Simply Mortgages -

Father And Daughter Get Mortgage

One of our favorite funders was sent application from a father and daughter, to refinance and top up the mortgage on a home owned by the father (and to buy out his ex-wife’s share).

The father was on WINZ and needed his daughter’s support for debt servicing to work. She was in stable employment on a good income. Both had clean credit and the daughter was moving back in to live with her father.

Our friendly lender approved the loan conditional upon the daughter becoming joint owner of the property, i.e. she benefited from the transaction too.

Do you know someone looking for a loan in a similar situation?

Success

Recently we met a couple purchasing their first home together at an advantageous purchase price from family.

They required 100% funding of the purchase price, which 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.