FAQs - Business and Property Finance

General:

We guide you through every step of the way. One of the great benefits of using RLA Finance is that once you use our services and we have everything on record, it makes future lending transactions a lot less complex. The fact that we understand your personal needs, and that of your business, saves you in both time and stress.

RLA Finance is also able on many occasions to get lower rates than if you were to go directly to your bank. This is because we have built solid relationships with the banks and financiers so they are able to offer us rates lower than their standard rates.

Firstly we ascertain what your needs are either by phone, email or personal interview. We will then ask you to sign our privacy acknowledgement to enable us to act on your behalf.

This will vary as to the type of lending that you are applying for, and whether you are a new client to either RLA Property Finance or RLA Equipment Finance. As a general rule, we will always need proof of your identity, and documents that support your assets and liabilities. We will supply you with a list of requirements either during or immediately after your initial interview, and this does vary on a case by case basis. We can also approach your accountant directly (with your permission) to obtain the precise information that we need for your application.

This depends on the complexity of your lending, and the time-frame that we receive all your supporting information as requested. Once we have received everything, we will compile your loan application, and forward this to you by email for your signature. We will then submit your application to the bank.

If you have signed a Contract to Purchase a property or business, we are always mindful of your contracted Finance Approval and Settlement Dates, and will assist you by dealing with your solicitor if you wish.

No. We do not charge any fee to you for our services in obtaining Business or Home Loans for you. We do charge a fee to obtain an Unsecured Personal Loan on your behalf. This is calculated at 5% of the Total Loan Amount, or a minimum of $500. We may be able to further negotiate this fee if you are an existing RLA Business, Home Loan or Equipment Finance client. The Banks themselves pay us Commission on your total loan amount once your loan is settled. In the case of either Home Loans or Unsecured Personal Loans, the commissions that we receive from the Bank are fully disclosed to you in our Credit Proposal Document which is provided to you for your signature prior to us submitting the application on your behalf.

No. The Banks do not 'load' their interest rates to cover our commission. Indeed, it is quite the reverse, in that RLA Finance are able to negotiate interest rates on your behalf that can at times be significantly lower than if you approached the Bank yourself.

Yes. We are able to apply for Unsecured Personal Loans on your behalf. The process in this instance is very fast. Generally, from time of application submission to full settlement the timeframe is usually around five business days. Personal Unsecured Loans can be used for any purpose, such as travel, car, debt consolidation, wedding, minor home improvements, tax debt, education, or any other purpose which is not of a business nature.

LOAN INTEREST RATES:

Interest rates will vary from bank to bank, with variations based on the type of loan you are applying for. Business Lenders calculate interest rates based on different factors related to the information in your application such as credit history, repayment ability, fall-back situation, business experience etc. Whether you are a Business applicant, or a Personal applicant, we always strive for a lower interest rate and work with applicants and the financiers to achieve the best results for your financial situation.

LOAN APPROVALS:

We will notify you that your application has been successful, and arrange for your loan documents to be either sent directly to you, or to our office. We will advise you on the requirements for the completion of the documents, and in the majority of cases we will ask you to attend our office at a time convenient to you for sign-up. This is because we are able to go through the documents with you, and answer any final questions that you may have. We also have Comm. Decs on our staff, who are able to witness the documents as required. We will also return the documents to the Bank on your behalf.

LOAN SETTLEMENT:

Yes. We will be in touch with you to advise you when your loan has settled.

POST SETTLEMENT:

Each bank has their own requirements as to what we can do for you on your behalf once your loan has settled. In the case of business lending, in most cases, we will be able to deal with your business banker directly. For individual consumer lending, we will be able to assist you directly with your enquiries, or be able to provide you the information to be able to deal with the bank in the most expedient manner.

FAQs - Equipment Finance

General:

We take you through every step of the way. One of the great benefits of using RLA Finance is that once you use our services and we have everything on record, it makes the future transactions simple and pain free, whereas with your bank they will always ask for things that just don't seem necessary or questions that they have already asked in the past.

RLA Finance is also able on many occasions to get lower rates than if you were to go directly to your bank. This is because we have built solid relationships with the banks and financiers so they are able to offer us rates lower than their standard rates.

Firstly we take down your application either over the phone, via email, in person or you can click on the “Apply Now” button and we will call you. Once all information is received including a signed privacy acknowledgement we endeavour to have an approval within 24 to 48 hours - the size and complexity of the transaction can impact this service standard.

Once approved and the tax invoice/invoice for the goods is obtained we can have documents out to you on the same day in most cases.

Not always. Depending on the age of goods, time you have been in business and your credit history, financials may not be necessary.

No, you can also purchase from a private vendor. We will undertake necessary steps to ensure the goods and vendor are satisfactory to the lender.

No, we don't charge any fee to you for our services. If in the very rare circumstance that we do we will send you a letter of mandate for your acceptance prior to commencing any work.

LOAN APPROVALS:

Many of our customers are eligible for a zero deposit or low deposit approval. We look for ways to lower your deposit and make it easier to get the money you need without any hassle.

We provide financing for all ages. In some cases, it's better if you have more modern equipment. Some of our lenders may have conditions where the equipment cannot be older than 12 years at the end of the loan's terms. This is subject to each individual application though.

Once the documents have been completed we will organise a convenient time to sign your finance documents.

A good credit rating can be achieved over time. To develop good credit scores, you must stay in a loan for a minimum of 12 months and show a payment history that is early or on time. Lenders value payment history just as much as the initial credit rating.

LOAN Information:

Yes you must have a valid Certificate of Currency (Insurance Policy) that is covering your equipment. We will not be able to pay for any equipment that is not covered.

We provide all types of loan terms for equipment finance options. Most loan terms vary between one and five years with some financiers offering 7 year terms.

LOAN INTEREST RATES:

Lenders calculate interest rates based on different factors related to the information in your application such as credit history, repayment ability, fall-back situation, business experience etc. We always strive for a lower interest rate and work with applicants and the financiers to achieve the best results for your financial situation.

The interest rate is fixed.

LOAN Payments:

You can choose to make your payments via direct debit or BPAY.

Not always. Repayments are generally set up on a monthly basis but we will work with you to line up payments with your cash flow requirements in most cases, so this may be monthly, seasonal, quarterly or yearly for example.

Yes, but check with your Accountant first. If you are using the equipment for business, the interest is tax deductable so you may be better off paying out personal debt first.

Contact our office direct and we can obtain the information on payout figures.

Equipment finance contracts are usually set up in "Advance" so it is payable on the date of settlement. However this depends on individual needs as there are instances where the first payment date may be due after settlement.

Yes. All lenders provide you with a copy of their Terms and Conditions, which stipulate how loans can be terminated early. In most cases, there may be an early termination fee payable for early payout. Please contact us direct and we can discuss this further with you and the financier.

FINANCE CONTRACT/STATEMENTS:

We always provide a folder with a copy of the loan contract, tax invoice/invoice and terms and conditions. We also keep copies on our files so you can contact us for future copies if required.

You may request a statement of your account at any time by contacting us direct.

Yes. We will forward a letter to you a minimum of 60 days prior to the balloon/residual due date. This letter will detail the final amount of the balloon/residual and you can advise what you would like to do in regards to this.

Accreditations
Capitol Finance
BOQ
cafba
Volvo
Commonwealth
Betterent
NAB
Pepper
Suncorp
Queensland Country
St George
Westpac
Cashflow Finance
Classic Funding Group
Commercial Equity Group
Fleet Partners
GoGetta
Me Bank
Metro
Morris Finance
Scottish Finance
selfco
TL Leasing
Macquarie
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