Securing a family home in challenging circumstances

Launch Finance I Securing a family home in challenging circumstances

The definition of ‘HOME’ can be described as; ‘the place where one lives permanently, especially as a member of a family or household’. This certainly rings true for one of our clients this month, learn why a father was doing backflips on hearing the news that on limited resources he was able to secure a long-term ‘HOME’ for his family of 7. At Launch, we love helping making this Aussie dream possible by finding the ‘right loan for you’. Here’s how our latest client success story begins…

What was the situation?

Our client wanted to put his 1 limited income to good use and secure a long-term ‘HOME’ for his family of 7. With 5 kids in the picture, saving was a challenge. Unaware of the benefits of working with a mortgage broker, our client went straight to the bank with the understanding that this was his best option. The first bank submitted two separate applications creating credit enquiries on his file on both occasions. It was then suggested that he take out a personal loan to reduce the Loan to Value ratio creating another credit enquiry – luckily the client rejected the personal loan due to his limited income. He then went to another bank who followed the same process creating 3 more credit enquiries and finally he tried a third lender resulting in yet another enquiry. With the addition of the mortgage insurance companies, he was left with a total of 11 credit enquiries on file and what he thought was an impossible situation.

What finance solution did we provide?

We immediately created a pathway for our client to achieve their dream, it included the following;

  • A plan to pay down personal debts
  • A plan to generate genuine savings
  • Waiting 12 months until only 2 credit checks were on file
  • Using additional savings to lower the LVR

Our broker then went back to the lender with our client’s ducks in a row: evidence of genuine savings, 10% deposit, lower personal debt level and only 2 credit enquiries on their file In last 12 months. With direct access to senior credit we workshopped the deal upfront (12 months ago) to ensure it wold be seen in the best possible light when submitted.

What were the benefits?

When the loan was approved, our client was doing backflips not only for being able to secure their family home long-term – he also felt empowered and excited about the future.  He had developed good financial habits throughout the process of working with our broker, he continues to generate genuine savings with ease and services the loan with financial confidence.

Our client had given up on the hope of buying a house and was resigned to renting forever. We were able to secure our client the most favourable interest rates possible in his circumstance, maximising further savings long-term.

If any of your clients are in a challenging situation and looking for expert advice to navigate the best solution for their circumstance, your broker will be happy to assist and advise during a free consult. Call (08) 9367 4222 or fill out the form on this page.

Leave a Reply

Your email address will not be published. Required fields are marked *