Our brokers work hard at understanding our client’s unique circumstances and helping them overcome common home loan challenges. Whether you’re a first home buyer or an experienced investor, we’ll help you find the best home loan for your situation. Whether you’re self-employed and have trouble proving your income or you’re a contractor or casual worker, we offer solutions for all types of clients’ income sources.
Do you need to borrow hard money to finance your mortgage? Is a credit issue getting in the way of your loan approval? Don’t worry. You can secure the funds with alternative finance options from private lenders. If you’re in the market for private loans Melbourne has a number of reputable lenders to choose from. With so many options available, it’s important to compare interest rates, fees, and repayment terms before making a decision. Talk to our brokers today, we can help you compare rates for some of the most competitive private loans in Australia. We’ll connect you to the right lender to give you the financing you need.
What Is Private Loan?
How Does It Work?
How Much You Can Borrow
The amount you can borrow with a private loan will depend on the lender. Some private lenders will only lend up to $10,000 AUD, while others may lend up to $100,000 AUD or more. You will generally qualify for larger loan amounts into the millions for private development loans and commercial loans. This will be largely based on the specific property valuation among other things. In business loans, the amount for your private finance loans will also be determined by your type of industry and the purpose for which you’ll use the finance.
Ultimately, however, the amounts vary. In most cases, Aussie private lenders will lend you a maximum of 80% of the appraised value of your property. However, they will also consider other factors such as your income, credit score and employment history when deciding how much to loan you.
What Are The Benefits?
- Flexibility: First, private lenders may be more flexible than banks when it comes to loan terms and conditions. This can make private loans a good option for borrowers with less-than-perfect credit who might not qualify for a loan from a bank.
- Faster approval: Second, private lenders typically have a shorter turnaround time than banks. This means that borrowers can get their loan funds faster, which can be helpful in emergency situations.
- Tailored finance: Finally, private lenders may be able to work with borrowers to tailor a loan that meets their specific needs. For example, a private lender may be willing to structure a loan with a lower interest rate for a borrower who is willing to make a larger down payment.
If you’re considering taking out a private loan, be sure to compare offers from multiple lenders to find the best deal. And remember to read the fine print carefully before signing any loan agreement.
How To Apply For Private Loans?
1. Check eligibility
2. Submit application
3. Get pre-approval
4. Receive funding
Reasons To Borrow From Non Bank Lenders
A private lender can give you the flexibility you need to get your loan approved successfully in a faster approval process. With more lenient lending requirements, private finance allows a quicker alternative for borrowers who cannot meet traditional lenders’ criteria. You can apply for private lenders Melbourne companies to private loans from individuals for any of the following purpose:
Commercial
Developable Land
Residential
Other
Things To Keep In Mind When Applying For The Loan
Interest Rate
Interest rates on private loans can vary widely. Some private lenders may offer rates as low as 4%, while others may charge rates of 10% or more. The interest rate you qualify for will depend on the lender, your credit score, and other factors. Getting a secured loan for instance will usually help you get lower interest rates as opposed to an unsecured loan. Offering a higher deposit or securing a loan with a guarantor or co-signer will also help.
Monthly Repayments
Loan Term
Total Repayments
Best Private Lenders In Melbourne
Bank Loan VS Private Lending
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Frequently Asked Questions
What Is Private Lending?
What Is The Difference Between A Private Lender And A Bank?
Why do borrowers consider private lenders in Melbourne?
Private loans are a popular way to get money that banks oftentimes cannot give. Some borrowers may have been declined by the banks, others might not fit mainstream lenders’ criteria. Additionally, many private loans offer finance for investment purposes and as such, the borrowing criteria is often different from that of a home loan.
The repayment terms of private loans can vary depending on the lender, but they are typically shorter than bank loans. This means that you will have to make your payments more frequently, but you will also pay less in interest over the life of the loan.
How To Apply For A Private Loan In Melbourne?
- Research private lenders in your area. A qualified broker can help you find suitable lenders and bring different loan products to your attention.
- Compare interest rates, repayment terms, and any other fees associated with the loan.
- Choose a private lender that you feel comfortable with and apply for a loan.
- If you are approved, sign the loan agreement and begin making payments according to the terms of your agreement.
At the end of the day, if you’re considering taking out a private loan, make sure you compare different lenders to find the best rates and terms. And be sure to read the fine print before signing any loan agreement.
Contact our team
We love to hear from each and every one of you. Please feel free to reach out to us today!