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.