Loan

First Home Loan Deposit Scheme extension could be just the start

Victorian first-home buyers can make an up to $850,000 first step onto the property ladder under an extended and revised key housing support program.

On Saturday, Housing Minister Michael Sukkar announced an additional 10,000 First Home Loan Deposit Scheme places, and raised the cap in Victoria from $600,000 to $850,000.

But the extra 10,000 places nationwide are reserved for those buying off the plan, or a newly built home.

RELATED: Display home visits booking out after being cleared for inspection

First Home Loan Deposit Scheme warning for buyers considering it

Lockdown costs Melbourne buyers $25k HomeBuilder grant chance

The scheme allows first-home buyers to purchase a home on a deposit as low as 5 per cent without paying lenders’ mortgage insurance, as the government goes guarantor on their loan.

Building industry groups have lauded the move, but warned the state’s new home industry will need further support — urging for an extension to the nation’s $25,000 HomeBuilder grants in Victoria as well.

The extra places are in addition to another 10,000 on offer across the 2020-2021 financial year, and a further 9984 that were taken up in the first six months of this year.

The latest tranche will available from October 6 to June 30.

The state’s treasury has advised there are no plans to raise the $750,000 cap that applies to the up to $20,000 on offer in First Home Owner Grants, or for stamp duty concessions.

The federal government has not said if it will raise the $750,000 cap for the $25,000 HomeBuilder scheme which ends at the end of the year.

Urban Development Institute of Australia Victorian chief executive Danni Hunter said the federal government’s extension of the FHLDS was a positive step, but more was needed.

“Expanding the First Home Loan Deposit Scheme is a sensible

Continue Reading

What should you use a personal loan for?

From an emergency to a big-ticket purchase, personal loans can provide the funding you need.

Credit card offers pop up in your mailbox all the time — but while they can be an easy way to get quick cash, a personal loan may be a better option if you’re in need of a large amount (after all, there is such thing as a credit limit).

Personal loans can provide lower interest rates, quicker financing, shorter repayment options, and access to higher loan amounts than credit cards and other types of loans. Plus, personal loans offer lots of flexibility by putting borrowers in charge of how to use the lump sum.

To keep your personal finance in good shape, find out loan rates you qualify for using Credible. Credible can help you find an online lender with the best deals so you can save money.

5 things you should use a personal loan for

While a personal loan can be used for virtually any reason, there are some top reasons people leverage this specific form of financing. Here are five things you should use a personal loan for.

  1. CREDIBLE CONTENT ONLY From an emergency to a big-ticket purchase, personal loans can provide the funding you need. iStock

Here’s what you need to know if you’re considering a personal loan for one of these reasons.

1. Large purchases

A recent survey of personal loan borrowers by the credit bureau Experian found that 28% used the money to make a large purchase. While the reasons weren’t disclosed, a large purchase could be an appliance (like a washer and dryer or refrigerator), car, boat, computer, engagement ring, or honeymoon. 

According to the Federal Reserve, the average personal loan interest rate is 9.5%, which is a lower interest rate than the average credit card

Continue Reading

Defense contractor who gave to Susan Collins accused of defrauding her business loan program

A Hawaii defense contractor who has donated to U.S. Sen. Susan Collins and whose business operates in Maine faces federal charges alleging he defrauded the Paycheck Protection Program, the small business loan program championed by the senator.

Martin Kao, the CEO of Martin Defense Group, formerly known as Navatek LLC, allegedly inflated the number of his employees his business had and how much they made to get a $10 million loan, then deposited $2 million into his personal bank account, according to a criminal complaint filed in U.S. District Court in Hawaii on Tuesday.

He then allegedly applied for a second loan. Kao, 47, is set to make an initial appearance in federal court in Honolulu on Thursday, according to U.S. Attorney Kenji M. Price’s office. He is facing two charges of bank fraud and five charges of money laundering.

The defense contracting company, headquartered in Honolulu, Hawaii, said it grew to employ 40 engineers and scientists in Portland and Bangor offices this summer. It has offices in six other states and primarily designs ship hulls for the U.S. Navy. Kao appeared with Collins at a company event in Portland last year after his company won an $8 million Navy contract.

Kao allegedly flaunted ties to U.S. senators in conversations with officials at a Hawaii-based bank in loan conversations, noting in an April 2 email his company operates in multiple states and saying he “work[s] very closely” with senators from those states who “championed” the March coronavirus relief bill that included the loan program, according to the criminal complaint. 

It does not name the lawmakers with whom he allegedly talked. Collins spokesperson Annie Clark said Thursday morning the Republican senator had not spoken with Kao since August 2019 and no one in her office had contact with him or his

Continue Reading

TF Holdings’ iQ Decision Engine Announces New Partnership With Vergent Loan Management Services

First-of-Its-Kind Partnership Offers Lenders a Full-Cycle Software Solution

IRVING, Texas, Sept. 29, 2020 /PRNewswire/ — iQ Decision Engine (iQDE), a subsidiary of TF Holdings, Inc., has partnered with Vergent Loan Management Software to offer a full-cycle solution for lenders that includes integrated software, data and decisioning models.

TF Holdings logo (PRNewsfoto/TF Holdings, Inc.)
TF Holdings logo (PRNewsfoto/TF Holdings, Inc.)

iQDE is a fintech company whose decisioning software can be used across multiple consumer lending segments, including installment, auto and line of credit loans to automate decisions using highly predictive models to analyze credit and fraud risks. iQDE models are based on over 18 years of decisioning over two million loans, while Vergent offers comprehensive tools to manage portfolios from over 50 years of accumulated experience. With this partnership, the companies provide complementary services and a seamless experience for lenders.

Martin Wong, CEO of TF Holdings said, “Our experience in online consumer lending is unmatched in the industry and lenders using iQDE and Vergent will undoubtedly see vast improvement in originations, credit performance and servicing capabilities.”

With Vergent LMS + iQ Decision Engine, lenders now have a powerful lending solution supported by agile, real-time decision-making that’s backed by the data sources and credit bureaus lenders know and trust. Lenders will no longer have to manage separate software, data, and decisioning subscriptions and can instead focus on growing their lending portfolio.

iQDE will continue to offer services as a standalone company and refine its core data scoring models, which have already powered 2M consumer loans and $4B originated across numerous lending portfolios. 

About TF Holdings, Inc.

TF Holdings, Inc., through its subsidiary companies provides credit and financial wellness tools to consumers, and licenses loan origination, risk underwriting and loan management software to lenders. The company’s businesses serve consumers and lenders with a portfolio of innovative products,

Continue Reading

Cleveland gets $10.8 million loan to fund more sewer improvements

Ongoing sewer improvements in Cleveland, Tennessee, got a $10.8 million boost this week from a state loan.

Tennessee Gov. Bill Lee and Tennessee Department of Environment and Conservation Commissioner David Salyers announced the loan this past week. It comes from the Clean Water State Revolving Fund Loan Program and is aimed at infiltration and inflow corrections within Cleveland’s sewer collection system, officials said.

The loan has a 20-year term at 0.73% interest. Greg Clark, Cleveland Utilities’ manager of wastewater collections, said that rate was less than half the rate the city got on another $10 million program loan in 2018.

“Typically what we’ve done is, we get a $10 million loan and inside of that we’ll typically perform three rehabilitation projects with that money,” Clark said Thursday. “Each year we’ll bid a contract somewhere in the vicinity of $3 million to $3.5 million, just depending on how the work plays out until we utilize all those funds.”

The loan will fund work along South Ocoee Street and in the Dalton Pike area of South Cleveland, along with additional improvements near Bowman Hills off of North Ocoee Street, Clark said. Some streets north of the Bowman Hills area also will see some improvements, he said.

Specific loan-funded work in those areas includes “cured-in-place” lining to rehabilitate existing main sewer lines and rehabilitation of lateral lines to customers and maintenance holes throughout the project area, Clark said.

Clark said a little money left from a 2018 loan will be combined with the new loan to help keep overlapping projects going. Ongoing evaluation and smoke testing of the sewer system helps identify areas of greatest need and make the most efficient use of the loan funds, he said.

“These loans from the State Revolving Fund Loan Program address important infrastructure needs and demonstrate

Continue Reading