Successful Lending Strategy
Our clients, a young family working as a self-employed Marketing Manager and a Mental Health Practitioner, have been discussing a
property portfolio plan with team Ramsey to investigate the best way to invest in their future by utilising their cash flow. After being
presented with a strategy they decided they would like to renovate their existing home immediately to suit their lifestyle, and work on
their investments in the following year.
Our Property Strategists worked closely alongside our Lending team, which led to the Lending team investigating the best options
to finance their renovation whilst planning for their future subsequent property purchase at a later date.
The Challenge
The client didn’t have 20% equity, the challenge was to find the best structure at the lowest cost. Emma Hawker, our Mortgage Director reviewed whether a re-finance with lenders mortgage insurance vs topping the original loan back up would be best suited to the clients situation.
As Emma is an experienced banking professional, she knew the existing lender’s policies inside out. Emma sought to review the original home loan contract immediately and indicated that a portion of lenders mortgage insurance had already been paid, therefore would not need to be paid again.
The Results
Within a day of receiving the contract, Emma had the lending strategy complete. Topping up the original loan allowed our clients to save $9,764 by proceeding with this strategy and they were able to remain on their low fixed rate of 1.99%. A great result!
The biggest bonus from Emma’s ‘think outside the box’ methods, was that, thanks to the current lender’s simple verification methods for self
employed, less documentation and an easier process ensued for our busy clients that are concentrating on running their business.
Are you self-employed and looking for a team to have your back when it comes to making big financial decisions around property? We provide a seamless round-table service offering, one team, here to help you not only plan your property portfolio but also to ensure you find the most cost efficient and simple ways to do so.
Contact a member of our award-winning Mortgage Advisory or Property Strategy team today.