I met these clients a few months but they were not ready for a home loan due to their income situation. They came to me at the start of last week and told me they had found a house that was going to come on the market in the next couple of days. How could get them a home loan so they could buy this house. Ideally we would have waited until their tax returns were completed in July.
However the property was not going to wait that long! We looked at their situation and came up with a solution. They usually took their family A&B payments annually we changed this to a fortnightly payment so the banks would accept it as income. Their parents gifted them some money (which always helps) and one of them was able to change her role from casual to permanent part-time.
This change in roles allowed us to use her income for servicing the loan. The other was able to find a casual teaching contract so he was not reliant on the self-employed income. All of these changes were made within a week. By Friday they had all of this in place and we were able to submit their loan application. By Monday evening we had unconditional approval from the lender. With this quick turnaround they were able exchange contracts and secure the property from another interested party who had also put an offer in on the property.
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