Our client is young couple about to start a family. They reached out to us when they were looking to purchase a family home as their “forever home”. The female applicant’s business is just over two years old. To achieve the target purchase price the client had to sell their existing investment property first.
In the first year of the female applicant’s business was not very profitable, being the “start-up” year.
Moreover, the FY22 business financials and tax returns had not been lodged and were still in draft form. This substantially limited the choice of lenders and chance of success in a loan approval.
One further challenge was that the investment property sale had to be timed so that formal approval could be issued in time for the new purchase to settle accordingly.