We have cofounded Nexa Finance with the mission to provide world-class service throughout your loan journey with our expertise and passion in ensuring a smooth start for you while embarking on your new life chapter.
While working at one of the Big Four banks in Australia, we’ve realised how a loan could transform someone’s life – from the start of a new family to kickstart your long-awaited dream. So we are dedicated to working closely with you to understand your context and needs to find the best suitable loan by analysing a range of financial offerings/products across various institutions.
We are specialised in dealing with loans from all across Australia. Please feel free to reach out to us, our expertise is within the ACT regional & Queanbeyan area.
Queanbeyan
ACT Regions
FAQs
Common questions we’ve received, followed by some helpful answers. Everything you need to know about Nexa Finance.
It is subject to personal situation and financial position including income, existing liability and living expenses etc. Everyone may be different in qualifying a home loan. There are different requirements by different lenders. It is best to contact a professional mortgage broker to assess your eligibility.
Under the FHBG, part of an eligible first home buyer’s home loan from a Participating Lender is guaranteed by NHFIC. This enables an eligible home buyer to purchase a home with as little as 5% deposit without paying Lenders Mortgage Insurance.
Any Guarantee of a home loan is for up to a maximum amount of 15% of the value of the property (as assessed by the Participating lender). This Guarantee is not a cash payment or a deposit for a home loan.
Eligibility
To apply for the FHBG, home buyers must be:
applying as an individual or couple (married / de facto)
an Australian citizen(s) at the time they enter the loan
at least 18 years of age
earning up to $125,000 for individuals or $200,000 for couples, as shown on the Notice of Assessment (issued by the Australian Taxation Office)
intending to be owner-occupiers of the purchased property
first home buyers who have not previously owned, or had an interest in, a property in Australia.
It is subject to personal situation and financial position including income, existing liability and living expenses etc. Everyone may be different in qualifying a home loan. There are different requirements by different lenders. It is best to contact a professional mortgage broker to assess your eligibility.
A Mortgage Broker can help you compare many mortgages from a range of lenders, whether you’re applying for a first home loan, or simply seeking to switch lenders for a better deal.
Also, if you’re unsure about your borrowing power, a Broker can help you choose a home loan you can realistically afford. If you have any questions about your financial situation, it’s wise to seek advice from a professional finance specialist such as a Successful Ways Mortgage Broker.
There are different types of business loans to business customers at different stages. The eligibility and requirements are different to a new start business owner compare to a business owner who’s been running a business for ages. You can apply for a business loan to purchase a business, a commercial property or even to help with cashflows.
LVR is the amount you’re looking to borrow, calculated as a percentage of the value of the property you want to buy (assessed by your lender). For instance if you’re borrowing $400,000 to buy a $500,000 property, your LVR would be 80% (because $400,000 is 80% of $500,000).
LVR is important because it may affect your borrowing power. Generally, the lower the LVR the better, as it carries less risk for the lender. If your LVR is above 80% (that is, you’re looking to borrow more than 80% of the value of the property you want to buy), you may need to pay Lenders Mortgage Insurance (LMI). This insurance protects the lender, not you – if you default on your home loan and there’s a shortfall following the sale of the property. Generally speaking the higher your LVR, the more LMI will cost.
Most of mortgage holders would refinance every 3-5 years, as a lot of lenders offer competitive low rates and cash back offer to new to bank customers. Upon refinancing, you can even cash out extra funds from increased equity in the property for home renovations, purchase a car or other personal use.
The P&I mortgage is made up of two parts: the loan principal and the interest. The loan principal is the amount you borrow to fund your property purchase and it is the difference between the full cost of the property and your deposit; The interest is the amount you’re charged by the lender for borrowing the principal amount. If you have this kind of loan, you’ll be required to repay both the principal and the interest accrued on it.
Advantages of a principal and interest loan
Pay less interest over the life of the loan
Pay a lower interest rate compared to interest-only rates for a same loan amount
Pay off the loan faster, so you’ll own your property outright sooner.
This is when you only pay the interest portion of your loan for a set period of time and you’re not making payments on the ‘principal’. the will ‘principal’ remain the same, unless you choose to make additional repayments. When the interest-only period ends, you must begin repaying the principal at the current interest rate. While interest-only repayments are lower during the interest-only period, you will end up paying more interest over the loan’s life.
Put quite simply, with an IO mortgage, the borrower only needs to make the interest payments on the loan whereas the principal remains unpaid. This has been very popular with property investors to help them to increase their property portfolio because IO repayments have been generally lower than P&I repayments and are totally tax deductible.
