Background:
Alex, a self-employed physiotherapist from Melbourne, had recently seen a surge in revenue after expanding his practice to include a new service. Ready to build his dream home, Alex’s preference was to stay with his current Lender for a construction loan. However, upon review, we discovered that the Lender’s borrowing capacity was limited, with added complexity regarding business income which had not yet been distributed out of his business.
Our Approach:
Recognising the urgency of starting construction, we conducted thorough research and located a Lender that was more flexible in their approach to the self-employed income assessment. This new Lender was able to consider both Alex’s projected growth and his undistributed income. This was also backed by our in-depth discussion with Alex’s Accountant. This strategy ultimately provided an increased borrowing capacity which we determined to be in Alex’s best interest.
Outcome:
By finding the right Lender who could accommodate Alex’s unique financial situation, we enabled him to move forward with his construction plans, showcasing the value of having a proactive mortgage broker who understands both the urgency and the complexity of lending requirements.
Loan approval was granted quickly, and construction was underway within a few weeks. We continue to assist Alex with his Progress Payments to the Builder, ensuring the whole end-to-end process is as seamless as possible.
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