Our client purchased an ‘off-the-plan’ apartment in a high-density area, resulting in a lower LVR, while in addition they had a very low credit score.
Generally, a lender’s capacity to service a customer depends on a customer’s credit history and the associated risk, location, security type and capability to pay the debt. As most lenders check credit scores, our client was in serious risk of not securing finance by the time their settlement was due.
GCC Home Loans provided a solution through a non-bank lender, which did not require a credit score check. We facilitated the finance at 80% LVR, as well as offering a competitive rate for when construction was completed and settlement was due.
Interest rate: 4.40%