Whilst there are a multitude of different types of loans, the loans themselves are basically separated into 2 main categories. Loans that are taken out to meet a person’s Personal needs and those that are used more for Business purposes.
Each is treated differently and we have the expertise and know how to identify how each purpose is considered by the lenders.

When you need to borrow money to help with the purchase of a property, or goods that you wish to use for your own personal needs, these transactions are referred to as Personal Purposes.

Some of reasons could include:

• Purchase of an Owner Occupied Home
• Payment of a Holiday
• Purchase or repairs to a Motor Vehicle that is used predominantly for Personal Use
• Home Extensions
• Consolidation of personal debts, such as credit cards or personal loans

Loans for Personal Purposes are also strongly regulated by ASIC for the ultimate protection of you, the consumer.

There are times in life when you need funds to help cover costs that are predominantly of a business or commercial nature. They could be required to assist set up or purchase a business, renovate or purchase premises, or to help with day to day running costs or expansion of a business.

Other examples of business purposes include the purchase of:

• a shop front
• new or additional stock
• a factory or commercial premises
• the goodwill of a business
• Motor Vehicles or Equipment that will be used for business purposes

Loans for Business Purposes can be extremely complex requiring sound business plans and strong historical trading or financial history.

Personal

You may wish to purchase a property to live in or for investment. The property could be in a major city or remote township.

Examples of the types of properties could include:

• a fully detached home, townhouse or unit
• a holiday house or rental property
• a townhouse or apartment which is part of a much larger scale development
• a dwelling on a rural block of land
• a purchase could also include the construction of one of the above types of properties

Business

Perhaps you have a business and are looking for somewhere from which to operate. These could include:

• a factory
• retail shop
• business or office premises
• it could be an entire building, a complete floor, or just a few rooms

Either way, the lenders have different rules and policies for each purchase and it is important to deal with experts who know a bit about what ticks the boxes.

There are occasions when the debts you currently have need revisiting and we can help by reviewing what you currently owe and comparing it to other options available in the market.

Reasons to refinance include:

• a change in your personal circumstances or lifestyle
• changes to the lender’s policies, interest rates or fees
• not happy with the service of your current lender
• looking for additional funds and your current lender not being able/prepared to assist
• looking for a sea-change and needing extra cash to make it happen

Loans can also be taken out purely for investment. Investments such as purchase of:

• shares
• property with the intention of renting out
• businesses
• property investments through Self Managed Superannuation Fund Loans (SMSF)

Where you have built up equity in property due to increased valuations or paying down of your debt you may wish to draw on some of that equity to help in other areas of your life.

Reasons for these draw-downs include:

• purchase goods or property for your personal use or investment
• purchase of a business
• invest in the expansion or growth for a business
• provide additional working capital for a business
• renovate an existing property
• pay for a holiday