What You Need To Know About Taking Out a Loan

12 Aug 2018 | |

At some point in your life, you may need a small or maybe even substantial business or commercial loan, maybe even a mortgage loan but for one reason or the other, you may lack the necessary documentation needed to access said loan. In this case, a low doc loan, or a low documentation loan as it is sometimes referred to may come in handy.

Well, what is a low doc loan exactly? A low doc loan is a flexible financial solution designed to give loans to people who have assets and income but are however unable to provide the financial statements and tax returns proof of their income. Low doc loans are quite popular with small business owners who would otherwise not qualify for a traditional loan.

Even though low doc loans are generally more attractive to customers in general, there is still some criteria the lenders follow.

First of all, the lender will need to prove that the customer in question has a steady source of income. For this, you need an Australian Business Number that has been registered for at least twelve months. Apart from that, you will need to put down a deposit in case of a mortgage, usually 20%, provide a solid credit history and evidence of existing credit performance which might include repayments on current loans and/or unsecured debts.

All you need to do is visit your local financial institution and talk to them about securing a low doc loan. That might be all standing between you and a business or commercial loan or even a mortgage.



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What is the Difference Between a Pergola Deck and Verandah

It’s always great to have a relaxing and pleasant outdoor haven whether it’s summer, spring, fall or winter.  Some homes have pergolas, decks, and verandahs. However, most people often use them interchangeably. The truth is, there is actually a difference between all these spaces. Though they may seem to be similar to a certain extent, still, that doesn’t make them synonyms. Here’s what you need to know about the difference between a pergola, deck, and a verandah.

What are Pergolas?

The term “Pergola” is an Italian word which means an outdoor structure specifically designed to support climbing plants. Pergola builders attach roof beams and rafters which gives the plants something to cling on until, over time, pergolas will become a naturally shaded outdoor area. Pergolas can either be freestanding, open, sheltered or attached to the home which makes it one of the most versatile types of outdoor structures.

Today, most pergola builders add a metal, polycarbonate, thatch or any other type of roofs that can either be attached or detached to the home. Most of the detachable pergolas are typically square, hexagonal, rectangular, octagonal or circular.

What are Decks?

Decks are flat, typically roofless platform which adjoins a house. Deck builders use lumber, wood or vinyl in building a decking and they usually elevate it from the ground. Typically, a deck is basically enclosed by a railing. In some cases, deck builders cover a decking by a pergola so that it can control the amount of sun that enters a home.

A decking can also be attached or stand separately to the house. For example, households with large properties in front of their house can compose a separate deck with different railing or sizes.

A deck’s appearance typically looks rustic which adds an amazing amount of comfort and warmth to a home. Some deck builders suggest adding a padded seating or soft pillows so that the deck would become a lot cosier, be sure to check out these deck builders Melbourne for more information about building your perfect deck.

Roof decks, on the other hand usually refers to a deck structure located on top of a roof.

What are Verandahs?

Verandah is a term in the Middle East (India) which means “a place that leads to outdoors”. The term “veranda” on the other hand comes from the Portuguese or Spanish word “baranda” which also has the same meaning. However, verandahs are much more accepted because French and English people also claim that the word was brought to them from India and that the Portuguese language has nothing to do with it.

Unlike a pergola, verandahs are always attached to a home. It can be attached whether at the back or front of the house, sides or all the way around.

It stands for all sorts of rooted platforms in and around a house. Verandahs are often located in an open space and usually have a railing fence. Verandahs are typically large which are great for all sorts of outdoor activities and you may even be able to add a verandah to your existing home, visit this site to learn more about verandah and pergola builders in Melbourne.

Though many believe that pergolas, decks, and verandahs have the same meaning, each of them has their own features and characteristics. Going through each of them will help you determine which type of outdoor structure would be the best solution for your home.