GM Loan Services History
Established in 1994 as an accounting firm Giuseppe Mastrantuone started straight out of University at the age of 23 with no clients and very little practical experience.
GM Tax and Accounting has grown from strength to strength, we have expanded from one office space with no staff to a team of 8 staff members,3000 Clients and 3 offices situated in Hampstead Gardens, Salisbury and Elizabeth, in 2005 we saw a demand for our clients and our community to expand into the Financial Services Market. Since 2005 GM Loan Services has grown from 2 consultants including our Director to 6 fulltime MFAA complied Finance consultants with access to over 400 different financial products.
As a part of our service we are continually training and implementing improvements with our consultants, Our company is founded on the traditional values of client satisfaction and respect for all of our clients which we felt was lacking in the modern financial services market today and we have grown in strength based on these principals.
We are dedicated to providing you the best possible outcome that is available for your situation whether that be in providing you with a home improvement loan, Refinancing, buying your first property, investments, Business Loans or purchasing a new vehicle.
The advantage with dealing with GM is you have access to people with years of experience in the Financial Services Industry that are able to work out a positive solution to your personal circumstances.
Thank you for choosing GM Loan Services and we encourage you to ask as many questions as you need to feel confident that we can provide you with the professional ,dedicated service that you should expect when investing in your future.
GM Loan Services Accreditations
GM Loan Services is committed to providing a high level of privacy to its customers, consultants and other affiliates in relation to the personal information that is collected from them. We abide by strict code of conduct in order to maintain our accreditation with Finance Mutual Australia, (FMA) and GM Loan Services are full members of the Mortgage & Finance Association of Australia (MFAA) and the Credit Ombudsman Service Limited (COSL).
GM Loan Services Products
Home Loans
The Home Loan Application Process:
Our job is to make the home loan process as simple and as clearly to understand as possible.
GM Loan Services will;
• Conduct an interview and filter loans from a wide range of lenders to find a loan to suit your needs
• Detail the loan proposed to you; and Assist with completing the application and request that you sign privacy documents.
• There are 8 steps to settlement once you application has been lodged with the appropriate lender:
• Most lenders will assess the loan within 24—48 hours.
• An Independent valuation is often required (particularly with re-finance). If a valuation is ordered, the valuer may need to contact you to arrange a suitable time to visit the property.
• We will contact you regarding any follow-up requirements and inform you when your loan is approved.
• A formal letter of offer will be sent to you by the lender, which you will need to sign and return to the bank promptly.
• Once the bank has received your acceptance, your mortgage documents will be prepared. These will usually be ready to sign within two weeks of loan approval, depending on the lender. Where we can, we will assist you in completing these documents and help in getting them back to the lender promptly.
• The selected lender or settlement agent will then arrange a settlement date.
• You will then be advised once your loan has settled.
First Home Buyer?
Buying your first home can be one of the most exciting and rewarding investments of your life. It can also be one of the most important, and sometimes it's difficult to know where to start. You will probably have a lot of questions - we will try to answer some of the most common ones here.
How much deposit do I need?
Most lenders will require a minimum deposit of 5% which you will have to demonstrate as being genuinely saved over at least a 6 month period. Some lenders will permit a genuinely saved deposit of just 3% and allow the remaining funds to be covered by a gift, a lump sum payment or the First Home Owners Grant.
Am I eligible for the First Home Owners Grant?
The First Home Owner Grant (FHOG) was introduced on 1 July 2000 as a one off payment of $7,000.00 to first home buyers.
Eligibility requirements:
• This will be the first time your or your spouse/de facto will receive a grant under the First Home Owner Grant Act 2002 in any State or Territory.
• You and/or your spouse/de facto have not owned a residential property, jointly, separately, or with some other person, in any other State or Territory before 1 July 2000.
• You and /or your spouse/de facto have not owned on/after 1 July 2000 a residential property and occupied that property jointly, separately or with some other person in any State or Territory.
• Each Applicant is a natural person and not a company or trust.
• Each applicant must be at least 16 years of age.
• At least one applicant is a permanent resident or Australian Citizen.
• At least one applicant will occupy the home as their principal place of residence for a continuous period of six months commencing within 12 months of settlement or construction.
• You have entered a contract for the purchase of a home on/after 1 July 2000 or signed a contract to build a home on/after 1 July 2000.
What are the costs involved in buying my first home?
Along with your 5% deposit, you will need enough money to cover your costs.
Costs may include:
• Loan Application Fees
• Settlement and Establishment Fees
• Stamp Duty
• Transfer Fees
• Mortgage Insurance
• Legal Fees
Other costs involved in buying a home can include building inspection fees, pest inspections, building and contents insurances, removals, utility connection and rates.
Am I eligible for any discounts on my Stamp Duty?
First home buyers are often eligible for stamp duty discounts. The type and amount of the discount varies depending on the state you are purchasing in. Some states base the level of discount on income; others base it on the actual price of the property.
We will be able to provide a detailed overview of the discounts that apply to your individual situation.
How much can I borrow?
The amount that you can borrow sometimes referred to as 'borrowing capacity', will depend on your current income and expenditure. Using this information the lender will determine the maximum amount they will allow you to commit to a home loan repayment each month. Then they will calculate the corresponding maximum loan amount. The maximum amount that you can borrow will vary from lender to lender and is dependent on their individual lending criteria.
We can provide you with an overview of how much you can borrow from a range of banks and lenders - you may be surprised by the difference from one to another.
If you need more information on these types of home loan products and how they suit your individual home loan needs, our consultants can help
Do you have an impaired Credit Rating? (Defaults)
GM Loan Services has the innovative products that enable our clients to obtain finance without doubt!
At GM Loan Services, it is our job to make obtaining finance as simple as possible. It is the great Aussie dream to own your own home, and together with GM Loan Services we can make this dream come true for you.
GM Loan Services is one of the leading specialty finance groups offering a range of innovative products that extend well beyond those offered by traditional lending institutions or niche non-conforming lenders.
Many traditional lending guidelines have not evolved to meet the changing demands of applicants and do not reflect modern lifestyles and work habits. GM Loan Services provide specialist lending solutions that cater to individuals, families or firms that are unique and operating in the current fast pace environment.
We deliver incomparable service to our clients and are in the business of building your net worth by helping you get in your first home as soon as possible.
So if you have an impaired credit rating and need finance, contact us today and speak to a Professional Mortgage Lending Consultant for a free assessment.
Car and Personal Loans
Personal Loans
What can I use a Personal Loan for?
You can use the loan for many purposes. For example:
• A new or used car, motorcycle or scooter.
• Consolidating your debts - combine multiple credit cards or other debts into one simple Personal Loan.
• Household goods, furniture or home renovations.
• Holidays or travel.
• Investments in your future such as shares or managed funds.
• Pay for education including school or university tuition fees.
• Lifestyle items such as pool, boat, stereo or even a jet ski.
How long can I take a loan out for?
You can choose a loan term from one to seven years, depending on the loan purpose. Repayments can be made either weekly, fortnightly or monthly – it's up to you.
Can I apply, and how much can I borrow?
You can apply if:
• You are over 18 years of age.
• You are a permanent Australian resident.
• There are no more than two people applying.
• You are able to meet the monthly repayments.
• You are looking to borrow more than $5,000
How long will it take to apply?
It takes approximately 10-20 minutes to complete your application.
Once you receive a conditional approval, you would need to provide documentation to confirm your income and employment. After verification of the details you provided has been satisfied, you will be sent a Letter of Offer. Once you have accepted your Letter of Offer, your funds will be dispersed according to your instructions.
Do I need to provide security for my loan?
No, you don't need to provide any security for a Personal Loan.
With an unsecured Personal Loan there is no need to provide security, giving you more freedom of choice on how you manage your finances. An unsecured Personal Loan application is also simple and quick - if approved; you can access your funds in as little as 24 hours!
Car Loans
How much can I borrow?
Most lenders can lend you up to the full amount of the motor vehicle being purchased, although in certain circumstances they may require you to contribute some deposit to the purchase. The minimum amount for a car loan is $7,500.
Can I borrow to cover all those "extras"?
You may be able to include registration costs, on-road costs, loan insurance and comprehensive vehicle insurance as part of your finance package.
Are there any additional loan costs?
Additional loan costs include the loan establishment fee and a loan administration charge depending on the lender Other additional costs you will need to budget for are Government charges and stamp duties which vary between States and Territories. A fee may also be charged if you repay the loan early.
Are interest rates fixed or variable?
Interest rates are fixed, providing you with the comfort that your payments will not vary with changing interest rates.
Do I have to provide additional security?
Usually the car is sufficient security.
What financial information do I need to provide?
We will require details of your income, regular monthly commitments and a statement of your assets and liabilities to assess your application.
Do you offer loan insurance?
Yes. Our loan insurance can protect your loan repayments in the event of an accident, illness, death or involuntary unemployment.
Do I have to purchase the car from a car dealership?
No. You can apply for a car loan regardless of whether you buy your car from a dealership or privately.
Investment Loans
Owning an investment property is fast overtaking owning one's own home as the Great Australian Dream. Whether it is part of a retirement plan, to make use of equity in your existing home or to take advantage of tax savings there is a wide range of investment loans available to cater for such requirements.
Your GM Loans consultant will be able to provide a detailed overview of the types of loans that may suit your individual situation. Ask us about:
• Interest Only Loans
• Line of Credit
• Low Documentation Loans
• Deposit Bonds
If you need more information on these types of home loan products and how they suit your individual home loan needs, our mortgage consultants can help.
Overseas Applicants
If you are looking to purchase property in Australia but do not live here you may still be eligible for a home loan, however the process and respective level of ease will depend on your residency status. Overseas applicants usually fall into three categories
• Australian permanent residents or citizens currently residing overseas who want to buy investment property in Australia
• non-permanent residents or non-citizens living in Australia who want to buy property in Australia
• Non-permanent residents or citizens not living in Australia who wants to buy property in Australia.
It is important to note that non-permanent residents are required to obtain approval to purchase from the Foreign Investment Review Board (FIRB) prior to taking out an actual home loan application.
We will be able to provide a detailed overview of the home loan process and your requirements as an overseas applicant.
If you need more information on these types of home loan products and how they suit your individual home loan needs, our consultants can help.
Commercial Loans
Commercial Loans are used for the purchase, refinance or construction of commercial developments. We have specialist commercial mortgage consultants available who are experts in meeting the needs of property developers & investors and who can provide customized financing solutions in this area.
We have access to a wide range of commercial loan products, from a variety of lenders which can be available on varying loan terms up to 25 years. They will lend up to 100% of the value of the property, with additional security, with some lenders allowing self certification of incomes*.
Commercial Loans are available for any business purpose including;
• Purchase, refinance or construction of Commercial Property
• Short term finance and debt consolidation
• Property improvement
If you need more information on these types of commercial products and how they suit your individual needs, our consultants can help.
Chattel Mortgages and Leasing
GM Loan Services has a wealth of experience in a number of different industries and across an a range of different equipment types Regardless of the industry, our
Account Managers are able to tailor a finance solutions which best matches the equipment you’re thinking of acquiring.
We have unmatched experience dealing with:
Agricultural Equipment
Automotive Workshop Equipment
Boats & Marine Vessels
Catering Equipment, Food Preparation & Dispensing Equipment
Forklifts, Trucks & Heavy Transport
Gaming Machines, IT Hardware & Software
Medical Equipment
Mining Equipment
Office Equipment & Fittings
Passenger Vehicles, Plant & Machinery
Point of sale Systems
Security & Telecommunication Equipment
Printing Presses & Trade services Equipment
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