Last Updated: 31st May, 2021

The following client story shows the expertise of Mortgage Brokers to tackle the problems one by one and successfully settle the home loan refinance.


Details Description
Customers Mr. Jon Jones
Mortgage Broker Jonathan Preston
Purpose Refinance (cash out from the existing property)
Loan Amount $1,295,000
Security $3,000,000
LVR (Loan to value ratio) 43.160%
Interest Rate 3.19% p.a.
Problem The refinance had to be redone due to different parameters.
Solution The broker team expertly liaised with the BDM to solve all of the issues.
Takeaways Brokers at Home Loan Experts will be with you from the beginning of your enquiry till the settlement of the loan.


Mr Jon Jones is an Australian expat currently residing in Indonesia. He works as a technical director. He is a divorcee and has two children who live in Australia.

The chief purpose of refinancing was to cash out from the existing property.

The property had a huge entrance foyer with American oak flooring throughout, stunning panoramic river views from large balconies with an existing boathouse.


Mr Jon Jones reached out to our mortgage broker, Jonathan Preston in September, 2019.

It was a high net worth deal for Jonathan with the initial loan amount of $1,650,000. The client was looking for $300,000 in cash out to renovate his property.

Jon an Australian citizen living overseas, so Jonathan contacted a lender that would accept overseas income (USD).

Jonathan attempted to refinance Australian security from an international lender to an Australian lender.

The lender wanted assurance that the settlement for the security would happen as per the Australian process.

Jonathan had to liaise with the foreign lender and appoint a settlement agent in Australia prior to loan settlement.


Refinance was declined in submission as the loan was held at Singapore.

The missing information request in this application was pretty general except the client also owned some properties in Indonesia (3 securities).

This would have been a problem as the mortgages for the securities would limit the borrowing capacity of the client.

Indonesia does not allow foreign residents to own a property there. Luckily, the properties were bought from via a mutual friend of Mr. JonJones. This helped as technically the mortgages were not under his name.

The application was formally approved but there was an ongoing dispute over the security in a Family court. The subject property was under disagreement between Mr. Jon Jones and his ex-wife.

The clients had no authority to sign the documents until court orders were issued. Which meant that he would not be able to settle it without clearance from the court.

The family court orders were in favour of the clients but had certain parameters and the client was not allowed any renovations.


Jonathan worked around the initial decline in submission by a special exception from BDM to refinance the security.

He had to redo the application and submit it accordingly. He quickly adjusted the loan structure as he had no requirement of cash-out and offered him new loan products.

The application got formally approved for the second time and he had to re-issue the loan offer documents to Indonesia again.

The loan offer documents were returned back but then the exchange rate between the Australian Dollar and Indonesia Rupiah fell to a historical low prior to settlement of the loan application which caused a 1-month delay.

The application was requested to be kept on hold by Mr. Jon Jones due to this reason.

The value of AUD recovered by 8 April and the client was ready to proceed again.

Due to some delay in discharge form caused by the two solicitors, Jonathan was able to settle the application on the last day of April, 2020.

Fortunate ending:

The customer, with the help of Jonathan, Sohel and Ajar (broker team), was able to settle the refinance of his property.

He was extremely grateful for the immense help and support. The broker team stood by him throughout the entire process and solved all the complicated issues regarding the refinance.

If you have a similar or even more complicated issue like this, we may be able to help you find the right solution.

Please feel free to talk to one of our senior brokers by calling 1300 889 743 or by filling in our free online-assessment form today.