child single.php

First Home buyer with Non Gen Savings

11/11/16 | Case Studies
child part blog-select-categories
child content-single.php

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.

The Solution

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.

Do you have a similar situation?

At G-Force Finance Solutions, we have access to over 30 Lenders and Banks Australia wide together with a dedicated and highly experienced team who are committed for finding a finance solution.

Leave a Reply

Your email address will not be published. Required fields are marked *

col-xs-12 col-sm-4
child part widget-quick-quote

Quick Quote

child part widget-useful-resources

Useful Resources

child sidebar: blog-single-page-sidebar