Overview |
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flagFounded: 1867 |
businessOwned by: Privately Owned |
monetization_onFunded by: Self-funded |
securityLMI Provider: None |
account_balanceLender type: Private lender |
How Do Wilson & Copley Home Loans Compare?
Pros
- Fast settlement for short-term loans
- Wilson & Copley offer short-term loans for terms of up to 12 months. This means you pay the loan off quicker
- Loan application process is typically shorter than a bank’s
- Easier approval process compared with banks, as the criterias are less rigid
- Provides bridging loans
- Provides loans for partially built property
- Offers specialised loans that may not be available from banks
- You can pay loans off early without additional charge
- Considers low-doc and no-doc loans
Cons
- Loans are written for a 12-month term so this company may not be suitable for those looking for a long-term loan
- Higher-than-average interest rates
- Does not offer variable-rate loans
- High application fees and charges
- Does not offer guarantor loans
- Lends up to 70% LVR (Loan-to-Value Ratio) so it may not be a good option for those who do not have a sizeable deposit.
- Limited loan products/options
What Home Loan Types Does It Offer?
Some of the common types of home loans Wilson & Copley provides are:- Bridging loan: Wilson & Copley offers bridging loans to those who need funds to finance their purchase of a new property before they are able to collect the funds from the sale of their existing property. Clients have up to a year to sell their existing property.
- Equity release loan: An equity release loan can be taken out against your property for various purposes, such as for short-term business capital, urgent off-the-plan purchases and personal needs or expenses that could aid in the control of, and orderly sale of, the asset.
- Property investment loan: This loan is for people looking to buy, refinance or renovate a residential owner-occupied property or an investment property and intend on selling it or putting it up for resale within 12 months.
Requirements To Apply For Wilson & Copley Loans
Below are the requirements to apply for home loans with Wilson & Copley:- Be 18 years old or older.
- Foreign citizens who are applying must be co-borrowing with an Australian citizen or permanent resident.
- Be employed and/or have a regular income source. For joint loans, at least one borrower needs to be employed and/or have a regular income.
- Provide sufficient security in accordance with Wilson & Copley’s credit assessment criteria.
Tips For Applying With Wilson & Copley
Below is a list of tips for when you’re applying for Wilson & Copley home loans:- Have knowledge of the property market and home loan process. Working with our Home Loan Experts mortgage brokers is the most reliable way to ensure you get the best deal.
- Have as much information and evidence (income, liabilities etc) on hand as possible before submitting.
- Go through the consumer lending terms and conditions before applying for your home loan. You can find them posted on the lender’s official website.
- Check the eligibility criteria and conditions to see if you fit into the lender’s target consumer market. This is also available on the website.