Personal

Whether it's buying a new car, a new boat or even renovating your home, we'll get you to where you need to go.

Aside from a home loan, there are many reasons you may need finance. You might be looking to buy a new car, boat or complete a small home renovation. You may even be looking to invest in property for your self-managed super fund.

There are a lot of options to consider. Should the loan be secured or unsecured? Should you lease or buy? Should you use the equity in your home?

By working with one of our finance brokers, we can look at all your options and make sure you're making the right decision for your financial circumstances.

We can help you with many different loans, including:

Car, motorbike or boat loan

Whether you're looking to upgrade your car, invest in a motorbike or buy a new boat, we understand it can get a little confusing with so many loan options to choose from (okay, maybe not so much for us!).

Or maybe you already have a home loan, and you're not sure whether to take out a new loan or use the equity from your existing loan to purchase your new asset.

We will work with you to understand your circumstances and ensure that we find the best fit for your needs. Then, we will make all the comparisons for you (so you can concentrate on the more important things - like the model and colour!)

More often than not, we can beat the dealership's repayment figure. Meaning more cash in your pocket - exactly where it should be.

Chattel Mortgage

A chattel mortgage is a fancy term for a business or commercial vehicle loan. A chattel mortgage is similar to a regular car loan, with regular repayments, but your company has many more benefits.

You will own your vehicle outright. However, the finance company will place a mortgage over the vehicle as security against the loan. Meaning you can claim certain tax benefits during the life of the loan.

Both businesses and individuals are eligible for a chattel mortgage as long as the car is used predominantly for business purposes. Your vehicle needs to be used primarily for work (51% or more) to be eligible.

For example, if you're a tradie using your ute to move equipment from site to site, you may qualify for a chattel mortgage.

A chattel mortgage may not work for every individual or business, but it's certainly worth a chat.

Self Managed Super Fund - SMSF

A self managed super fund (SMSF) is another way of saving for your retirement. They differ from a normal superannuation fund as the members of the fund are normally also the trustees and make the important decisions on how funds are invested.

A SMSF gives flexibility and control over where your retirement funds are invested, including the opportunity to invest in residential and commercial property. While investment generally follows the more traditional superannuation approach of investing in cash, term deposits and shares (48% of overall investment in December 2021) investors also have approximately $140 billion invested in Australian commercial and residential property.

A SMSF is not just for those who are self-employed. To find out more, check out What is a SMSF? and then call us for a chat.

Home renovations

Whether you have conservative or grand plans for your home, it can often be hard to save whilst making your home repayments.

Taking out a personal loan to renovate and improve the value of your home is a much more cost-effective solution than using your credit card.

Your loan details will change depending on how much you need to borrow, but once you're approved, you will be sent the agreed amount in full, meaning you can get started asap!

If you've had your home loan for a few years, it may also be beneficial to get it revalued, as you may be able to borrow from the equity of your existing home loan instead.

Refinancing your loan

When was the last time you checked your home loan rate? Have you ever considered how much you could potentially be saving if you audited your loan every 2-3 years? At Finance Brokers Tasmania, we take the hassle out of refinancing. We will work with you to audit your loan and save you time and money. In some cases, we have saved clients thousands of dollars and years on their home loans with a quick and simple refinance.

Or, are you looking to purchase an investment? Refinancing can be a great opportunity to utilise the equity that you have built in your home. In an ever-changing market, it's important that you stay up to date with these changes.

No matter your priorities, work with us to ensure your home loan is paid off quickly and in the most cost-effective way.

Investing

If you've identified an investment opportunity that has a high return on investment and a low level of risk, you may consider taking out an investment loan.

Borrowing to invest is also known as gearing or leverage. It's a risky business. You might receive bigger returns when the markets go up, but you'll have larger losses if the markets fall. You'll still have to repay the loan and interest, even if the investment falls in value.

Our extensive experience in the finance industry means that we can provide solid advice on whether an investment loan is appropriate for your situation.

Car Lease

It's important to remember that you have more than one option for vehicle finance.

A car lease is an arrangement where the lender purchases a vehicle on behalf of a customer. This customer then leases the car back from the lender. In exchange for using the vehicle, the customer makes regular payments.

If you are a person or business who regularly needs to change their vehicle, then a car lease could be an excellent option for you.

Be careful though, just like renting a house, leasing a car does not grant you complete ownership, and there may even be some restrictions around its use.

If you are not sure whether a car lease, chattel mortgage or car loan is the right option for you, get in touch with one of our brokers for a chat.

Personal Loans

Personal loans are taken out for big purchases like a car, boat or motorbike. However, personal loans can also be used to fund smaller home renovations or you can also use them to pay off and combine credit cards and other debts to help you manage multiple repayments.

Personal loans can be a helpful tool when needed, as they can often be less expensive than credit cards and other forms of credit. Just like a home loan, you borrow a set amount of money and repay it in instalments over an agreed period. One of the main reasons people take out personal loans is to consolidate their debts.

Having multiple debts and repayments can be hard to manage. Consolidating your debt into one manageable weekly, fortnightly, or monthly repayment will help you take back control of your finances.

While a personal loan makes a lot of sense for most people, it's not the right move for everyone. We will work with you to make sure you're making the right decision for your financial circumstances.


Reverse Mortgage

A reverse mortgage allows you to borrow money using the equity in your home as security.

The benefit of a reverse mortgage is that the choice is entirely yours. Unlike standard loans, there are no regular repayments. Instead, payments are made to you from the lender, using the equity in your home. These payments can be a lump sum, monthly repayments, or agreed other ways.

Essentially, you stay in your home and don't have to make your repayments while living there. Instead, the interest charged on your loan grows over time, getting bigger and adding to the amount you borrow. So over time, your debt will grow, and your equity will decrease.

You then repay the loan in full, including interest and fees, when you or your deceased estate sell your home.

It's important to note that your interest rate is likely higher than a standard home loan.

If you're over 60, you could be eligible for a reverse mortgage. Our reverse mortgage specialists are available to help you today.

Book an appointment and let’s start talking!

Finance Brokers Tasmania Gary Watson Lucas Atkinson