about 0 interest credit cards, alarms in my mind went off and I was very skeptical. There is, of course, no such thing. I was taught that the bank makes its money from interests, hidden charges and penalty fees. So this either had to be a scam or a very well thought of ploy to entice those scared to death by interest, like myself, to avail of a card. A little research already affirmed my suspicion; if the bank didn’t charge you interest up front, it will with the products you buy with it.

Assuming you availed of this certain 0 interest credit card, and you buy a fridge with it. As you pay by card, this means you pay in installments, and they charge you monthly for that fridge. The bank doesn’t charge you interest since you got 0 interest credit cards, but taking a closer look at how much you’re paying for with that 0 interest credit card and adding up how much money you’ll lose by the end of this transaction, you actually pay more. Why is that? The product itself has interests to pay for, and some if not all of it goes to the bank. If you pay in cash, however, you stick with the original price of the product, without any extra. So if you pay by card, that 12,000 fridge will then be about 14,000 or 15,000 in the long run. Just add up how much they charge per …