Background
A couple faced an incredibly difficult period when the husband became terminally ill. To access the care and support they needed, they decided to relocate closer to family and friends. After selling their family home, they found an ideal property, but securing finance proved challenging.
Challenges
Their loan application was declined by their existing main bank due to past mortgage repayment arrears.
Mitigants
Working closely with the couple’s financial adviser, our team gained a clear understanding of the couple’s financial position and were able to assess their serviceability of the loan based on:
- A solid LVR position at 68%.
- The wife’s employer had offered her a relocation transfer with the same full-time income.
- The husband received a sickness allowance.
- The couple had a strong support network.
Solution
By taking all relevant factors into account, we approved a tailored 25-year first mortgage under our Near Prime interest rate.
This enabled the couple to secure their new family home and relocate closer to their support network, providing stability during an incredibly challenging time.
LOAN AMOUNT
$330,000
INTEREST RATE
6.35% p.a.
TERM
25 years
LVR
68%
CASE STUDY - LONG TERM NEAR PRIME FIRST MORTGAGE
“Avanti Finance was founded on the premise that everyone deserves a chance to access credit, if they make the effort to stay the course.
We work hard to move lending forward. Next time the bank says no, reach out to your local Avanti BDM.”
Richard Speir
Business Development Manager, Auckland Central & East, Bay of Plenty