In today’s competitive market, applicants are often spoilt for choice when it comes to home loan options. For one of our clients in an extremely unique situation involving a rare overseas income source, there was no more than one loan option available for them in the market. Did we find that solution? We certainly did. Here’s how our latest client success story begins…
What was the situation?
As a result of extensive experience within the Launch team, we are often the go to finance brokerage not only for your everyday loans but also for the ‘Unique Situations’ that require ‘Unique Tailored Solutions’. Our clients found themselves in a situation where although both Australian citizens and permanent residents, the male applicant’s income happened to be from a Central Asian country with a currency rarely encountered that most lenders will not recognise for Australian loan applications. Banks are very limited on lending to an overseas income source, most often it must be PAYG with limited currencies considered.
What finance solution did we provide?
We got straight on to contacting every panel lender we have for;
- Policy on Australian residents working overseas
- Policy on their income being paid in an overseas currency type other than usual stable currencies i.e USD, YEN, GBP
In the end, it was the relationship between one of our brokers and an Business Development Manager that identified the Central Asian currency was acceptable to them for foreign exchange transactions, hence they could consider a home loan with income received in that currency. This was a fantastic outcome for our client as they ended up with everything they wanted including a home loan from one of the ‘big 4’ lenders.
What were the benefits?
This client success story really highlights the information and expertise a broker can provide in a situation where customers may not have been able to source the solution themselves.
The benefits to our clients included both substantial time and money savings locating the only one option on the market available, which was also a very good one for them. It would have been very difficult for them to obtain this loan themselves as locating the one lender we are aware of that would consider this transaction may not have happened. Additionally, we were able to approach the lender with a business case to the credit team to have the standard interest rate pricing for overseas income (6%+) reduced to obtain normal package benefits available locally (under 4%). Needless to say, the couple are very happy and enjoying their new home.
If any of your clients are in a unique situation and looking for expert advice, your broker will be happy to assist and advise during a free consult 8) 9367 4222, firstname.lastname@example.org or fill out the form on this page.