Are you considering the services of a finance company? There are various companies in the industry like SHL Finance, but you should also be aware of the different services available. People who avail of such services have different goals. In 2018, the number of Australian billionaires was over 40, according to ABC.net. Whether or not your goal is to join their ranks, it is important to know some key services offered by finance companies:
Home Loan
Studies show that about one-third of Australian homeowners have a mortgage, according to the Australian government. This is a big investment and one of the biggest loans that people often opt for.
Thus, if you are deciding whether or not to get a home loan, it is important to pick the right company. Take the time to consider various issues like mortgage products, interest rates, and customer service.
One of the main concerns is that the settlement process should be as smooth as possible. Studies also show that “mortgage stress” is increasing among homeowners. This is due to the process of borrowing a huge sum of money plus interest being very stressful.
A sensible option is to hire the services of a broker. They can find the perfect mortgage for your needs. This also helps provide personalized service since he or she will be teaming up with you to find a home loan.
Refinancing
This is a way of securing a new mortgage to pay off other loans. There are various reasons why people choose to refinance their home, including they:
- have a different financial situation than before
- want to make home improvements to boost property’s equity
- wish to get a better deal on their existing mortgage
Reverse Mortgage
This is a kind of loan in which a person at least 60 years old can borrow against their home equity. It allows them to receive payment through:
- Monthly payments
- Lump-sum
- Line of credit
What’s the main difference compared to a standard or “forward” mortgage? A reverse mortgage does not require them to make any payments. Instead, as the loan’s name suggests, they actually receive money based on their home’s equity.
The person must repay the loan in certain situations. This includes when they sell the home or move away permanently. Thus, you could take out a reverse mortgage for short or long-term.
Reverse mortgages have some practical functions. A key benefit of these loans is they provide seniors with instant cash. It is also practical for people whose net worth is mostly tied to their homes. In these situations, it is very practical to borrow against their home’s equity.
Auto/Boat Loans
Over 7% of Australians are paying off an auto loan, according to the New Daily. Boat loans work similarly but often have a significantly larger price. While more consumers can afford vehicles than homes without taking out a loan, many people still secure auto loans.
Besides the actual loan amount, other important factors include the down payment, loan period, and interest rate. A finance company can help to negotiate the best deal, which can help to provide major savings.
Boats are generally more of a luxury item than automobiles. However, whether you are using the boat for business or recreation, a broker can help to find the best deal.
If you need a loan for a home, boat, or auto, financial services like SHL Finance can help. Their brokers consider various factors to get the loan you want and deserve.
