- In Bee Savvy - Getting the most out of your loan, Business matters - Loans for business owners, First things first - Steps before applying for finance
Many lenders have strict criteria surrounding cash out of your home loan. Their policies will vary depending on the loan to value ratio you are looking to take your loan up to, as well as the purpose of the cash out specified to them. Some lenders will require evidence of the purpose of your cash out, whilst others will require only a written explanation either from yourself or your accountant or financial planner.
There can be many restrictions for those whom are wishing to consolidate debt, invest in further properties or renovate their home.
It is important to know which lender will grant you the cash out that you require before putting a loan application in and marking your credit file.
It is also important to know what kind of evidence you will be required to provide, and whether you need to demonstrate that you can not only afford the loan you are taking out now, but also future loans if you state that you are requesting cash out in order to further your investment portfolio.
Cash out can also be granted for business purposes, but again each lender will vary as to how they treat this, what evidence is required, and whether they will treat the cash out as a home loan interest rate or want to charge you a higher business loan rate – even when using your own house to extract the funds!
To avoid these hurdles and pitfalls, contact Bee Finance Savvy on 1300 140 554 or firstname.lastname@example.org. We will assess your situation upfront, obligation free WITHOUT marking your credit file.
You can also see what other happy customers have had to say about us here – https://www.womo.com.au/reviews/Bee-Finance-Savvy-Miranda
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