Is an enquiry an application for finance?

No. Your enquiry is a preliminary step in finding out in more detail your finance options. If you wish to proceed further with an application later that is up to you.

How is my information used?

To navigate your enquiry towards a successful outcome, Finance Cafe pre- tests how different lenders are likely to assess your credit application. This means ensuring your finance profile will

• match appropriate lender guidelines and loan products
• meet lender’s serviceability requirements
• meet mortgage insurance requirements (if applicable)

Using this process, we are able to ensure that if an application is made - all or most criteria have been successfully tested. See our checklist to understand what information we require and how we assess your enquiry.

What sort of information is required?

The finance enquiry form has three (3) sections and should only take a few minutes to complete. This information is required to give you more detailed and specific feedback on your finance options.

	Section 1 - Your finance scenario A short description of what you would like to do and what you want to achieve and any circumstances which you think either will help or hinder your application.
	Section 2 - Your personal & family profile  Your personal details including basic contact information, income & employment, family structure and credit history.
	Section 3 - Your assets & liabilities Details of what your own and what your owe

Why is this information required?

1. whether your are self certifying your income or providing evidence of income in the form of personal and/or business tax returns, business statements, group certificates, pay slips, etc. can all influence the success of a finance application.
2. your previous credit history (clear, defaults, bankruptcy)
   Regardless of whether you were directly or indirectly responsible for running up an ‘adverse’ credit history lenders still use this indicator to decline an application for credit. Over the last few years, a new band of lenders has emerged who can assist this type of applicant. In most instances, expect to pay a higher interest rate though.
3. your employment history (stable or irregular). Clearly, evidence of your ability to service the debt is a key lending criteria.
4. your current credit commitments and family structure (including number of adults, children and cars, how much of your current income is already committed to debt repayments and living expenses).
5. whether you are borrowing as an individual, company or trust. Different borrowing entities have different legal rights and responsibilities.
6. the asset or security being purchased or refinanced (eg. property, car, equipment, etc). Some asset classes like property are more attractive to lenders. Still, within this class, lenders are quite specific about what type of property they will lend against and where it is located. For example, many lenders will only lend against residential property in metropolitan areas or major regional cities. Rural or rural residential zoned property may require a more specialized lender.
   
   The key point here is there are lenders who will provide finance for more exotic or marginal security types.

How do lenders evaluate an application?

Lenders use a number of standard credit criteria to evaluate your ‘credit risk' or ‘lending worthiness”. Not all lenders are the same however and each may place a different emphasis on some or all lending criteria. As a consequence, results can vary a lot between lenders and you may qualify with some lenders and not others. In most instances, lenders will take into consideration your income, current credit commitments and likely living expenses incurred by you and/or your family and calculate its impact on any proposed new borrowing. There are many lending elements to consider. That’s where Finance Cafe can help. Our targeted assessment approach can quickly identify effective lending solutions.

Enquiry Checklist

Finance Cafe also takes some additional steps to ensure that any proposal will benefit you in the immediate and longer term. See our “end benefit” criteria.

A. Your personal profile

1. Employment status and employment history
2. Income (serviceability)
3. Fully verified income or self-certified
4. Credit commitments (assets & liabilities)
5. Credit profile (credit history, credit conduct)
6. Borrowing entity (individual, company or trust)
7. Family profile (no. of adults and dependent children)
8. Deposit contribution and/or savings history

B. Your assets & liabilities profile

1. The type of assets (property, shares, boat, etc)
2. The location of property assets & LGA zonings
3. Total net worth, total asset debt, total expenditure

C. Loan profile

1. Loan purpose
2. Loan size
3. Loan to value ratio (LVR)
4. Mortgage insurance requirements (if applicable)

D. Transaction costs

1. Finance or loan setup costs
2. Legal costs (mortgage documentation, conveyancing)
3. Government charges (stamp duty, searches)
4. Other miscellaneous costs (building & pest inspections; connection fees for utilities; relocation expenses, etc)
5. Exit or loan break costs

E. Is there a solution?

1. Does any proposed solution meet your principal objective/s & time frame
2. Does it make sense to you?
3. What are the risks and can you manage them?
4. Are the end benefits to you attractive enough?

Not available at this time

Click link to download form

Click link to download form