The clients owned and operated a wholesale distribution business based in Sydney.
When they reached out to us, they were interested in a property selling at an auction in 10 days and wanted to secure a pre-approval before auction.
This property, if they successfully bid for it, would be their family home. They would then keep the current home as an investment property.
After finding a suitable lender i.e. Bluestone, we immediately did scenario testing with the BDM.
We confirmed the clients’ income level with the accountant. We also performed a detailed review to mark all credits in the bank accounts in order to derive the income required.
The clients also had to cancel their existing liabilities (car loans) to maximise their borrowing capacity.
During this tight time frame, we also secured an accountant’s letter to support the business transition to a new company structure.
The final outcome was an alt doc pre-approval of $1.36M (80% LVR) for purchasing a new home valued up to $1.7M. The clients were able to bid confidently at auction.