Six points to consider when looking for the right loan?

Here is the who, why, what, when, where and how of working out the right loan for you. You’ll find that interest rates vary less than people’s personal needs do. Choosing a loan is more about matching your needs with the lender's criteria.

When you've looked at these six points read about the three ways to arrange a loan below.

Once you've consider the importance of what's involved, you will find Onyx of great value when choosing and arranging a loan. You'll also find our post loan settlement service far superior to those impersonal "press the number" call centres.

Who	Who will be borrowing? You You and your spouse/partner You and another person You and a guarantor A trust A company A self-managed superannuation funds related trust A non-Australian Resident Are you and/or other borrowers A full-time employee? A part-time employee? A casual employee? On probationary employment? Been working for less than one year? Been self-employed for less than two years? Been self-employed for more than two years? Retired? Not working? What will you and/or other borrowers credit history record be like? Clear Lots of enquiries but no defaults Some default problems
Why	Why do you want a loan? to buy your first home? a better home? an investment property an off-the-plan property a commercial property To have a builder construct your new home an investment property two townhouses a small multi-unit development To owner-build a dwelling To refinance to a better rate To get cash out To invest For business To consolidate debt
What	What type of loan do you want? Variable rate Fixed rate Principle and Interest Interest only Line of Credit Off-set account Portfolio loan Equity loan Lo Doc loan Construction loan Owner-builder loan Bridging loan Second mortgage Commercial loan
When	When do you need approval and settlement? Do you want a pre-approval? Do you have a finance approval deadline? Do you have a settlement date? Do you need a loan very quickly?
Where	Where is the security property located? Suburban metropolitan house Metropolitan apartment building Inner city high rise building Regional city Country town Rural residentially zoned house Rural zoned property
How	How do you want to obtain your loan? Over the internet Ring a call centre Visit a bank branch staff Visit a qualified financial or mortgage advisor Have a qualified financial or mortgage advisor visit you How do you want to obtain on-going service? Phone based call centre Retail bank branch From a qualified financial or mortgage advisor

Three ways to arrange a loan

1. Go to a bank

Go to a bank and they can only help you with their own range of loans. “Help” at a bank often means number pressing phone menu to get a answers from some one you’ve never met before.

2. Go to a broker

Go to a broker and they can help you choose which loan you want and lodge an application. Once the loan settles your relationship is with the bank or non-bank lender who lends the money.

3. Go to a mortgage manager

Go to a mortgage manager like Onyx and you get the same choice of loans a broker offers plus you get the option of choosing a relationship managed loan. With a relationship managed loan Onyx not only helps you lodge an application but we administer the whole approval process and we maintain a relationship with you after settlement to manage your loan.