Lending Approach
FINCO Mortgages' clients typically wish to purchase owner occupier residential property.
WORKING WITH FIRST MORTGAGE PROVIDERS
FINCO Mortgages will work with the first mortgage provider to ensure that clients obtain the best solution for their requirements.
It should be noted FINCO Loans is an underwriter and all loan approval decisions are made in house and not subject to mortgage insurer's criteria.
LOAN STRUCTURE
We generally provide loan terms to meet a clients individual needs up to 7 year. This allows clients to structure loan repayments to meet their budget.
PROFILE LENDING
Our emphasis is upon the character and affordability of clients. On this basis, we consider ourselves profile lenders.
SERVICING CRITERIA
We adopt an uncommitted monthly income (UMI) approach when assessing affordability.
APPETITE
Generally, FINCO Mortgages will approve loans to +10% (maximum of 90% LVR) on top of the first mortgage.
We like to consider all factors and aspects of a lending transaction. Please feel welcome to contact us to discuss the merits of any proposal prior to formal submission.
TURN AROUND
All loan applications will be responded to within 24 hours of receipt. If there is a pressing need to obtain an approval even quicker, simply contact us to pre-position the application.
SUMMARY
We are prepared to consider +10% (maximum of 90% LVR) above a 'main Bank facility' to assist clients to purchase residential property.
|
|
|