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Unusual income sources and... bad timing!

How we found a solution for a client with income types lenders don't love

Unusual income sources and... bad timing!

Thanks to @bluestone for their assistance with the below, how cool to be able to help when it is needed most:

What can you do when your client has high income but it’s not recognised by the banks? Our client was struggling to get the finance he needed to buy out his ex spouse using a combination of income protection payments and income via a super fund.

We were able to help with a very tight turnaround - from approved to settled in just two days.

What was the customer's situation?

Our client was in an accident at work a number of years ago - and as such receives an ongoing income protection payment. Additionally he has income via his super fund from a compensation payment made to the fund relating to the above.

He also has an investment property which he has recently knocked down and is in the process of constructing a duplex on the site - nil debt, so will be a nice income when it's finished but nothing we can use now.

As a result of the floods he is living in the granny flat of his second investment, which would ordinarily be another income source while he lives rent free in a property his parents own on the Hawkesbury river.

He needed to pay out his ex spouse and remove her from the title of this property.

What made this deal unique or challenging?

Income type was the challenge - plenty of income but not the type banks like (in the form of the income protection payments), and rental income being not accepted due to the knockdown rebuild.

When the lender assessor called she was helpful and definitely looking for ways to approve the deal. Due to short advice from the solicitor we had a very, very short deadline to settlement - from approved to settled in 2 days, outstanding!

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