The Prosec difference
Buying a property is a huge task, and securing a mortgage is an essential step in securing your property. But mortgages can be confusing. There are steps that need to be followed, and your investment is resting on making the correct choices. Often people are left with questions like:
- Which type of loan is right for me?
- What fees am I subject to?
- What is the interest like?
- What is considered a good mortgage rate?
Home Loans
Buying a home is an investment, but it’s also a commitment. Your home loan will be with you for the long term, and your specific needs will determine the correct loan choice. It’s important that you are aware of the options available to you, as well as your specific needs and goals, before settling in with a loan for the long haul.
First Home Buyers
For first time home buyers, taking out your first home loan can seem intimidating. A home costs a lot of money, but luckily there are plenty of people on your side to help you buy your first home. Take the time to research your financial options! With government grants available and interest rates dropping, buying your first home is more attainable than ever! First time buyers are in a prime position to invest in the future.
Refinancing
Refinancing your home can be a smart move. There are plenty of reasons that you might choose to do this: get a better rate, consolidate debt, renovate, free up equity. Refinancing can provide some long term cash benefits and free up some finances. However, if you’re thinking of refinancing, you’ll need to weigh your options thoroughly. The costs may outweigh the benefits, and you may be better sticking with your current situation or pursuing other pathways
Investment Loans
A house is an investment, and there’s a lot that goes into making good investments. You want an investment that will help you meet your goals and address your needs. Take the time to find a good investment loan that meets your requirements. It’ll make investing in a property a smooth and enjoyable process.
Self Employed
Owning your own business is a hugely admirable accomplishment! However, often selfemployment creates an income that fluctuates more than most people. This can make it feel difficult to meet standard home-loan lending criteria. While this might seem like a frustrating obstacle to attaining your home, be assured that there are plenty of competitive loan options available to business owners. You just need to find the right one!
Bridging Loans
Thinking about buying a new home, but don’t want to let go of your existing property just yet? Whether you’re looking to buy a second property, or you want a new house before you sell your current one, bridging your loans will bridge the gap between your two home loans! Bridging your home loans could be a great option for keeping your loans easy and manageable while you’re holding onto two properties.
Land and Construction Loans
If you’re interested in building, renovating, or reconstructing a house, a traditional loan might not be for you. Consider a land and construction loan. It’s a viable option to provide funding for your plans while also allowing the lowest possible repayments during construction phases. It can be extremely accommodating during the execution of your big plans
Personal Loans
Life is full of unexpected costs: weddings, medical bills, travel, the list can go on and on. Sometimes, you need some money for personal endeavours, but you don’t always have it when you need it. There are plenty of personal loans out there that can get you the funding you need when you need it.
Commercial and Business Loans
If you’re looking to invest in a business or a commercial venture, we’re able to help advise your endeavours. Our established relationships with business and commercial lending specialists, as well as major banks, prove valuable tools to advance your goals, whatever they might be.
Four Steps to buying a property
The process of finding and buying a property can be overwhelming if you aren’t familiar with it. After you find a property you’d like to invest in, it’s smart to get the ball rolling fairly quickly. But with so many mortgage options available, and so many hidden steps in the buying process, you might want an experienced guide on your side. At PROSEC, we want to simplify your buying experience by adhering to a simple, four step process:
1. Meet with a mortgage advisor
Meeting with a mortgage advisor is the first step in getting the ball rolling. They will sit down with you, listen to your needs, answer any questions, and lay out your options. Together you will weigh out the pros and cons of each lending option before making a final decision. Your advisor will then meet with the bank on your behalf, saving you time and keeping the process stress-free.
2. Apply for lending
As stated, your advisor works with the bank on your behalf. However, they will require certain documentation/information from you based on your specific situation. Your advisor will discuss the requirements of your application with you in order for you to be properly prepared. It is your job to provide this documentation/information.
2. Apply for lending
As stated, your advisor works with the bank on your behalf. However, they will require certain documentation/information from you based on your specific situation. Your advisor will discuss the requirements of your application with you in order for you to be properly prepared. It is your job to provide this documentation/information.
3. Get Approved
The approval process contains 3 separate steps:
Lender assessment – During lender assessment, your advisor will remain in contact with the lender and request any missing information.
Conditional approval – You will receive a conditional offer from the lender. And If the conditions are met, the application will proceed.
Final approval – After your loan is approved, you, your advisor, and the lender will work out the finer details. Afterwards, you can move on to purchasing your property officially!