Lenders Wanted

NSW, $850K, Owner occupied, Purchase, Full-doc, 80% LVR

Posted on 12/08/2013 12:17:42 PM

A client was looking to purchase a home to live in however she was on maternity leave and not due to return to work for 3 months. As settlement was due to take place in 4 weeks, I needed a lender who was not going to discriminate against the client being on maternity leave as her income was required for servicing. It was agreed that providing the client could provide a letter from her employer stating her return to work date and salary, the bank would accept her income. As a final mitigant, we needed to confirm to the bank (and cover off on NCCP legislation for responsible lending) that the client had a sufficient buffer to cover the shortfall during the 2 months she would not receive any income. Have you encountered similar scenarios? How did you solve them?

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  • Azzamoot20/08/2013 2:45:19 PM

    Have had one similar instance although was a couple with Male still working but needed reliance on her income also. CBA did it with employer letter but did have to show evidence of suffience funds to cover period until returning to work. They had the funds, if yours does not might be difficult.

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OTHERS

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