I was approached by a 20 year old Casual Kitchen hand who had been declined finance. He had only been working for 6 months with a company but had been working in the same industry for 2 years. He had approximately $10,000 in savings and wished to purchase a house worth $275,000-00.
His parents were going to provide additional security over their existing property so that he wouldn’t have to pay loan mortgage insurance for a total loan of $270,000-00.
He didn’t fit Westpac Bank’s servicing calculator and as such was advised by the Westpac Bank that his mother would needed to be on the loan and on the property title. On the advice of the Westpac bank they lodged the application with Westpac bank which was declined due to a bad credit report on the mother who had problems with paying loans when the husband was sick a couple of years back.
The family then approached me and after finding a lender who would could service a loan of $270,000-00 on the son’s casual income only. A loan of $220,000-00 secured by the purchase property and a loan of $50,000-00 secured by the purchase property with a second mortgage over the parent’s property was approved. (The parent’s property already had an existing mortgage to Westpac Bank)
A win for the client loan approved and saving of approximately $3,237-50 in stamp duty as the property is now just in the name of the son who hasn’t owned a property before so he is eligible for the First Home Stamp Duty Concession (Queensland).
As a bonus under our reward scheme he can get discounts of 5% on groceries, petrol, white goods plus many more benefits. He was just to use it for petrol and groceries on a $200- per week bill be would save approximately $520- per year or $15,600 over 30 years.
How good is this I get to help people that have seen their dreams shot down in flames resurrected and saving them money. It just doesn’t get much better than this.
Loan Broker to the Aussie Battlers