Growing your business or expanding services? Transitioning to retirement or setting up for sale? Maybe you’re just not happy with your current commercial finance arrangements. You’re going to need to talk to us.
The finance brokers at Whiteroom Finance have worked with businesses of all sizes and at all stages of the business cycle and can help you with advice and guidance about any business finance needs.
We also work with your existing finance team and advisers to make sure you’re receiving complete advice.
The structure, nature, and cost of funding varies considerably and can be vastly different for seemingly similar businesses, so don’t be caught out relying on what others tell you.
Need some new equipment for your business? We have access to a range of lenders and can help you with the right equipment finance for your business.
Financing your equipment purchases means you can preserve your cash for working capital and pay off the purchase in line with the asset’s depreciation term. We can help you coordinate insurance, interest rates, settlement, and delivery of your new equipment. In some cases, we can even help you source the equipment through our network of contacts.
If you run a fleet of vehicles, your needs may be very different to a standalone asset purchase. Your assets might depreciate quicker or need to be turned over more regularly to preserve their value.
Our team can help manage this asset replacement program by tailoring a solution to meet your needs and your budget. We can even help you with insurance for your assets.
Whatever you are hoping to achieve with your business fleet, Whiteroom Finance can help.
As business finance experts, we can give you the edge you need to start your small business journey. We offer advice and guidance on small business loans and can help find the right lender for you.
As there can be so many variables when starting a new business, we encourage you to engage us beforehand to help you avoid any bad decisions. With extensive experience in the finance industry, we know the potential pitfalls and how to avoid them.
If you have a pre-existing business, we can work with you to develop your business finance acumen and prepare you for access to appropriate funding when available.
A Finance Broker is someone who assists you to find a finance solution that helps you meet your unique financial needs.
A Finance Broker must hold national-level qualifications. This provides them with the authorisation to deliver financial services via both the lenders they use and ASIC (Australian Securities and Investments Commission) They are also commonly part of several industry bodies. This is necessary whether they offer home loans, personal/car loans, or complex business finance.
Additionally, your Finance Broker has a legal obligation to act in your Best Interest (called Best Interest Duty). They are subject to ongoing compliance checks and business reviews, all to ensure their clients are properly guided and supported.
Securing finance via a Finance Broker brings multiple benefits, these include:
The difference is mainly academic in that they are effectively the same thing. Generally, a Mortgage Broker works predominantly in the personal finance space (home loans, investment loans, personal loans, and car loans). However, a Finance Broker has a more diverse range of services including business and specialist finance.
A Mortgage Broker may offer services such as arranging:
They may also provide broader property investment and debt reduction strategies, and work with third party insurance and financial advice partners to ensure you are receiving well rounded comprehensive advice. Someone referring to themselves as a Mortgage Broker, is unlikely to offer much in terms of business finance.
A Finance Broker can also offer Mortgage Broking services but tend to lean toward business and commercial finance solutions. Some focus their attention on certain types of business finance such as equipment and vehicle loans. Some offer business finance secondary to personal lending, while others have a narrower focus predominantly on business finance.
Borrowing money for an investment property can be a great way to grow your wealth or diversify your investment portfolio. However, you need to be aware that there are additional eligibility requirements for investment loans such as higher interest rates and additional contributions.
On the plus side, expenses for an investment property can usually be claimed as a tax deduction, which makes it an attractive proposition for some people.
Our professional team of Perth based finance brokers can assess your financial situation and liaise with you or your accountant to make sure any advice is appropriate, before recommending a solution.
Purchasing your first home, or even a second home, can be a daunting and stressful experience. To ease your stress, we can assist with advice and guidance about:
Before you start looking for your new home, we recommend speaking to one our finance brokers. We can help you understand your budget to ensure you know what you can afford.
We also work closely with several settlement agents and property inspection services who we trust our clients with.
Whether you’re buying a motorbike, caravan, or boat, Whiteroom Finance can help. We consider your personal situation and find the right loan to get you on the road.
Have you ever been offered dealer finance when purchasing a vehicle? While they often have reasonable options, a quick look at comparable offers on the market will show you there are alternatives that could work better for you. Subject to a lending assessment, we can arrange to have your loan pre-approved before you start looking for your new vehicle!
With great market offers and our ongoing support we’ll make sure you get a car loan for your situation.
Need to get away for a well-deserved holiday or want to renovate the house but don’t have the equity? Maybe you just want to consolidate your personal debt. Whiteroom Finance has access to a range of lenders and can help you find a personal loan suited to you.
With extensive knowledge and experience in the finance industry, we understand where things can go wrong and how to steer clear. We can assist you with variable or fixed rate personal loans for a variety of purposes.
A Mortgage Broker provides personal advice about lending solutions that will suit your specific needs and goals. They are required to hold national qualifications which gives them the authorisation to offer their services via both the lenders they use and ASIC. They are also commonly part of several industry bodies.
Additionally, your Mortgage Broker has a legal obligation to act in your Best Interest (called Best Interest Duty). They are subject to ongoing compliance checks and business reviews to ensure their clients have appropriate guidance and support.
There may be many benefits to you by using a Mortgage Broker rather than going directly to your bank, including:
Mortgage Brokers have an extensive panel of lenders that they can source loan options from – Banks only have their own.
Your Mortgage Broker must act in your Best Interest and ensure the loan they recommend for you is most appropriate to your needs. Banks can only offer you one of their loans, which may not be a great fit.
Your Mortgage Broker relies on keeping you happy in the hope that you will refer business back to them. As such, you are the centre of their attention and aren’t forgotten once the loan is done.
Your Mortgage Broker takes care of all the paperwork and speaks with the lender on your behalf so you can get on with the exciting stuff like choosing paint colours. They will also explain the process at every step of the way, so you know what to expect.
Mortgage Brokers are nationally qualified with a Diploma of Finance and Mortgage Broking Management and required to complete hours of professional development every year. Personal lenders in Banks are trained by the Bank to provide the Banks solutions.
As banks can only offer their own loan solutions, if you don’t fit their lending policy, they may provide something that doesn’t suit your needs. Often it may lead to not being able to obtain finance from them at all. Our Mortgage Brokers extensive panel generally means they can find a solution for you.
Because situation changes and lender rates terms can vary, it’s important to review your loans regularly. Your Mortgage Broker will do this automatically and without you even asking. This can result in reduced interest rates or changed terms without you having to lift a finger.
The use of mortgage brokers to secure a home loan is becoming increasingly popular in Australia. Some common reasons for clients to choose a mortgage broker over a bank or other financial institution are:
The size of your deposit depends on your circumstances. The higher the deposit, the lower the cost, but cost is not everything. We can break this down into 3 headline numbers: 20%, 10%, and 5%:
Let’s start with 20%
Deposits higher than 20% open you up to most home loan providers who operate in Australia.
Lenders Mortgage Insurance generally won’t apply to your loan if you have 20% or more, so the lender does not need to consider additional rules, and your loan would be cheaper.
At this level, the lender makes their own decision and applies their own rules to lending money which means there can be flexibility with the options available to you.
If you have had some credit issues in the past, a higher deposit will certainly assist to overcome some of these challenges.
If self-employed, you may be able to self-declare your income, and if just an average borrower, a 20% deposit can mean lower cost and lots of choice.
10 – 20% deposit
The 2nd scenario is the 10 – 20% deposit. At this level:
At this deposit level there are several providers, certainly not as many as if you had 20%, but definitely a lot more than if you only had 5%.
Borrowing with as little as 5% deposit is possible, and can open some options for you, but be aware:
Very few lenders provide loan solutions with such limited deposit, and those that do:
The lender must consider the mortgage insurers requirements in addition to their own, which can make it difficult to obtain approval.
Often the lender will impose restrictions and offer less in this instance, so you may not access features such as offset accounts and fixed interest rates.
There is nothing wrong borrowing with a limited deposit, it is simply a decision to be carefully considered in line with your goals and objectives.
We work with several lenders to access a loan which is suited to your situation.
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