Creative Solutions:
Problem 1:
Young couple, recently married, only one of them is an Australian Citizen/Resident. Male applicant is on a spouse visa.
Solution:
The Homeloan Guru identified a lender who would lend to a non resident, relying on his income as the main form of income. There are only two lenders in the Australian market who would.
Problem 2:
Couple in their 50s are looking to buy a home. They have saved up their 5% minimum deposit. They don’t have enough funds to pay for legal fees and stamp duty. Landlord has given them notice because the house they live in has been sold.
Solution
The Homeloan Guru has identified a lender who would also give them a credit card with a $20,000 limit at home loan rates. This will allow them to pay for legal fees, stamp duty and relocation expenses.
The Homeloan Guru also provided and documented an exit strategy satisfactory to the lender to demonstrate how the couple would pay off the loan by the time they retire.
Problem 3:
A young entrepreneur had started up his own business 18 months ago. He had a substantial deposit but only short trading history.
Solution:
The Homeloan Guru found a lender who would accept one year tax return, which had not even been lodged with the tax office as yet.
Identified Through Annual Reviews:
Case 1:
At the end of a fixed term loan, the lender automatically switched the loan to their standard variable rate. When The Homeloan Guru noticed this at the annual review, he got the bank to switch them to a basic variable loan (at no cost) saving the customer $2,100 per year in interest.
Case 2:
The Homeloan Guru established a loan for the customers on a package. This was the cheapest option available. It meant that the customer needed to maintain a home loan as well as a credit card with the bank. In an effort to be responsible, the borrowers cancelled the credit card. The bank did not tell them that this would cancel the discount on their home loan, potentially costing the borrower $3,500 per year in extra interest. When the Homeloan Guru identified this matter, he got the package re-instated.
