The client had purchased a new property with the intention of maintaining it as their principle place of residence however, a lease was in place for a further 12 months. Client required the equity in their existing property to complete the transaction.
Brought the scenario to a lender who places importance on the “security” opposed to the loan “purpose”. Therefore, Loans Only could assist in the refinance the existing owner-occupied property and fund the new investment purchase. The outcome was particularly beneficial as Loans Only secured owner-occupied rates on the investment as well for the client. Being, 3.85% Interest Only across the two loan splits with borrowings of $980,000.