Services

Yes we do. Bringing more property into your existing portfolio can be a great way to build wealth and it’s often easier than many people think. 

Refinancing your home loan is a way to take advantage of movements in interest rates and not pay any more than you need to on your existing loan, as well as release equity for other purchases.

We can help you to identify if this is a good course of action for you based on your individual situation.

Yes we can assist you to work out the numbers, and along with your accountant, help you to structure your loan in a way to legally reduce your income tax. Of course, this is different for all cases but we certainly answer your questions on this.

Absolutely! After working with you to understand your loan needs we provide advice on recommendations on different loan products and features and how they impact your borrowing capacity and repayments. We also keep in touch with all our lenders regularly to know who is offering special rates or features such as cashbacks, fee waivers etc., so we can ensure you are getting the best rate and features available at the time of your application.

The home loan market in Australia turns over $1,000B/yr and it is important to understand that while a bank does care about its customers, you are very likely just another form in a folder or computer screen and their capacity to work with you in depth on your personal financial situation is limited. They often don’t have the time to talk to you at length and get to know you, what type of a person you are or your circumstances; all they have is the information and paperwork you have provided. This, along with the speed with which most applications need to be assessed means the lender often doesn’t have the ability to consider much apart from the applicant meeting a set of standardised criteria.

That’s where having Runmore Loans as your representative helps. We want to know as much about you as possible so we can make sure you get the loan that suits you now and into the future. Whether this means setting up a property portfolio for your children, creating a plan for refinancing so you can help out a family member or buying your first (of many) commercial buildings for your growing business – we get to know you, and your goals so we can be there when you achieve them!

I like to remind people of the 5 C’s of credit…

Many lenders use computerised credit scoring for qualifying an applicant. Credit scoring looks at your credit history and converts it into a score which represents your credibility as an applicant. If you score poorly, the application can be declined, regardless of other strengths. After all, asking the bank or lender for a large sum of money is a risk for them and they need to be sure you have the capacity to pay back the loan.

Therefore, it’s important to remember the five C’s of credit:

Character (integrity, the general impression you make on a lender)

Capacity (cashflow to service the loan)

Capital (net worth)

Collateral (assets to secure the debt)

Conditions (of the borrower and the overall economy)

Credit scoring is a large part of the first C, Character. Runmore Loans can help by providing you tips and strategies you can use to improve your credit score and character. For every buyer, and especially if you’re a first home buyer, getting the right advice early can make all the difference in getting approved or declined. 

Capacity is a reference to your ability to service the loan. We know how to maximise your serviceability and improve your chances of getting that approval. Capital and Collateral relate to what financial assets you have and what the bank uses to secure the lending against.

Runmore Loans can help you prepare your application so that you can best your best foot forward when we submit your application.

This amount varies from lender to lender and depends on a number of factors. We’re all different when it comes to our finance and borrowing needs so contact us today, and by the end of an initial conversation, we will be able to provide you with information on your maximum borrowing capacity, an estimate of costs for your purchase and suitable lender product comparisons.

Loan types and features will give you a good idea of the main options available. But because there are hundreds of different home loan products available, and individual circumstances all vary, we’ll research what loan is right for you and make recommendations for you to consider.

Usually between 5% – 10% of the value of a property, which you pay when signing a Contract of Sale. If the deposit requested is 10%, your conveyancer may be able to negotiate this down to 5%. If you don’t have the deposit at time of signing the contract, your conveyancer/solicitor may be able to arrange a deposit bond until settlement.

Runmore Loans can recommend a solicitor/conveyancer in your area to help you with your purchase.

As there are so many different loan products, some with lower introductory rates, contact us today to see what loans are right for you and what the repayments will be.

Most lenders offer flexible repayment options to suit your pay cycle and this can also help to reduce your interest rates. Most lenders will offer repayment options to weekly, fortnightly or monthly payments.

To avoid any surprises, the list below sets out all the usual costs, but of course these vary based on individual factors, location of the property and local/state requirements:

Stamp Duty — This is the big one. All other costs are relatively small by comparison. State and Territory Governments charge different rates of stamp duty from each other. Stamp duty costs also depend on the value of the property you buy. You may also have to pay stamp duty on the mortgage itself. To find out your total Stamp Duty charge, check out our Stamp Duty Calculator.

Legal/conveyancing fees — Charged by the conveyancer you appoint to help you through the home loan process. These fees, which include title search fees, are usually around $1,500 – $2,500.

Building inspection — Should be carried out before the purchase of a property by an expert, such as a Structural Engineer, to ensure it is structurally sound. The cost can be up to $1,000 depending on the size of the property. Your conveyancer will usually arrange this inspection, and you will usually pay for it as part of their total invoice at settlement.

Pest inspection — Should also be carried out before purchase to ensure the property is free of problems such as white ants. Allow up to $500 depending on the size of the property. Your conveyancer will usually arrange this inspection, and you will usually pay for it, as part of their total invoice at settlement.

Other inspections – these might include pool inspections, local building and council plans etc. so always check with your conveyancer for guidance.

Lender costs — Most lenders charge establishment fees to help cover the costs of their own valuation as well as internal admin fees. Allow about $300.

Moving costs — Don’t forget to factor in the cost of a removal firm if you plan on using one. These need to be secured early and often require a deposit to secure the date.

After buying — As well as regular loan repayments you should take out building insurance and contents insurance. If you are borrowing more than 80% of the purchase price of the property, you’ll also need to pay Lender Mortgage Insurance. You may also choose to take out Mortgage Protection Insurance.

If you have bought a strata title, regular strata fees are payable.

I’m proud to have consistently built a loyal customer base of happy buyers and investors who not only enjoy the personalised service I offer them, but also the confidence and peace of mind that they are building wealth through the optimal property strategy at every stage of their lives. 

We keep in touch with you as often as you prefer and will always be available if you want to discuss your loans or any ideas and questions you have. We don’t underestimate the enormity of a purchase like this and we strive to be your guiding hand throughout.

That’s why when you’re a client of Runmore Loans, it doesn’t matter who provides the loan, we are your constant point of contact. We know you and your unique situation and we are always happy to help.

Plus, we really love to help your investment dollar go further!