How we helped a client with a Residential Holiday Home Purchase

Clients had an existing home with a mortgage, and they had their heart set on the purchase of a holiday home.

Challenges Faced

The loan which suited the purchase transaction was not available through the Client’s existing home loan Lender.  Therefore the purchase would be reliant on a simultaneous refinance transaction to bring the home loan across to the new Lender.  Due to Covid induced delays, the settlement deadline would potentially be at risk.

Outcome

Proactive and regular communication with the existing Lender meant that settlement was able to take place on time.

The Clients were also very happy to enjoy a low owner-occupied interest rate on both their existing home loan, and the new holiday house loan.