The clients are a couple with no dependants. The male applicant is a budding chartered accountant employed by a mid-sized firm. As a tax agent, he also runs a business as a sole trader. This creates a scenario where there is a combination of PAYG incomes and self-employed incomes.
The female applicant earns PAYG income with a marketing company, while also employed on a part-time basis to assist with the administrative aspects of her partner’s tax agent business
The clients were upsizing their new home, but they wanted to rent out the existing apartment as an investment property.
In this scenario, the clients went ahead with a house purchase without a pre-approval. They reached out to us for assistance in order to settle the property.
They required a loan at 90% LVR for the new home.
After contributing a 10% deposit, the clients needed to preserve their cash for renovations after the purchase. They required a higher than 80% LVR with their available funds to complete.
The rental income on the investment property also came out to be lower than expected.
As the mortgage broker, we had to find a lender who can meet the settlement date.
We applied for the industry professional offer for CPA-qualified accountants i.e. up to 90% LVR with no LMI.
We sought rental income appraisals from multiple agents to achieve the highest possible amount. The clients, on advice, closed all credit cards to reduce their debt / liabilities.
Throughout the loan process, we diligently escalated the file with the BDM to ensure a prompt turnaround. We also followed up pro-actively with the credit team to push the file over the finish line.
We achieved on time settlement with 90% LVR (no LMI) for the client’s new home.
