In the latest issue of Your Investment Property magazine, Ben Kingsley and Bryce Holdaway of Empower Wealth share the 5 C of Loan Money in 2019. We address the highlights below. :
1. Character
According to the banks, character is essentially about evaluating the characteristics and characteristics of your situation and your situation. Banks first and foremost want you to be a safe and reliable borrower. They will want to know: Are you stable in your job? Have you had a good work history? What has your credit history been over time?
2. Warranty
The guarantee primarily concerns the security of assets, which means that banks protect their interests by guaranteeing their loans against a property or land. To do this, they evaluate the asset underlying the loan.
3. Capacity
Capacity is at the heart of why most people do not get approval for a loan. It all depends on your ability to repay the loan. It's about the service and the ability to pay the debt. Each lender has a different service calculator, which is why, in some cases, you get situations in which one lender can say "No", but another says "Yes"!
4. Conditions
The conditions determine the type of conditions of the existing credit policy. This depends on the criteria of the lenders, which vary from one lender to another, which means that your application is evaluated differently. For example, some forms of income may be accepted, but not others. In addition, banks may have conditions relating to the duration of employment, the types of assets they are willing to secure, and so on.
5. Common Sense
With the tightening of the credit policy, it can be said that this is being done less and less now. But banks use – or at least should – a common-sense approach to assessing a claim.
For more information and more detailed explanations on the 5 C's, read the feature article of the February 2019 edition of Your Investment Property. On sale at Coles news agencies and supermarkets from January 10th to February 14th or download the magazine now.
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