CASE STUDY – First Home buyer with Non Gen Savings
Meet Stephen from Melbourne who was looking to purchase his first with, non-genuine savings of $50K and currently renting in Melbourne.
Age: 33 years’ old
Occupation: Self Employed as a Carpenter/Cabinet Maker
Income: Last 2 years’ taxable income is $74K and $73K respectively
Assets: Vehicle $25K, Tools $15K, Gifted Funds $50K
Liabilities: Currently Renting $550 per week & Credit card Limit $5K
Stephen did not have genuine savings, however, a relative was planning on providing him a gift of $50k. Stephen was looking to borrow $350k on a property valued at $400k.
Since Stephen was able to supply the most recent 2 years of tax returns he qualified for a major lender Home Loan which allows for non-genuine savings. Since his business turnover was <$75k, GST registration was not required.
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