Case Study: Utilising Australian Home Equity to Repay a UK Home Loan
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Case Study: Utilising Australian Home Equity to Repay a UK Home Loan
Background
An expat Customer (Australian Citizen living and working overseas) had a home loan in the UK. They also owned a property here in Australia, with no home loan attached.
The Customer wanted to borrow $400,000 as “cash out” against their Australian property, to pay out the UK home loan, to enable them to live debt free in the UK.
Our Customer’s additional objective was to reduce their home loan interest rate and repayments.
Challenges Faced
Expat income is complex with currency conversions and Lenders applying discounts to income when calculating borrowing capacity, to allow for currency fluctuations.
Our expert Consultants needed to find a competitive mainstream Lender that would support the Customer obtaining “cash out” to clear their UK home loan. As distinct from a normal “refinance” where the new loan is being used to pay out an existing Australian mortgage.
Outcome
We helped our Customer to navigate the market and locate a mainstream competitive Lender to refinance with little hassle. The recommended Lender has a speciality product to assist ex-pat Customers. The lender supported the application via a controlled process to repay the UK debt.
The interest rate is in line with the best in the market, and they have now cleared their UK home loan and are happily living debt free in the UK.
