Some of my proudest moments are when the conversation starts with “I don’t think I can do anything at all” & with our guidance they do.
I preface this I want to say I can’t fix everything but there are circumstances where access to multiple lenders and knowledge of a variety of credit policies gives a much greater chance of success.
To illustrate I have a whole section on my blog titles “You have almost no chance of being approved if you walk in the door of your local bank”.
Example 1, A lovely young professional lady starts the conversation with “I’ve had credit issues in the past”, 10 years ago she got in trouble with a credit card - she paid it off and didn’t take the advice to “just go bankrupt” (please be aware that bankruptcy will affect you potentially for the rest of your life.
Today, with good history, a great asset position, strong and stable employment and a really good story put together to explain the hiccup she was approved.
I have no doubt if she had walked in off the street without the professional backing she would have walked away unhappy, bank staff are often under resourced with high targets, it’s not their fault they don’t have time to fully investigate a solution.
Example 2, a lovely batchelor has been caring for an ailing parent. This one has to do with income and assets (what we call balance sheet), this absolutely gorgeous gent has spent considerable time looking after his dad instead of building his assets and has reduced hours and income. Doing online calculators which use average income and expenses can be disheartening.
Knowing which lenders will allow him to sensibly stretch his income and particularly the shift allowances which make up a bulk of his income, and mindful of the repayments which will be cheaper than any rent he could pay, we have an approval which allows him to buy his family home where he has lived for 20+ years.
I love what I do!
Article in The Western Weekender https://issuu.com/weekenderpenrith/docs/property14oct/40