Important information

Please be aware of the following;

Effective Immediately Tuesday 6th March 2012 Credit License Cancellation Lodged By Us With ASIC

Ability Finance have elected to cease all credit activities covered by ASIC credit licensing for various reasons including but not limited to;

  1. Lender commission cuts over the past few years.
  2. Additional liability, workload and costs arising from National Credit Licensing
  3. Lender minimum volume restrictions which result in smaller brokers not being able to offer all options to customers.
  4. Regularly encountered inexperienced lender staff who are unaware of their own employers policies whose advice wastes both broker and customers time and resources.
  • As a blog style website there is only historical content contained within this website that is out of date and no longer applicable. This content must only be used for historical reference purposes.
  • Ability Finance, through choice, no longer represent any lenders who may be historically referred to within this website.
  • No information or content contained on this site should be relied on as being current.
  • No content contained within this site should be taken as advice in any way at all.

Should you feel there is any content that should be removed from this site please contact the webmaster.
By any chance you feel specific content is interpreted as offering any credit activities by us it is to be ignored, please report to the webmaster for removal or modification.
If you are legally entitled to engage in credit activities and would like to advertise on this site please contact the webmaster.
If you would like a website developed or even to purchase this site modified to your requirements please contact the webmaster.
Meanwhile we are working hard at creating a one stop shop for purchasing high quality spray painting equipment online including an extensive range of the best spray gun models we are able to offer at discounted prices everyday right across the complete range of available spray gun models. Online spray gun prices with old fashioned personal service levels.

Property Share Home Loan

Property Share Option Property Share was a home loan option which allows friends to buy a property together but keep their finances separate. Key features

  • Property Share allows borrowers to purchase one property using separate loan facilities. Note: A maximum of two loan facilities per security is allowed (see example);
  • Each loan facility can be for different amounts, with different loan types, duration and payment structures;
  • All applicants must be owners of the property – i.e. no third party guarantors;
  • Customers must prove servicing for their own loan facility;
  • Customers must always guarantee each others loan(s) (security support only);
  • Loan to value ratio, LVR, is calculated on the combined debt, and lenders mortgage insurance, LMI, (where applicable) will be split proportionately and capitalised to each loan;
  • Customers must seek mandatory legal advice before entering into a Property Share arrangement and sign a Statutory Declaration which will be sent with the guarantee to each guarantor;
  • This option is available on Home Loans, Investment Home Loans and Lines of Credit.

How did Property Share work? Example: Nick and Sue and their friend James currently rent a house together. They want to buy a house together but want to keep their finances separate.

  • James takes a loan for $250,000 in his name (one loan facility);
  • Nick and Sue take out two loans totalling $250,000 in their name (one loan facility);
  • Both loan facilities would be liable for LMI in this example.