Our client wished to purchase a property in Western Australia for owner occupied purposes. Typically, most lenders are hesitant to lend in this location due to its close proximity towards the mining region of Western Australia. Additionally, the customer had declared bankruptcy and had been discharged from bankruptcy for less than 5 months. This
We negotiated the finance through a non-bank lender and got an approval for 75% LVR (most lenders will not lend at this location and due to the level of credit impairment). This allowed the customer to purchase the property with the equity he had available.
Interest rate: 7.42% (Due to level of credit impairment, LVR and risk)