Can I Choose Two On Loan, One On Title Option?
| Details | Description |
|---|---|
| Customer | Customer A and Customer B |
| Broker | Prakash Rai |
| Purpose | To purchase an owner-occupied property |
| Loan Amount | $1,528,400 |
| Security | $2,400,000 |
| LVR (Term) | 63.68% (30-year term) |
| Interest Rate | 6.99% |
| Income | $176,977 (Customer A) + $98,037 (Customer B) |
Their Story
A formidable stack of paperwork loomed before Customer A. With his calloused hands, he rubbed his brow, a furrow etched by years of focused concentration marring his face. Opposite him sat Customer B, her eyes blazing with determination, clutching a binder overflowing with documents. They were a couple united by a singular, burning desire to own a home of their own in Australia.
Customer A, the rock of the family, brought stability through his long-standing career. His position as a railway signal operator secured a steady income of $176,977 annually. Customer B, a force of nature, complemented this stability with the dynamism of her self-made business venture in the US. Her success added a significant $98,037 to their household income.
Their days were filled with the simple joys that truly mattered. Customer A’ mother, a welcome presence nearby, provided invaluable childcare support, freeing up precious time for Customer B and Customer A to focus on their family. Shared meals and grocery shopping moments transformed into bonding experiences, and dedicated self-care routines ensured they poured back into themselves. They didn’t neglect the importance of fun either, setting aside a budget for recreation and entertainment, and building a treasure trove of lasting memories.
Despite these advantages, however, purchasing a home wasn’t a smooth ride for them. Customer B’s self-employment income from the US posed a challenge, as many lenders considered foreign income a risk. This would mean extra paperwork, meticulous tax documentation, and possibly higher interest rates. Additionally, they were seeking an unusual structure for their loan – one on title, two on loan. They needed a lender comfortable with handling the legal implications and protecting both parties. Customer B’s 820 visa added another hurdle, as lenders often prefer borrowers with permanent residency or citizenship.
Customer A and Customer B felt lost, dwarfed by the sheer scale of their potential loan process. Obtaining their dream home, with its high Loan-to-Value Ratio (LVR) and looming interest rates, seemed an impossible climb. They desperately needed a guide, someone who could carry them through the treacherous terrain of their unique situation.
That’s where Home Loan Experts’ Mortgage Broker Prakash Rai came in. He dedicated days to researching and negotiating with various lenders. Finally, he unearthed a lender willing to offer a competitive product and rate for the desired loan amount. The lender would also accept the customers’ foreign self-employment income, which many other lenders would have restricted or rejected altogether, given the complexity of the loan. Armed with the the customers’ impeccable employment history, stellar credit scores, and proven track record with mortgages, Prakash built a compelling case for his clients.
Customer A and Customer B secured a loan of $1,528,400, with a manageable LVR of 63.68% spread over a 30-year term. They received a highly competitive interest rate of 6.99%. The mountain of paperwork might have loomed large at the beginning, but with perseverance and a skilled broker by their side, they achieved their dream.
Are You In A Similar Situation?
Our experienced brokers specialise in working with clients who face challenges caused by self-employment and foreign income. If your situation is similar to the our customers’, we can help you secure a home loan that fits your needs. We’ll assist you in verifying your income, gathering the necessary documentation, and finding a lender with flexible policies.
You can reach us at 1300 889 743 or complete our free online assessment form.