First we need to define what a recession actually is. Formal definition: A recession is defined as two successive quarters where Gross Domestic Product (GDP) growth is negative. Informal definition: A recession is when (for two quarters in a row) our economy gets smaller. Ok so what exactly is GDP...
A broker gets paid a commission from the income that the bank generates. So they get paid from the interest charges. So let's say you ask a broker for an interest rate, they say 5.00%. Does that include the commission? Probably not… They are probably quoting you the...
Ok all sorts of stuff happened today. Usually the RBA holds its rate meeting on the first Tuesday of every month. They held a special meeting today, because 7th April is an eternity away in this climate. Desperate times call for desperate measures...
Usually if you are asking this question, it is kind of too late. The best thing to do is to stay on top of it in the first place. If you do want a copy of your credit report, go to Equifax. Any other provider is...
Last week we covered what your credit score means and what factors contribute towards it. This month we will take a deep dive into each of those factors. Credit Enquires This is any time you have enquired about credit. Or more specifically when someone has gone into your...
This will be a three-part blog. How is my credit score calculated? What are the contributing factors that go towards my credit file? How do I get something removed from my credit file? Before we delve into the score it is important to note that when...
Clawback. It can kill your cash flow. Clawback (for those who don’t know) is when the financier takes money out of a suppliers account if the customer does not pay their loan back. We don’t clawback at all. For Solaris written contracts, if the customer stops paying...
Don’t make it a race to the bottom. It will be bad for all of us. Everyone says it. I guess it makes sense in solar. Cause this industry is cowboy central. We all see ads for cheap solar. And then when a customer buys that cheap...
“What’s the rate?” It’s easily the most common question I get asked. We’re supposed to use “comparison” rates to compare financiers. A comparison rate is just another way of saying effective rate. An effective rate is an interest rate that accounts for “all costs” that are loaded...
Yes and no. Depends on the situation. For a “low doc” loan the first condition is usually that the ABN needs to have been registered for more than two (sometimes more) years. Also, even if we are doing a “full doc” loan with financials. If the company...