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FAQ’s

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G-Force Finance has an extensive list of FAQs (frequently asked questions) to provide context and information to assist with understanding the most common question we are asked.

Select a category below that best fits your question or please feel free to make contact with us for a personalised response.

About G-Force and our Services

Q: What does a Finance Broker at G-Force do for me?
  1. We take the time to really understand your goals and aspirations, short, medium and long term.  Evaluate how much you can afford, taking all of your circumstances into account
  2. Provide expertise about which lenders are most likely to approve your application for finance, and where you will get the best deal.
  3. Prepare your application for finance and present it in a professional submission to the lender
  4. Arrange pre-approval on a loan to make shopping around hassle-free.
  5. Work with you every step of the way, providing Help, Guidance, Advice
Q: I am not in your area, Can I still use G-Force Finance Solutions?

Absolutely! Most of our clients are spread across the country.

Being mobile brokers we can come to you, plus most of the communication can be done over phone and email.

Our online system allows flexibility to serve clients just about anywhere..

Q: How much do you charge to arrange my Loan?

Brokers service is at no cost to you. Brokers are paid commission by the lender once your loan has settled.

All commissions are disclosed upfront, so you’re aware of what the broker gets paid. Whilst some lender commission rates vary from others, the difference generally is less than a cup of coffee a day.

Q: Are you Credit Licenced?

Yes, Our Licensee is BLSSA Pty Ltd & G-Force Finance Solutions is a Corporate Credit Representative.

Anyone who wants to engage in credit activities (including brokers) must be licensed with ASIC or be an authorised representative of someone who is licensed. If they aren’t, they are operating illegally.

Q: Are you accredited with any Finance Associations?

Yes, G-Force Finance Solutions is an industry member of the MFAA (Mortgage & Finance Association of Australia) and CAFBA (Commercial Asset Finance Brokers of Australia) you can rest assured you are dealing with industry professionals.

Q: Why should I use a Broker instead of going with a Bank?

When we talk about a ‘loan product’ we are referring to the thousands of options that are currently available for you for your loan.

Each bank (or lender) has broad range of different loan options – low doc, package loans, re-draw facilities, plant and equipment loans, fixed, interest only, interested in advance, variable, introductory variable!

The issue you face as a consumer is ‘Which loan is right for me?’

That’s where a mortgage broker comes in. If you go direct to the bank, you will only be offered the loan options available through that one lender.

As your mortgage broker, we do all the leg work for you. We are across many lenders and all of their loan products and our sole purpose is to find the right loan for your needs

Q: Do you only do Home Loans?

No!, we are a Finance Solutions business meaning we can help facilitate most types of loans including:

• Commercial finance
• Car Finance
• Equipment Finance
• Boat finance
• Bike finance
• Caravan loans
• Debt consolidation
• Bad credit loans

We can also provide you with insurance quotes on any of the above assets

Home and Investment loans

Q: I am not in your area, Can I still use G-Force Finance Solutions?

Absolutely! Most of our clients are spread across the country.

Being mobile brokers we can come to you, plus most of the communication can be done over phone and email.

Our online system allows flexibility to serve clients just about anywhere..

Q: How much money can I borrow?

The amount you can borrow is commonly known as your borrowing capacity.

Your borrowing capacity will differ from lender to lender. To establish your borrowing capacity, call us to arrange an interview for an assessment of your situation.

 

Q: What is the first home owner’s grant?

The first home owner’s grant scheme offsets the effect of the GST on home ownership by providing a grant to first homeowners. It is a one-off payment to assist eligible first home owners with purchase or construction costs. We lodge the application for the grant on your behalf.

Q: How do I know if I am eligible for the first home owner’s grant?

As a basic rule, you are eligible if you are an Australian citizen or permanent resident, buying or building your first home in Australia, with the intention of occupying it as your principle place of residence within 12 months of the settlement. It is important to note that if you are buying the property in conjunction with others, they must also meet the same criteria for the grant to be applicable

Q: How much do I need to save for a deposit?

Generally, if you are an owner-occupier you will require five per cent of the purchase price as a deposit. If you are an investor, you can access equity in other property as your deposit. The deposit required depends largely on the type of home loan and, of course, the lender you select. If you are a first home buyer and only have a minimal deposit you can get assistance from your immediate family by accessing their equity to eliminate costly Lender’s Mortgage Insurance (LMI)

Q: What other costs are involved?

As a rough guide, it is recommended that you budget five-to-seven per cent of the purchase price, on top of your deposit, to cover fees and charges. These fees and charges may include, but are not limited to:

• Government stamp duty
• Building/pest inspection
• Valuation fees
• Lender’s Mortgage Insurance (LMI)
• Solicitor/conveyancing fees
• Insurance
• Connection fees – phone/gas/electricity
• Rates
• Removal fees

Q: How long does the whole loan process take?

The whole finance process, from initial appointment to signing the papers can take up to six weeks. However, it generally takes about two weeks to have everything ready. Your mortgage broker will follow up with the lenders regularly to keep the whole process on track

Q: What is lenders mortgage insurance?

Lenders Mortgage Insurance (LMI) does not protect the borrower should they be unable to make mortgage repayments. It protects the lender from any losses resulting in the sale of a property due to default by the borrower. LMI premiums are payable by the borrower when the amount borrowed is above a certain percentage, usually 80 per cent of the lender’s valuation of the property. Some lenders will allow you to add the LMI premium to your home loan, others require you to pay it up front.

Q: What documentation will I need to apply for a home loan?

In conjunction with submitting your home loan application, you may need supporting documentation confirming your identity and substantiating your income. Documents can include:

• Proof of identity such as a driver’s licence, birth certificate or passport
• Confirmation of any Centrelink monies received
• Recent pay slips
• Tax returns and/or group certificates
• Current bank statements, credit/store card statements, statements on any other loans
• Contract of sale, receipt for the deposit paid on the house or land.

Your broker will be able to provide an accurate overview of what’s required for your individual situation

Q: Is it possible to have an offset against a fix rate loan?

Yes it is. We have a number of lenders that can provide the flexibility of having an offset account against a fixed rate loan. Its great to have to have the certainty that a fixed rate loan brings, plus the flexibility to reduce the interest paid with funds sitting in the offset account

Q: What is refinancing?

Refinancing lets you change your home loan to suit your new circumstances or get a better deal.

When you take out a new loan, you use some or all of the funds to pay out your existing loan. The new loan often comes from a different lender, but many people refinance with the lender they’ve been using for years. If you move to a new lender, that lender will take care of paying out your existing loan.

Q: What type of things do people refinance for?

By refinancing, you can use your mortgage for home improvements, buying a new car or paying off larger credit card balances. Home loan refinancing may be used for different reasons including:

• Renovating your home
• Paying off your debts quicker and cheaper by rolling them into your home loan
• Obtaining a cheaper rate, even if it means giving up a few loan features
• To raise cash for a purchase
• To get a home loan that will apply to money you have earning interest – an ‘all-in-one’ account
• You are paying a high interest rate – for example, if you arranged a low-start, rising-rate loan from your home builder
• You want to switch from a fixed rate to a variable rate, perhaps because you can accept the risk of higher repayments

Q: How will refinancing benefit me?

Refinancing is a smart way to manage your money. When you refinance to lower the interest rate you have to pay, you can significantly reduce your monthly mortgage payment as long as you don’t increase your mortgage principal amount (as would occur with a line of credit). Refinancing can save you money and help increase the value of your assets

Q: Will an investment loan be any different from my existing loan?

There are few differences between what you need to do to borrow for a property you’ll live in and for one you’ll rent out. We will go through this step by step during our appointment.

Q: Can I use the equity in my home as a investment property deposit?

If you have owned your own home for a few years, you will have built up quite a bit of equity in your property.

Instead of finding a cash deposit to buy an investment property, you can use this equity as the deposit. When you buy a property, costs such as establishment fees, solicitor fees and stamp duty add up to a few thousand dollars.

Instead of trying to find cash to pay these fees, take them into account in your borrowings

Commercial & Business Loans

Q: Can you help me with Business Finance?

Yes. Certain brokers are able to introduce business finance solutions to banks depending on their experience levels. G-Force Finance is qualified and accredited to provide business and commercial finance products to customers via major and non-major banks.

Q: I am not in your area, Can I still use G-Force Finance Solutions?

Absolutely! Most of our clients are spread across the country.

Being mobile brokers we can come to you, plus most of the communication can be done over phone and email.

Our online system allows flexibility to serve clients just about anywhere..

Q: Do I need financial statements for business lending?

No. There are providers in the market that don’t require full financials (profit & loss and balance sheets) and taxation returns to lend to you. In some instances there are products available where you can support your application for finance with BAS and business banking statements from your trading accounts.

Low Doc products may carry a higher interest rate and may not be suitable for all borrowers. We will be able to advise you on the options available.

Q: I am self-employed. Can you assist me in finding low documentation finance?

We regularly assist self employed people find self employed loans, low documentation loans, investment property loans, car financing and debt consolidation. All you need to do is contact us and we’ll assist you in assessing your finance options.

Q: I am starting my own business. Will I be eligible for finance for the vehicle I need?

Traditionally, Lenders require businesses to be active for a minimum of 12 months, however we do have number of Lenders who will consider new start ups based on certain criteria.

When you speak to one of our Commercial Loan Advisers, they will assess your current situation and requirements, and provide guidance and advice on the best options available based on your scenario.

Q: I have an outstanding ATO Debt - can you help?

Most major lenders are unwilling to lend against a residential property for the purposes of paying tax debt. We do have access to a couple of lenders who are accepting of this purpose, and can provide the finance at very competitive interest rates

When you speak to one of our Commercial Loan Advisers, they will assess your current situation and requirements, and provide guidance and advice on the best options available based on your scenario.

Q: What documentation will I need to apply for a Commercial or Business loan?

In conjunction with submitting your loan application, you may need supporting documentation confirming your identity and substantiating your income of both the business and directors/owners.

Documents can include, but not limited to:

• Proof of identity such as a driver’s licence, birth certificate or passport
• Profile on the Company & Directors
• Assets & Liabilities
• Business Financials & Tax returns and/or group certificates
• Current bank statements, credit/store card statements, statements on any other loans
• Contract of sale, receipt for the deposit paid on the property or asset.

Your broker will be able to provide an accurate overview of what’s required for your individual situation

Q: What is the process to get Finance?

Once we have done the initial assessment and taken an application from you, we can submit the loan and have an answer for you within 5 working days or less depending on the complexity and structure involved.

Q: I'm planning to expand and grow my business - can I get a Business Loan based on future income?

Yes, if you have property to secure the loan it can be possible with some lenders to arrange a loan based on the income that will come from your business expansion.

For example, if you already have a retail outlet and want to open a second outlet the bank may take into account the potential income from both outlets/stores.

Cars, Bike, Boats & Caravan Loans

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