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Archive for the ‘Case studies’ Category
Purchasing current rental with 85% LVR
Background
A young couple with two dependents, who had recently returned to New Zealand after living overseas, sought to purchase the property they were currently renting as their owner-occupied home at 85% LVR.
Challenge
One of the clients had a recently paid small financial default, which the main banks were unwilling to overlook.
Mitigants Stable PAYE [...]
Bridging finance for dementia care
Background
An elderly couple, aged 92 and 83, required funds to cover the remaining balance for purchasing a right-to-occupy unit at a dementia care village, which one of the applicants needed to move into urgently. The clients approached Avanti because they did not meet their mainstream lender’s criteria. They did not wish to sell their owner-occupied [...]
Poor account conduct preventing lending to complete new build and consolidate debt
Background
A customer required $440,000 to refinance their existing mortgage, release equity of $40,000 to complete the finishing touches to their newly built owner-occupied home and to repay and consolidate $45,000 of short debt incurred due to unforeseen cost overruns and delays in the construction process. This debt included them going slightly over their credit card limit and [...]
Refinance of non-bank lender development funds
Background
A couple was looking to refinance their current lending, which was obtained to build three townhouses via property development funding.
Two out of the three townhouses have been sold with the remaining dwelling to now be their owner-occupied property asking for a like-for-like transfer of residual lending.
Challenge
One of the applicants is currently [...]
First home buyer with significant inheritance
Background
A solo parent in a provincial city was about to receive an inheritance from her father’s estate. She wanted to buy her first home to provide stability for her and her child.
Challenge Historic credit issues only recently repaid
Some recent account conduct issues with dishonours
Income all from Working for Families, child [...]
First home buyers purchasing a property they currently rent
Background
A 52-year-old father and his 22-year-old daughter wanted to buy their first home together and looked forward to putting their past struggles behind them by owning and living in their own home.
Having enjoyed renting the property for some time, father and daughter were offered the opportunity to purchase the property they called home [...]
Investment property purchase with a high LVR
Background
A couple on work visas purchased an investment property off the plans as an OIA exempt property.
Challenge
The clients completed the registered valuation due to being a new build, which came in lower than the Sale and Purchase Agreement. Due to the lower value, the main bank provider would only go to 80% due [...]
Mother and son with low credit scores looking to purchase a home together
Background
A mother and son (aged 54 and 28) with no dependents wished to purchase a home together. They intended to reside in this home together, which is located in a small rural town in the North Island.
Challenge
The Broker had sought lending from mainstream banks but had been declined due to both applicants’ low credit [...]
Retired couple needing funds to complete renovations on a unique beachfront property
Background
A retired couple urgently needed $700,000 to complete a 95% renovated bespoke beachfront property in one of New Zealand’s most idyllic locations.
Challenge
Due to Covid-19 time delays and increased building material costs, they had significant cost overruns that they had not accounted for in their build budget. They had used up all their savings [...]
Affordability challenges due to ACC income
Background
A couple aged in their early sixties wanted $50,000 to do some cosmetic home improvements before they placed their property on the market, intending to list in the next 12 months or so.
Challenge One of the clients has been off work on ACC and only just back in full-time work
Their main bank wasn’t [...]