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    Home Loans & Mortgages FAQ’s

    If your question is not answered below please either call us on 0800 MY FINANCE (693 462) or submit a query using the live chat or contact us page and one of our friendly staff will be more than happy to assist you.

     

    Q:  What is a bridging loan?
    A: Typically bridging loan is for when you are wanting to purchase another property but still in the processes of selling yours and it’s just not quite sold yet. We can use the equity in your current property to advance funds against so you can put a deposit towards

    Q:  What is a home repairs and renovations loan?
    A: This type of loan is for when you want to “do up” any part of your home, property or complete repairs to the same. Read more in our specific home repairs and renovations page.

    Q:  How much can I borrow?
    A: The amount will depend on your income and equity in the property for secured loans. We can arrange loan amounts up to 90% of the value of the property. Another way we can also use the value of the property and lend a maximum of 5% of that. Depending on these and the credit lending criteria of our lenders, we can arrange a loan from a minimum of $2,000.00. There is no real maximum lend amount when using a property as security as long as there’s equity . The 5% loans that are available go to a maximum of $20,000.00.

    Q:  Do I need a good credit history?
    A: Preferably. You must have clear credit or if you have had any debts against your name these must be paid. We do have lenders that will lend if you have had bad credit in the past but this will attract a higher interest rate and the debts must be paid and can not have been to a financial institution.

    Q:  What can I use a property loan for?
    A: You can use your property as security for pretty much what you like as the equity is in the property. So if you need to consolidate all your debts into one loan using your property is a very effective way of doing this as generally we can lend higher amounts

    Q:  What if I want to borrow more in the future?
    A: This shouldn’t be a problem as long as your repayment history is good. It is generally preferred that loans run for a minimum 6 month period before “topping” them up.

    Q:  Do you offer a scheme whereby my repayments can be made if I can’t work?
    A: Yes, we offer a Loan Payment Protection Insurance that covers your loan repayments if you can’t work due to accident, sickness or redundancy subject to the terms and conditions of the policy.

    Q:  Can I pay extra off my loan?
    A: Yes, this is to your advantage as this will help decrease the loan term as long as you continue with your regular payments. Paying extra on your loan will also assist you in achieving an excellent credit rating.

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