When a FinanceCorp Finance Manager met with husband and wife duo, Melissa and Andrew, he was told that their vendor had requested them to waive their right to a cooling-off period.
“While Melissa and Andrew had pre-approval with one of the major banks, they didn’t have formal approval, and this could only be effected after contracts were exchanged,” the finance broker explains. Unfortunately, their lender wouldn’t issue formal approval without conducting a property valuation first, and to do this, the lender required an exchanged contract of sale. It was a catch-22 situation.
While Melissa and Andrew still had the traditional six-week settlement period to organise formal approval, they didn’t want to exchange contracts. If the bank decided at the 11th hour not to approve their loan, Melissa and Andrew ran the risk of losing their 10 per cent deposit.
They explained their situation to their lender, but the bank did not want to budge on its policy.
That’s where the finance manager stepped in. “Given that I have access to a broad range of lenders that have a broad range of policies, I knew I could match the couple with another lender who would provide them with formal approval before they exchanged contracts,” the finance broker explains. “Not only did I work with Melissa and Andrew to find a lender that could better meet their needs, but I also managed to secure them a better product with a more competitive rate in the process.”
The couple went on to complete the property purchase. The finance manager found them a lender that could better meet their requirements, and a product that better met their needs – both now and into the future.
And the partnership hasn’t stopped there. “Over the past few years, I have continued to work with Melissa and Andrew, helping them to finance renovations and investments,” the finance manager says. “Today, Melissa even works part-time in my office as a loans processor.”
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** Names have been changed to protect client’s privacy.