Empire Finance

17/10/2024

UNDERSTANDING BRIDGING LOANS: FEATURES, BENEFITS AND WHY YOU MADE NEED ONE

Buying a new property can be exciting, but it can also be stressful if your current home hasn’t sold yet. This is where bridging loans come in. They help cover the financial gap between buying your new property and selling your old one. If you're in this situation, a bridging loan could be the solution.

What Is a Bridging Loan?

A bridging loan is a short-term loan that helps you purchase a new property before selling your current one. It gives you the funds to move ahead with the purchase without waiting for your old home to sell. Once you sell your current property, you use the sale proceeds to pay off the loan.

Why You Might Need a Bridging Loan

Timing Issues Between Buying and Selling
Sometimes, you find your dream home before selling your current one. In this case, a bridging loan lets you buy the new property without waiting for the sale of your old home.

Competitive Property Market
In a fast-moving market, homes can sell quickly. If you wait to sell your home first, you might miss out on buying the property you want. A bridging loan gives you the flexibility to act quickly.

Renovation Needs
If your new property requires renovations before moving in, a bridging loan can help. You get the funds you need to make the repairs and move in sooner.

Avoiding Stressful Deadlines
Without a bridging loan, you might feel pressured to sell your home quickly, often accepting a lower offer. A bridging loan gives you time to sell at a better price.

Features of Bridging Loans
Short-Term: The loan usually lasts between 6 to 12 months, making it a temporary solution.

Interest-Only Payments: During the loan term, you often only pay interest. The full loan amount is paid when you sell your property.

Flexible Loan Amounts: You can borrow based on your current home’s value and the cost of the new property.

Secured Loan: The loan is secured against your existing home, so its value plays a key role in how much you can borrow.

Benefits of Bridging Finance

Quick Access to Funds
Bridging loans are approved faster than traditional home loans. This can be crucial in a competitive property market.

No Need for Temporary Accommodation
Without a bridging loan, you might need to sell your current home and rent before finding a new property. With a bridging loan, you can move directly into your new home.

Flexible Repayments
Most bridging loans allow you to make interest-only payments. This reduces your financial burden during the loan term.

Improved Negotiating Power
Since you won’t be rushed to sell your property, you can wait for a better offer. This gives you stronger negotiating power.

Less Stress
Bridging loans can give you the time and flexibility to sell your home at a better price, without rushing.

Is a Bridging Loan Right for You?

Bridging loans can help in situations where timing is key. However, they usually come with higher interest rates than standard loans. You need to plan carefully to sell your property within the loan period. This makes it essential to understand your financial situation before applying for a bridging loan.

https://www.empirefinancebrokers.com.au/understanding-bridging-loans-features-and-benefits/

16/08/2024

How to get a caveat loan in Australia: Fast track your approval!

11/08/2024

How to get a business loan in Australia - what the banks don't tell you

11/04/2023

Fast Caveat Loans for Small Businesses

Need cash fast for your small business? A caveat loan might be the answer.

If you're a small business owner in need of fast cash, a caveat loan may be an attractive option.

A caveat loan can provide quick access to cash for small businesses. Unlike traditional loans, which can take weeks or even months to process, a caveat loan can be approved and funded within a matter of days. This can be especially helpful for businesses that need to cover unexpected expenses or take advantage of time-sensitive opportunities.

Additionally, caveat loans are often available to businesses with less-than-perfect credit, making them a viable option for those who may not qualify for traditional financing.

Fast caveat loans typically have fewer documentation requirements compared to traditional business loans, making the application process quicker and more straightforward.

Unlike traditional loans, fast caveat loans typically do not require financial; information to secure the loan. This makes them accessible to small business owners that have equity in their property, but not up-to-date financial statements.

https://www.empirefinancebrokers.com.au/business-loans/caveat-loans/

25/01/2023

WHAT TO DO IF YOUR FIXED-RATE HOME LOAN IS ABOUT TO EXPIRE?

Many home loan borrowers took advantage of record-low fixed interest rates over the past few years. They will now need to decide what to do when their rate expires.

Given that variable interest rates have been skyrocketing, many mortgage holders will be caught off guard by increased home loan repayments. This will also impact loan serviceability requirements with home loan lenders and of course, result in a higher cost of living.

What should you do now?

This is a daunting situation for many borrowers, however, mortgage brokers are well-placed to help. They can assess your individual circumstances and make recommendations for the most
suitable home loan options for you.

During difficult times, mortgage brokers demonstrate the wider benefits they deliver to their customers. Not only is it necessary to think about current interest rates, but it is also important to consider product suitability and your general living expenses.

Things you should know about your fixed-rate home loan right now?

What is your loan balance?
When does your fixed-rate expire?
What is your property valued at now?
What are your current living expenses?

Once you are armed with the above information, it's time to speak to your mortgage broker.

They will be the best person to guide you and recommend if refinancing is the best option for you.

01/06/2022

INSTANT ASSET WRITE- OFF SCHEME

The Instant Asset Write-Off Scheme is a great opportunity for businesses to invest in new equipment and claim an immediate tax deduction.

What is the Instant Asset Write-Off Scheme?

1. This scheme is available for all businesses with an annual
turnover of less than $5 billion
2. It allows businesses to claim a deduction for the full cost of
qualifying assets that are installed or in use by June 30.
3. It includes both new and second-hand assets, and there are no
limits on the number of assets that can be claimed.

This is a great way for your business to save on taxes and invest in new equipment.

If your business is eligible, be sure to explore how you can take advantage of the scheme before it ends.

The notion behind the scheme is to empower Australian businesses to claim more tax deductions earlier on in the asset's lifetime, in turn, helping them better manage their cash flow and get a return on their investment more quickly.

Has instant asset write-off been extended?

The Instant Asset Write-Off has been extended with a measure dubbed Temporary Full Expensing, to cover the period from 7.30pm AEDT on 6 October 2020 until 30 June 2023 (including the extension announced in the 2021-22 Federal Budget)

Is a car an instant asset write-off?

Yes, it is. Motor vehicles are a common business asset, and they're included in the instant write off scheme

Can a sole trader claim the Instant Asset Write-Off?

Yes, sole traders are eligible.

If you are considering purchasing a new vehicle or another asset for your business, please contact us for an obligation-free discussion. We are here to help you find the best finance solution for your business. Mobile: 0415 638 927

24/09/2021

A lot of small business owners need a loan, but they don't know where to start.

Small businesses are the backbone of our economy and we want to help them thrive. But for many entrepreneurs, getting a loan is an uphill battle with banks unwilling to lend money without collateral or personal guarantees. The result? Less than half of all small businesses in Australia have access to credit from traditional lending institutions, which means that thousands of people who need loans can’t get them… until now!

We're changing the rules by offering quick and easy online loans for any size business at competitive rates. Our fast approval process allows you to get your cash quickly so you can focus on growing your company instead of worrying about how you'll pay your bills next month!

14/09/2021

Small Business Loans

What are your business objectives for this financial year 2021-2022?

Are you in a growth mindset, or just wanting to maintain your current business activity? You might have already considered taking out a small business loan to improve your business?

The good news is applying for a small business loan with a trusted online lender is now easy. With a 5-minute online application, decisions made in a few hours, and funds received on the same business day, we can help.

You could boost your cash flow, hire new staff, renovate, buy new equipment or advertise your business to reach new customers. Getting a flexible business loan with an online lender can help achieve your business goals.

Feel free to get in touch to discuss for an obligation-free discussion. We are here to help you find the best finance solution for your business. 0415 638 927

11/09/2021

Each year in Australia alone, 5 million tonnes of rubbish enter our rivers and natural bushland. Our environment is precious so it is important that we all do our bit for the environment.

We are actively looking at reducing waste and cleaning up our community.

Today the team at Empire Finance participated in cleaning up the Kadina trail, and surrounding bushland in Bushmead WA.

If you required assistance cleaning up your finances, the friendly team at Empire Finance will be happy to assist with your inquiry. If you have any questions, get in touch with us today.

02/09/2021

Nine out of ten first home buyers agree mortgage brokers provide valuable support when buying a home.

The dream of homeownership is alive and well, but many first home buyers now have a fear of missing out as home prices in Australia continue to rise.

Trying to save a 20% deposit for a home is getting harder and harder. Lenders Mortgage Insurance (LMI) remains a viable option for first home buyers trying to enter the market.

Over 70% of First Home Buyers have more than 85% LVR

26/08/2021

★★★★★ “ Highly recommended - Reliable and professional. Thank you for your help Trev.” shaneb937
https://www.wordofmouth.com.au/reviews/empire-finance

25/08/2021

Why use a Mortgage Broker instead of going directly to a bank. A Mortgage Broker can offer you more choices and is bound by law to act in the best interests of consumers. Consumer finance applications include home loans, personal loans, and car loans.

When considering your finance options, a mortgage broker will take into consideration your financial position, loan features, interest rates, and other costs.

If you are looking for a loan recommendation, a Mortgage Broker will put your best interests first.

Why choose a FBAA Finance Broker over a bank?