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Frequently Asked Questions

These are the most common questions we hear
If we haven’t answered your questions or queries below please feel free to give us a call

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Home Loans

Asset Finance

SMSF

Medical & Veterinarian

Pharmacy

Professional Services

Home Loans

To fix or not to fix?
How many extra repayments are you going to be able to make over the fixed rate term, as you would want to have at least this amount on variable and then fix the balance as most lenders will only allow you to pay an extra $20,000 per year on a fixed product.
How does the offset account work? My Friends said I need one!
Think of it this way anything you have in the offset account is like it is sitting in your loan account and you don’t pay any interest on those funds.

You will need a substantial amount of Savings sitting in your offset for it to have any bearing on your repayments. You don’t earn any interest on  the fund sitting in your offset either.

Asset Finance

Can I finance the full cost of the car or piece of equipment?
Depending on the type of finance you take out you can either finance the full amount, put a deposit in which reduces your monthly payments.
What is a residual?

A residual is a balance at the end of the finance term that needs to be paid.  The residual is used if you are going to sell the asset at the end of the term and it will have a value which we match with the residual amount.  

By having a residual it reduces your monthly repayments.

SMSF

Does my SMSF loan have redraw like my home loan?
No, on a SMSF loan you are not able to redraw any extra repayments you make.
Can I use the equity in my property as I pay off my loan to purchase another property?
Each property in your SMSF is considered a stand alone asset and you are not able to use the equity of a property to purchase another property.
Can I make extra repayments?
If you have a variable rate loan you are able to make unlimited extra repayments at any time.

Medical & Veterinarian

I want to purchase the commercial property my surgery is in, how much deposit do I need?
We have lenders who will lend you 100% of the purchase price, so all you need to cover is your stamp duty & fees.
I want to purchase a established practice, how much deposit do I need and how long to pay the loan off?
We have lenders who will lend you 100% of the purchase price, so all you need to cover is your stamp duty & fees.

Loan term up to 10 years.

Can you help me with funds to purchase Specialised Medical equipment?
We have lenders on our panel able to assist call us for more information.

Pharmacy

How much will the bank lend me?
The bank will generally lend between 75-80% of the business valuation.

They will consider lender at higher levels with extra security

What term do I need to repay the loan in?
Generally between 10-15 years depending on the lender.
The pharmacy is old and run down, how do we pay for a fit out?
We would arrange a progressive draw down asset finance and draw funds down as invoiced by the shop fitter and then once finished convert it to a asset finance product and have it paid off in 5 years we can also help you fund specialised equipment.

Professional Services

Can I borrow against the practice to buy into the business?
Yes we are able to use the equity of the business to assist your purchase, depending on level of debt required and debt already on the business
We want to purchase another business, how can we fund it?
We can use your existing business and the new business and borrow against both to complete the purchase.

What you can borrow is calculated on the adjusted net profit of both businesses.

Can I make extra repayments?
If you have a variable rate loan you are able to make unlimited extra repayments at any time.