Having your home loan approval delayed as a result of not having allyour required documentation ready to go could end up costing a lot more than just time – it could mean losing your dream property.

Ahead of applying for your loan it is crucial that you get all your affairs in order so that your application will go through as seamlessly as possible when you find that perfect property.

An ID check will be one of the first things any lender will perform, so make sure you obtain a copy of your driver’s licence or birth certificate and also have at hand copies of your Medicare Card,utilities bills or tax assessment notices as proof of identity.  Proof of saving and income will also need to be provided so that the lender can assess whether you have the means to service your home loan debt.

In addition, your credit record will have a huge impact on getting your loan approved so pay off any arrears or outstanding bills that have crept in before you approach a lender.

Your lender will require you to provide information regarding any current liabilities so get a hold of any HECS statements, credit card statements or other loan documentation you still owe. You will also have to detail what your monthly expenses are, so take the time to calculate your expenses including what your rent, council rates and weekly travel costs amount to.We are well geared to help you with every step of the home buying process – from identifying the best loan products, through to making an application.

Macquarie Leasing have just announced the launch of a new Commercial express product that covers motor vehicle deals for eligible commercial clients without the need to provide financials subject to meeting the following guidelines:

• Passenger cars or commercial vehicles up to three (3) tonnes
• Maximum loan amount (including brokerage, insurances etc) of $70,000 (if the client is not a property owner, then the $70,000 is after a minimum 30% deposit)
• New and used vehicles up to four (4) years old
• Supplied via a licensed dealership (no private sales)
• No negative equity to be financed
• ABN held for a minimum of 24 months by applicant (in acceptable industry)
• Verified property owner with minimum of $100,000 equity (if the client is not a property owner or doesn’t have this equity, then the 30% deposit is required)
• Satisfactory Veda Report on applicant and guarantors
• Standard rates, terms and residuals/balloons to apply
• Total exposure for applicant to Macquarie is less than $150,000.

Please note this product is only available for commercial clients where bona fide business use can be verified. Financials may be required if any of the above conditions are not met or if the exposure is greater than $150,000 but if this sounds like something that interests you, then give us a call.

Some fantastic results of a survey recently conducted by the Mortgage & Finance Association of Australia (MFAA) and BankWest show just how people are starting to understand the role that a mortgage broker plays and that it is much more than just “doing the legwork” and all about having a professional who knows you and knows what your overall goals and objectives are working for you. The story is as follows:

Mortgage brokers are increasingly being seen to provide worthwhile services by the investor community, according to the latest MFAA/Bankwest Home Finance Index.

According to the survey, the number of people understanding the benefits of using a broker is at 35.7%, its highest level since a 26.9% low-point in November 2008. Conversely, the preference for banks is down nearly 5% since July 2010.

Additionally, awareness of the services that mortgage brokers can provide is at 78.9% and broker awareness is at 95% generally. The benefit of “getting the best deal” through a mortgage broker skyrocketed 18% from the 53% in July 2010.

“With increasing activity in the investor community, mortgage brokers have a tremendous opportunity to articulate a compelling value proposition based on convenience and choice,” MFAA CEO Phil Naylor said.

“We are seeing consumers understand that mortgage broker benefits extend beyond the traditional realms of leg work and wider loan range. Increasingly the ability to understand a client’s personal circumstances and finding interest rate deals are proving key reasons people are turning back to mortgage brokers.”

There’s no shortage of expenses for a rental property that are usually claimable as a tax deduction with the following list being supplied by Aviate Property Group:

• Advertising for tentants
• Bank charges
• Body corporate fees & charges
• Cleaning
• Council Rates
• Electricity & Gas
• Gardening and Lawn mowing
• In-house audio/video service charges
• Insurance (building, contents, landlords and public liability)
• Interest on Loans
• Land Tax
• Lease document expenses (preparation, registration and stamp duty)
• Legal expenses (excluding acquisition & borrowing costs)
• Mortgage discharge expenses
• Property agent’s fees and commission
• Pest control
• Registration
• Stamp duty
• Quantity Surveyors Fee’s
• Repairs & Maintenance
• Secretarial and bookeeping fees
• Servicing costs : for example a call out fee
• Stationary and postage
• Tax related expenses
• Telephone calls and rental
• Travel and car expenses (Rent collection, inspection and maintenance of property)
• Water charges

You would need to check with your taxation adviser to make sure that this applies to your individual circumstances but this list gives an idea of the expenses that may apply.

Have a look at see if you may be missing out on claiming.

There are some good deals in the market at the moment for loans for business purposes:

* Business Purpose from 6.95% (Comparison Rate of 7.00% for new loans less than 70% LVR)

* Cash out to 90% (Max $1Mil)

* Company/Trust Structures

* Nil application fee or account keeping fees

We can provide more information on this at any time.

Note: Comparison Rate calculated on a loan amount $150,000 over a term of 25 years based on monthly repayments. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.