Customer: Ken, Property Owner, QLD
Loan amount: $200,000
Cashflow barrier: Ken struggled to get a loan because of his age. He had a great asset but needed cash to put a deposit on a new build for his retirement. For five months he approached multiple banks and lenders, trying to secure a loan. He offered the large amount of equity in his property as security, but because he was living on a pension, no one could assist him.
Cashflow solution: We were able to offer Ken $200,000 in Equity Release Credit. He had an unconditional sales contract on his personal home with a 30-day settlement. Due to demand, the deadline to put a deposit on the new property would have run out before his current property settled. Our service allowed Ken to not only secure his retirement build, but purchase a caravan and truck so he could travel around Australia while his new home was being built.
Ken’s thoughts on Property Credit: “For 5 months I was unable to secure a loan due to my age and lack of a job, even though I had assets. Property Credit is a life saver when no one would or could not help. I rate them very professional and filling a large gap in the market. I would recommend this product to people of age with assets.”
We love to hear it, Ken!