Who is Think & Grow Finance ?
Think and Grow finance launched in 2015 evolving from a family partnership of husband and wife, Mitesh and Kellie Le Dedhia. The partnership established when Mitesh left Ethan Group after 11 years of service to further pursue his passion in property investment and development. Think and Grow finance quickly grew as Mitesh soon built an impeccable reputation in the local area which he still continues to adequately service today.
What does our service include ?
As a free mortgage broking service, Think and Grow finance is here to guide you through this exciting opportunity and ensure your needs are taken care of in a professional and uncomplicated manner. We understand that your first home loan will not necessarily be your last so when we help you with your first loan, we consider you a client for life looking after your current and future needs.
Our services include but are not limited to:
- First home owner loan
- Refinancing & Debt consolidation
- Investment loans
- Reverse mortgages
- Bridging loans
- Car loans
- Insurance
How can I meet with a Think and Grow finance broker ?
You can meet with a Think and Grow broker in 2 ways. Either visit the Think and Grow office or have a broker visit you. Appointments can be arranged to suit you in and outside of office hours and on the weekend. Appointment hours are between 8.00am and 8.00pm.
Do you take appointments over weekends & after hours ?
Yes, Think and Grow finance appointment hours are between 8am and 8.00pm, 7 days a week. By prior arrangement we can meet clients outside of our usual appointment hours.
How quickly can I get loan approval ?
After the initial meeting, once we assess your financial circumstances we will provide you with a time estimate. This is normally between 4-6 weeks depending on the chosen lender. Where possible, Think and Grow finance will expedite the process if there is an urgency.
Once your loan is formally approved, your lender will send your mortgage documents to you to sign.
What if I have a bad credit history ?
In the event that you have a bad credit ratings, we have lenders that would be happy to look at your application on a case by case basis. These lenders are more interested in your present financial circumstances and ability to pay back the loan, rather than defaults or negative listings from the past, however please keep in mind they come with higher fees and interest rate. It's hard to establish without looking at your current situation. Let us have a chat with you today.
Do I need to pay LMI and if so, how much ?
Lenders Mortgage Insurance (LMI) is a one-off insurance payment which protects your mortgage lender against your default. LMI is commonly paid when the Loan to Value Ratio (LVR) is 80% or more. This occurs when more than 80% of the value of the property is borrowed from the lender by a buyer.
There are few ways to avoid paying Lenders Mortgage Insurance:- Save 20% or more as a deposit
- Have someone go guarantor for your loan
- If you are a Doctor, Accountant, Lawyer, & Engineer it may be possible to get the lender to waive your LMI completely or to charge a negligible amount. To do this though, please talk to us.
- Lenders can potentially waive your LMI completely or only charge a negligible amount, although it is increasingly rare. Most require the following criteria be met.
Doctors
- Loan size no more than $4.5 million
- (90% LVR) No more than 90% loan of the property value (it is sometimes possible to borrow more)
- Being a member of an appropriate industry organisation is a mandatory requirement (eg.AMA)
- You must be on the preferred medical professionals list, a dentist, optometrist, veterinarian or a pharmacist.
Accountants, Lawyers & Engineers
- Loan size no more than $2.0 million
- (90% LVR) No more than 90% loan of the property value
- Being a member of an industry organisation is a mandatory requirement (list can be made available to you by contacting us)
- You must be either an Accountant, Finance Manager, Auditor, Actuary, Lawyer, Barrister, Solicitor, Engineer, Surveyor, Mine Surveyor, Quantity Surveyor, Geologist or Geophysicist.
- To be eligible for waived LMI, Engineers must work in the mining and resource sector.
- Income of $150,000 or more per annum or will soon be a similar income. Other incomes such as rental can be considered.
Other people
- (85% LVR) No more than 85% loan of the property value
- Perfect credit history
- You're purchasing or refinancing to purchase a property
What should I expect at the initial appointment ?
During your appointment, your Think and Grow finance specialist will understand your life and financial goal as well as discussing with you:
- the features of the loan you require
- your financing approach
- your borrowing capacity
- what the lending market has to offer
What government assistance is available ?
The First Home Owners’ Grant is a Commonwealth Government initiative that was created to help people get a foot in the property market. If you’re buying or building your first home, you could be eligible for a government funded grant of up to $10,000 towards the cost of your home loan. For further information on grants in your state visit www.firsthome.gov.au and select the state that applies to you.
When you buy a home in Australia, the state government imposes a stamp duty tax. The tax duty varies in amount depending on the sale price of the property and which state you’ve purchased in. Concessions differ from state to state and we can assist you in calculating your stamp duty, if applicable..
What information do I need for the appointment ?
- ID – Driver’s License AND Passport
- 2 most recent pay slips (if PAYG) plus recent group certificate
- Most recent 2 years tax returns and ATO tax assessment notices if self-employed (personal and company)
- 6 months recent savings statements (if purchasing)
- 6 months recent home loan statements (if refinancing)
- Most recent month’s statement for all bank accounts, credit cards, personal loans, car loans etc
- Most recent Superannuation statement
- Most recent Life/Income Policy statement