A client approached us after being referred by an existing client of our business. They had a pre-approval with their existing mortgage broker, and they had purchased a property with settlement due in a few weeks.
Their broker had given advice they should pay lenders mortgage insurance as the clients didn’t have a 20% deposit + purchase costs.
After an initial review, it was discovered that the clients had an unencumbered investment property.
We subsequently used the equity within this property to subsidize the balance of the 20% deposit + costs on the purchase property, preventing the clients from incurring the huge lenders mortgage insurance premium.
If you have any questions, please give me a call or send me an email. Tom.
Written by Tom Morison