The situation
A family wanted to upgrade to a bigger home.
The challenge
They didn’t qualify for bridging finance, the usual way to buy before you sell. Then, after we had their pre-approval in place, one of them lost their job. The pre-approval was no longer valid.
What we did
- Looked at other ways to structure the upgrade without a bridging loan
- Waited with them until they had a new job, rather than pushing an application that would be declined
- Found a lender on our panel that would accept a casual role after just 1 week in the job, and got a fresh pre-approval on the new income
The result
They settled into their new home 9 months after we started.
“I’m so glad that I had Karan by my side. It was a long process and Karan has a patience of a saint.”
What this means for you
Not qualifying for bridging finance doesn’t have to end an upgrade, and neither does a change in your job. It may just take a different structure and some patience. If this sounds like your situation, book a free 15 minute call.
Names and some details have been changed to protect the client’s privacy. Every situation is different, and your result will depend on your own circumstances and the lender’s assessment. General information only, not credit, financial or legal advice. Sklupple Pty Ltd (ACN 676 755 990) trading as KK Talks Finance is a Credit Representative (CR No. 569266) of Australian Finance Group Ltd (ACL 389087).