Launch Finance recently assisted a client in securing a lower interest rate on their home loan after finding a niche that another broker had missed. The client was seeking approval for a home loan from the lender with the assistance of another broker who was writing their loan with a 6.9% interest rate due to no proof of genuine savings and the client had also not completed previous years’ tax returns.
The client was unhappy with the interest rate, as they didn’t think it is competitive in the current market, so they sought our help to see if we could secure a lower rate. After discussions with the client and asking the right questions, we found a niche where the client had sold a car and we were able to verify this to ensure their deposit was now recognised as genuine savings.
This resulted in the client receiving approval for their home loan with an interest rate of less than 4%. We also spoke with the lender to allow for some extra time for the client to complete their tax returns. The home loan was then settled within 14 days and the client couldn’t be happier.
A speedy result for the client was achieved due to our direct link with the banks credit department, which allowed us to speak to them directly about waiving the condition requiring Tax Office Notice of Assessments, which would have held the approval up for an extra 2 weeks.
If you or someone you know is looking for a competitive interest rate or would like some assistance in seeking finance approval, speak to us today.