VMG has recently helped borrowers with their refinancing. Could VMG also have a solution for your clients? See details below.
Customer: Husband and wife (61 and 59)
Loan Amount: $1,600,000
Refinance of investment property, refinance of land loan and construction of retirement home (on the land being refinanced)
Outcome:
- Husband and wife relocated for work to Canberra with PAYG employment in separate government departments.
- Husband: Lawyer; Wife: Midwife.
- Wife on Workcover due to a shoulder injury, receiving 75% of her annual salary with no return to work date.
- Investment property in Metro Melbourne rented to their daughter at $400 per week, below the market rate of $650 per week (verified by rental appraisal letter).
- Husband’s super policy valued at $1,500,000 accessible at age 65.
- Challenges in demonstrating servicing on both incomes and rental income.
- Solution: Adopted a commonsense approach, considering 100% of the wife’s salary and allowing 90% of the market rental ($650 per week), deviating from the usual shading to 80%.
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If you have any questions, refer to your Vow Financial BDM.
