Launch Finance recently helped a valued client who came to Launch Finance seeking advice and direction on what they needed to do to purchase a property. Launch Finance sat down and worked out a budget for the client, so that he would have enough to fund the deposit on the property. Launch Finance also looked at the clients borrowing capacity, the monthly repayments that the client could afford and what purchase price of the property would be to meet those monthly repayments.
12 months later and the client had saved up the 5% deposit that he had planned and the client was excited to put an offer down on a property. However, there were unforeseeable circumstances that arose to cause the client problems as the property was deemed as high risk on the valuation. This meant that the lender would not allow a 5% deposit loan and wanted 10% from the client.
As the client had worked hard to save the 5% deposit, this caused a real issue as the client was prepared and looking forward to owning his own property with the money he had saved. Launch Finance assisted the client and used their wealth of networks to find a lender that would re-valuate the property and accept the 5% deposit. Launch Finance explained the background of the situation and organised a meeting with the lender to negotiate a valuation prior to sending in an application to the lender.
The new valuation was conducted and thankfully a better valuation was received by the lender, which meant there was no issue with the finance and the lender accepted the 5% deposit. The finance was approved and our client was extremely happy to purchase the property.
Each clients’ situation differs from the next and there are several aspects of purchasing a property where problems can arise and without the right broker, the client may have just accepted the first lender’s valuation and lost out on the property as he tried to save further to make up the 10%. Launch Finance did the legwork for the client, spoke to as many lenders as possible, researched each lenders polices and used their relationship with the lenders to find the right one for the client.
If you or someone you know are looking for advice, assistance or direction on purchasing a property, speak to one of our Mortgage Brokers to assist in finding you the right lender for your situation.