Sam and Stacey were borrowers looking to upgrade their family home and turn their current home into an investment property.
The plan was to refinance their current owner occupied property, extract the deposit to purchase the new home and set up interest only payments for the investment portion.
They are self-employed and run their electrical business in Modbury which traditionally has buoyant turn over, however COVID training had impacted their financials in the short term so would like a self employed home loan.
Their plan was to:
Sam and Stacey’s business had undergone a period of growth after significant investment in the years prior, so current trading was not accurately reflected in their financial statements.
Although their current trading was not accurately reflected in their financial statements.
With our Specialist Clear Loan service we were able to verify their income using an accountant’s verification.
Sam and Stacey ended up with a new home and an investment property which provided rental income, tax reduction and capital growth in the future.
With this type of loan a borrower can get unlimited cash out to 80% Loan to Valuation ratio, borrow up to $1.5 million with a 100% offset to pay off the home portion quickly (non-deductible debt).
Also, minor defaults can also be considered.