Over at our lending division we recently we met a couple purchasing their first home together.
As a gift from the family the couple were able to purchase at an advantageous price.
This did mean the purchase was a surprise however and so a deposit had not been saved and the young couple required 100% funding of the purchase price. (this was possible due to the equity in the property being gifted.)
Both husband and wife were self employed and had a few defaults on their credit report.
Debt servicing appeared fine based upon self-declared incomes although financials provided indicated the income declaration was reasonable.
The successful loan was approved of just over $190,000 at 10.35% pa for a 30 year term.
Do you know anyone in a similar situation?
Let us know, we might be able to help.
