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Question:
CASH FLOW is often an issue in my practice due to outstanding debtors, irregular payments and large tax bills. What is the most cost effective and flexible way to handle this.
Answer:
While every situation is different many Barristers take out a business loan or line of credit facility to cover such things. If a property is used as security the loan is at the discounted home loan rates.
Question:
I am either in court or preparing briefs. I have NO TIME to research what the best loan deals are.
Answer:
That's where BarLoan comes in - BarLoan was established to help time poor barristers ensure that their home, investment and business loans are:
- At the maximum discounted rates
- Structured tax effectively
- Flexible enough to provide additional cash flow when required.
Question:
In light of current interest rate rises, should I be fixing my rate now or have I missed the boat?
Answer:
It depends not only on your current circumstances, but also on your future goals and possible cash flows - this is where a BarLoan adviser comes in - to be able to tailor your loans to give you maximum peace of mind while preserving maximum flexibility for the future.
Question:
Can I apply for an increase to my Line of Credit in the future if the value of my property increases or I have more equity in my property assets?
Answer:
Yes.This may require a new valuation of your properties normally at the bank's cost. You will need to talk to us on how to structure this.
Question:
How often can I redraw the amount I need with the Line of Credit?
Answer:
You can redraw as many times as you like within the length of the loan.
Question:
What is Mortgage Insurance?
Answer:
Mortgage insurance protects the bank not the borrower and is a one off payment upfront. BarLoan's aim is to ensure Mortgage Insurance is waivered where possible.
Question:
Can I redraw extra repayments made into my home loan?
Answer:
Yes you can to the limit that you have available - however, there maybe better structures to suit you if you think you may need to re-draw regularly.
Question:
What should I do if I have any other questions that have not been answered above?
Answer:
Ring (03) 9863 3320 or email ab@barloan.com.au |
