Low doc small business loans are one of many loan types out on the market. Are you looking to improve your loan options and financial situation? Informing yourself on the latest news will help you make the right decisions for the future.
Many Australian’s who work as a freelancer, contractor or are a small business owner may find that their loan options are limited. If you’re looking for a loan there are options such as a low doc small business loans.
Many Australian’s believe that assessing their own financial situation is enough to consider their decision an informed one. It might seem like a rational choice but it’s not an informed decision, one that doesn’t take into consideration the bigger picture; the climate in which they’re taking out a loan.
Many economic factors should influence your decision on whether a loan is right for you. Many business owners, contractors or self-employed individuals will only consider the big one; interest rates — this is a mistake.
In this blog, we will outline all the external factors that influence your current or future loan options, and help you understand how these different economic shifts affect your financial position.
We go into the following:
- Housing market predictions in Australia
- RBA and interest rates; forecasting unpredictability
- The Royal Commission
- Low doc loans meaning; how it affects you
Low doc loans meaning; how it affects you
The Royal Commission has proposed stricter verification that will make it harder for people to get a home loan. The falling house prices and housing credit have also stunted growth which is contributing to consumers not being able to borrow as much as they want.
The reduction in maximum borrowing capacity will likely lead to a full credit crunch that will affect other types of debt such as car loans, personal loans and credit cards.
There will be increases to borrowed loan sums as broker fees are added to the loan’s value as well as rising borrower’s confidence with brokers acting in the best interest of customers with the proposed ‘duty of interest’ regulation changes.
What can I do?
The keys to success for 2019 will come down to planning and knowledge. Keeping up to date on the latest information whether it’s the royal commission, housing prices or financial news will result in your being more informed and making better decisions. Here’s what you can do:
- Plan your year accordingly with budgeting
- Get your current credit score
- Research loan options and market trends
- Consult Guardian for a free home loan health check