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4 days ago

Your Finance Guy

Just an observation ....

Car finance has dropped by up to 50 per cent, application approval times have more than doubled, new-vehicle sales are down eight per cent on 12 months ago and we are being forced to use less reputable lenders at much higher interest rates, for borrowers who fail to meet the new lending guidelines, that in many instances are being set by their existing financier.

Lenders are insisting on greater levels of scrutiny being applied to applications and the finance companies are insisting on a stricter verification processes for income and living expenses.

Buyers are holding back, evidenced by sales as at July this year, being down 15.8 per cent for passenger cars and 3.6 per cent for SUVs – a drop of 47,452 vehicles combined

The flow-on effect is seeing a slow-down in used-car sales due to the reduction in trade-ins that usually come with a new vehicle purchase.
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3 weeks ago

Your Finance Guy

Dead car money - Lent a buyer $432,000 in January this year for a new Mercedes S63 AMG Coupe....Sold it today for $288,000............Bargain !! ... See MoreSee Less

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1 month ago

Your Finance Guy

Financier logic 101 for Divorced parents - They allocate the child support as an expense against the father, but don't take the same amount as income by the mother......!! ... See MoreSee Less

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2 months ago

Your Finance Guy

Courtesy of the recent Commission of Enquiry into the finance sector, new regulatory changes to the way Credit Card repayments are calculated will take effect from Monday 1st July 2019. The regulation states lenders must assess a customer’s ability to repay a credit card limit in full (including interest) over a 3 year term. While there may be some minor variations from one financier to another together with a difference in actual card rates, it appears a common rate of 3.80% will be applied against the card limit, in order to determine monthly payments.

By way of example, if you have a card with a limit of $5,000, the repayment applied against your loan application will be $5,000 x 3.8% = $190 per month......It’s starting to get interesting people!
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6 months ago

Your Finance Guy

As the two major political parties appear to be upping the ante ahead of the upcoming election, it appears that LABOR has promised a 20% instant write-off of eligible assets over $20,000, only for the LNP to return fire with a promise to increase the current write-off threshold to $25,000, something it will attempt to get through legislation when Parliament returns this week. As the current arrangement will expire 30th June and we can never be sure of the outcome in the political arena, perhaps it’s time to review the benefits of the current legislation, identify what new equipment your business needs and call me for a loan to make the purchase. ... See MoreSee Less

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7 months ago

Your Finance Guy

Pet hate!....Place a call to a client's accountant, get the 3rd degree from the gate keeper at reception....you know, the usual, "Who are you, where are you from, who does it concern, will they know what it's about"?...Answer all, get put through, start the conversation, only to be asked the same questions again....Blahhhh ! ... See MoreSee Less

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7 months ago

Your Finance Guy

As we are now into January 2019, the majority of banks and financiers I deal with are starting to ask for finalised Financial Statements for the year ending 30th June 2017 and 2018, in support of any new credit applications. In some instances, they will consider interim Management Accounts provided the corresponding BAS Statements are also supplied........It’s getting harder people, so make time to get your business affairs in order, even if it means having your accountant earn their fees. ... See MoreSee Less

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8 months ago

Your Finance Guy

Here’s a friendly reminder to all who used the services of Afterpay over the festive season. REMEMBER, you signed up to make 4 equal payments due every 2 weeks by direct debit against your debit or credit card. Miss one of those payments on an item that cost less than $40 and you will be charged a late fee of $10, which is a simple interest rate of 25%. If the item cost you more than $40, the same interest rate is applied, but (currently) capped at $68. While figures to date show only 5% of due payments have been incurring a late fee, the next few months could prove interesting. ... See MoreSee Less

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8 months ago

Your Finance Guy

Maybe it's the distraction of Christmas, but it never ceases to amaze me how a simple instruction on a loan document, such as "SIGN HERE" can't be followed. ... See MoreSee Less

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9 months ago

Your Finance Guy

BE CAREFUL OUT THERE!
I was asked to arrange finance on a large machine this week that was listed for sale on a well known used equipment web site. Buyer sent me all that I asked for to put the loan in place and I told him to wait 24 hours while I did my checks, but he didn’t listen and paid a $20,000 deposit by bank transfer that the seller was demanding on the pretext of holding the machine. I continued to run my usual checks & balances and discovered the supplier invoice details did not align with my searches. On being told of this, the buyer went and checked the premises himself, only to find it was an empty office in a block of serviced offices, with a centralised answering service. Buyer is now trying to recover his money via his bank, but it looks like he has been the victim of yet another scam. They walk among us, so be careful people.
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