FAQ’s

Why use a finance broker?

The range of products we have available from the more than 35 lenders on our panel is extensive, and the application process can be complicated. That’s why you need to help of a City Pacific Finance broker, to guide you through the maze of loan products, options and interest rates, and to ensure the loan is right for you.

When we’ve sourced the most appropriate product, we will then assist throughout the entire process, from application to approval and beyond.

We are able to save you the time and effort required looking at all possibilities. We also endeavour to interpret loan products and technical jargon and provide simple, easy to understand explanations.

Which type of loan is best for me?

There is no simple answer to this question. The answer is dependent upon your individual circumstances, however once a City Pacific Finance broker has spent some time with you gathering relevant information, we will be able to compare the loan options for you and advise you which loan will be the most appropriate to match your needs.

What deposit do I need?

To purchase an owner occupied dwelling you may not require a deposit, and for investment purchases a 5% deposit is the minimum required, although equity in another property can be used for this purpose.

What is equity?

Equity is the difference between the value of a property and the amount owed on that property. In other words the amount of the property that you own.

Are there other costs involved?

There will be various State Government duties and council costs relating to searches and transfers. The lender also has application, valuation and in some cases Lenders Mortgage Insurance costs. These will be explained in full by one of your City Pacific Finance broker.

What is Bridging Finance?

Bridging Finance is a short-term loan generally used to cover the time between the purchase of a new house and the sale of the old house (often referred to as a Relocation Loan by some lenders). Once regarded as expensive, Bridging Loans are now available at comparable rates to housing loans.

What is an L.V.R.?

L.V.R. is an abbreviation of the term Loan to Valuation Ratio. This is a calculation of the amount of money to be borrowed as a percentage of the value of the property being purchased. Example: a loan of $50,000 against a property worth $100,000 would be an L.V.R. of 50%

Are equipment finance interest rates fixed or variable?

Interest rates on commercial equipment finance facilities are fixed for the duration of the loan which assists with your budgeting and profit projections.

What are the normal terms available on equipment finance?

Terms from 12 months to 60 months are available on plant and equipment finance.

Do I need to provide security?

In most cases the plant and equipment asset financed is the security. However, in some instances, additional security may be required.

How do I lodge an application?

You can fill out the Apply for a Loan form on this website, or contact your nearest City Pacific Finance office by phoning us.