Vacant Land Loan
Another Tricky Scenario This saved a customer $6,500 in risk fees by using their vacant land as additional security on their application. Scenario -Refinance & cash out for renovations. Issues -ABN less than 24 months in operation. -Only 1 year tax returns. -Low credit score. Solution -Client’s refinance and cash out was sitting at 80% LVR so a risk fee would have been incurred. -They owned a vacant block of land that they are not looking to build on in the near future. -Using the land as secondary security, kept the overall LVR at 70% and total loan under $750,000. -They could use their 2022 financials in isolation. -No Credit Scoring was needed. The customer was approved in 3 days after lodging. Matthew Stack - Mortgage Broker 0423 237 242 #mortgagebroker #revesby #homeloan #carloan