The high number of people completing contract-based work in Western Australia is often problematic for them when applying for finance for a house or investment property. Launch Finance recently assisted a client to gain finance for his first home, despite initially being turned away by his own bank the first time due to his current employment contract ending 14 days from the date of application.
The problem arose for this client because the lender was uncomfortable with the cessation of income when his contract ended. However at Launch Finance we pride ourselves on taking a personal approach, so to overcome this problem we worked with our client closely to map out a detailed historical resume. This helped prove our clients contract history over the last two years, with group certificates provided as supporting documents and additional detail of potential / likely future work . This compilation of detailed information allowed the bank to consider and approve waiver of normal income policy requirements.
This process can normally be a daunting experience however, thanks to detailed analysis and working closely with our client, we were able to ensure our client not only received finance approval, but also received the full interest pricing discounts that he should have. Importantly he was able to satisfy the cash offer and proceed happily with the purchase of his new home.