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Archive for the ‘Case studies’ Category
Helping a first-time home buyer overcome credit challenges
Background
A single man in his mid-30s sought to purchase an owner-occupied home in a main New Zealand city, with lending at 90% LVR.
Challenge
The customer had previously experienced some credit challenges, which impacted their credit score. While these issues were in the past, they were a factor in the assessment process, particularly when [...]
Helping a family relocate during a challenging time
Background
A couple, where the husband has a terminal illness, needed to be closer to family for support. They had unconditionally sold their home in a small North Island town. They found a new family home in another town, but their existing main bank refused to support the purchase due to past mortgage repayment arrears.
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Caveat loan for tax arrears and cosmetic renovations
Background
The client sought a top-up caveat loan to cover tax arrears and cosmetic renovations for an existing property, with plans to sell the property upon completion.
Challenge
The main bank provider was unable to demonstrate servicing due to test rates applying to the overall global position of the client’s portfolio.
Mitigants Stable employment
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Short term open bridge loan for property purchase
Background
The client owned a lifestyle property in a desirable rural coastal area and wished to purchase another lifestyle property in the same region. However, they needed time to prepare their current property for sale. To facilitate the purchase, they required an initial deposit to be paid now, with the remaining balance settled upon the [...]
Supporting clients affected by recent lender exits
Background
A retired client, who is a professional rental investor/landlord, had their current lending with another non-bank lender. They required a top-up of $776,000 to facilitate take out/refinance of vendor finance on one of their securities and to pay for consents and costs associated with subdividing one of their other security properties. They were [...]
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 [...]