Recently Launch Finance was approached by a client who was purchasing a property for a significantly discounted rate from his father, however needed to be able to use the market value of the property on the loan application for security purposes.
Our highly professional brokers approached many lenders and mortgage insurers on this client’s behalf to access funds based on the value of the property, rather than the sale price. After many discussions, we were able to secure one lender who value the property first and issue a loan against the value of the property.
Through investigating these various lenders policies, our brokers were able to eliminate the lenders that were unable to meet our client’s requirements and as a result saved the client significant time in completing applications that would have been noted on his credit record.
Once we located a lender to suit this client’s circumstances, we submitted an application and were successful in securing our client a very attractive home loan and interest rate.
We were also able to help this client avoid lender’s mortgage insurance, saving them the once-off fee of $7,000 and potentially thousands in interest fees. With all of these savings, this client had enough money to upgrade the kitchen in their new property as well, making it well worth the exercise!