Melissa Gielnik, Smart Lending
I'm sold on Specialist Lending because...
"there's always a client whose needs cannot be met by a mainstream lender; it's a great product to have in your buffet."
Client case study
Last year, Smart Lending used specialist lending to help their clients of 6 years move forward when their own lender said they would not consider the application.
- Young couple are looking to raise funds against their existing owner occupied property to assist in the purchase of a larger owner occupied home.
- They currently have their existing owner occupied property along with a medium sized (4) investment portfolio with a major lender.
- Mr is a self-employed tradesman with ABN and GST registered over 2 years ago but only trading for the last 18 months. Mrs is PAYG.
- Existing lender not willing to assist with the mortgage for purchase of a new owner occupied home due to the modest profitability of the new business and only 18 month’s trading history.
- The concerns surrounding the income were compounded by existing high debt exposure connected with investment portfolio.
Pepper has developed a strong expertise in analysing self-employed applicants, and were able to assist using:
- Income declaration provided by the self-employed applicant, supported by last 2 quarters of BAS (via the ATO portal).
- Total sales ($50k/quarter) showed turnover consistency, as evidenced through BAS returns. There was a healthy surplus between total sales and non-capital purchases.
- This demonstrated the viability of the business and its capacity to assist with meeting overall finance commitments.
Meet other brokers who are Sold on Specialist.
Applications are subject to Pepper Money's normal credit assessment criteria and loan suitability criteria. Terms, conditions, fees and charges apply.