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Residential – Credit Impairment & Postcode Restriction

Our client wished to purchase a property in Western Australia for owner-occupied purposes. In most cases for this location, lenders are hesitant to lend due to its proximity to the mining region. In addition, our client had declared bankruptcy and had been discharged from their bankruptcy for less than 5 months. This created an extremely challenging situation for them to secure finance through a traditional lender.

GCC Home Loans negotiated their finance through a non-bank lender, securing an approval for 75% LVR. This was even more rewarding, as most lenders will not lend at this location and also due to the level of credit impairment our client faced. Our work behind the scenes and expertise allowed our client to purchase the property they desired, with their existing equity.

Amount:              $130,000

LVR:                      75%

Interest rate:       7.42% (Due to level of credit impairment, LVR and risk)