Launch Finance recently assisted a client with the purchase of a property after being declined finance due to their casual contract employment.
The client had recently moved to Western Australia from overseas and had signed a contract with an employer on a casal basis, but had not yet commenced work. The client had a deal with an initial lender for the purchase of a property, however the client was declined finance at the last minute due to the casual nature of the employment.
We used our experience, knowledge and network of lenders to seek approval from several lenders that approve home loan applications for casual employment clients. Launch Finance contacted the head of credit with a lender who can sign off on deals before submission and were able to discuss the application and get guidance on what information the lender would need to get the loan approved.
This allowed Launch Finance to organise the necessary documents with the client and present a submission to the lender. The new lender was able to conditionally approve the application in 24 hours, which meant the client could then show the real estate agent to show progress had been made with the home loan application.
Launch Finance succeeded with a formal approval issued from the lender for the client, with plenty of time to spare before the due date of finance approval on the purchase contract. The client received the same type of product and Launch Finance was also able to negotiate a lower fee, saving the client much needed time and money.