How a self-employed refinanced his property portfolio
Occupation
Self-Employer
Business Consultant
Location
VIC (Cat 2)
Loan Amount
$1.25m
LVR
65%
Property Type
House
Scenario
Mr S is a self-employed business consultant currently residing in his owner-occupied property in Victoria (Cat 2 location). He also has a property portfolio of 4 investment properties.
Mr S is looking to do a refinance for his owner-occupied property and use the equity released from the property to complete the non-structural renovations for his investment properties.
How did Brighten help?
Mr S has provided us with an accountant’s letter, rental income statements, and a completed Purpose of Loan Funds Declaration Form containing a detailed breakdown of the use of the funds.
At Brighten, our interest rates are based on security – not purpose. So we were able to accept Mr S’s application under the Alt Doc Boss Prime product at an owner-occupied variable rate. Since the LVR is below 70%, no risk fee was payable.
After settlement, Mr S was able to complete the renovations with his refinance.
Fees, charges, lending criteria applies.