The clients, a married couple, started their business around March 2021. The male applicant owns an owner occupied property while the female applicant owns an investment property. The properties are mortgaged to two different banks, with LVR of 63% and 71% respectively, or a combined loan amount of $1.1M outstanding.
The couple wanted to achieve a $2.5M purchase price for a new home in the North Western area of Sydney. When they reached out to us, they had $437K of total business and personal savings.
They also wanted to refinance the owner occupied property to the same bank they are applying for the new application, and convert it to an investment property once they move into the new house.
There were a few challenges to overcome to achieve the goals in this self-employed loan scenario: