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FAQ's - we have put together some of the most commonly asked queries. Of course, these are general answers, which don’t take into account your specific circumstances and should not be taken as financial advice.
Tips to follow BEFORE applying for finance
Tips about defaults
Q: If I have defaults on my credit file does this mean I won’t get a loan?
A: The short answer is NO – but it does make it harder to get and limits the number of lenders that we can approach.
Q: Can I get a loan if I’m bankrupt?
You may be able to get a loan if you are a discharged bankrupt or even if you are currently bankrupt. Keep in mind you will be more limited in terms of the lenders you have to choose from and the fees and rates will also be considerably higher on bankrupt loans. You may also be required to attach an asset as security or apply with a guarantor. Find out about your loan options below and see what you might be eligible for.
Before you apply for a loan while bankrupt…
Tips about loan repayments
If at any stage you have trouble paying your loan always keep the finance company informed. Good communication makes a difference. Discuss the matter with the finance company and they may be able to help, for example by extending the loan, lowering the repayments or offering you other terms to assist you with your current hardship. Lenders are real people too, and they do not like to hassle their clients unnecessarily - as they want these people to be ongoing customers.
Tips for a Good Credit Rating
Always pay your loan on or before the due date. If you have a credit card with a limit of $500 and it’s due on Monday and you pay it on the following Thursday (because that’s when you get paid) that will give you a bad credit rating – so always make sure make your payments on time. If you are renting and continually paying your rent after the due date - you will get a BAD rental record which can effect your ability to rent a home. Most people do not realise that a great rental record can be used by some home loan lenders to substantiate a "genuine" savings record. A loan or rental record should run for at least 12 months to establish a sound loan on-or-before-time repayment history. If you combine these factors you will be well on the way to having and/or maintaining a good credit score.
At RedCap Finance Brokers (EZ Finance) we aim to get you the most competitive loan based on your personal circumstances and financial behavior from our panel of lenders.
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REMEMBER: When it comes to protecting your Property Investment's VALUE - the 10 things that really matter include:- demographics, work trends, settlement patterns, finance, taxation, regulations, compliance, affordability, supply, and lastly demand.
General Advice Warning: Any advice contained within this website is of a general nature only! It is a condition of use that you further acknowledge and agree that you understand that purchasing property and/or investing in real property and/or undertaking the development of real property is inherently risky and subject to numerous variables and market forces and that we give no assurances or guarantees that you will make money by any of the Real Estate Activities you may decide to engage in. You acknowledge further that there is a real risk that you may lose money by engaging in Real Estate Activities and that you understand that in order to mitigate against such potential loss it will be essential for you to retain sufficiently qualified professionals to assist and advise you at every step in the process of all Real Estate Activities. The nature of the professional advisors will vary depending on the nature of the Real Estate Activities you engage in but will require (at a minimum) you to be advised by a licensed real estate agent, a licensed builder, a solicitor, a Financial Advisor and/or an accountant. You further acknowledge and agree that U1st Realy Pty Ltd is not licenced to provide financial advice and therefore any advice we may offer you is entirely general in nature do not take account of your specific circumstances or the Real Estate Activities you may engage in (except in the areas that we are licensed to personally advise you on). We provide quality general information and guidance to our clients so that you are able to question and engage the licenced professionals to get the advice you need, and to help you learn from the experiences of others that have already engaged in certain Real Estate Activities that you may be consiering.