Matrimonial – client looking to refinance existing owner-occupied property into sole name

11 April 2024

Background

A single 43 year old was looking to complete a dollar-for-dollar refinance so they could take over the mortgage in their sole name due to separating from their partner.

Challenge

The main bank provider wouldn’t allow any boarders over 80% and would only consider at 80% due to the provincial location. The client needed an LVR of 84.9%.

Mitigants

Solid employment history at 8+ years at the same company
Good account conduct evidenced
Low liabilities
Clear credit check
Good location in a provincial area
Client is able to demonstrate servicing in own capacity
Client is able to take on two boarders as the property has three bedrooms and they have no dependents.

Solution

We were comfortable supporting this client with a long-term (Near Prime) first mortgage at 84.9% to enable them to take the mortgage over in their sole name.

Loan amount: $610,000
Interest rate: 9.65%
Term: 30-year principal and interest payments
Interest-only period: xxx
Avanti fee: $705
Adviser fee: $6,100
Commission: 0.80% of the loan amount (subject to clawback if repaid in full within 24 months)
LVR:84.9%

Rates and fees were valid at the drawdown of the specific loan facility in each case study, new loans are subject to the rate at application. A copy of our current rates and fees can be found here. 

Disclaimer: This case study is solely for information purposes and is not intended to be financial advice. Neither Avanti Finance nor any person involved in this case study accepts any liability for any loss or damage whatsoever which may directly or indirectly result from any information, representation or omission, whether negligent or otherwise, contained in this case study.

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