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!
Visit property.credit for more information on our services or you can contact us on 1300 829 536 (au) or 03 668 2144 (nz).
This article is for general information purposes only and is not intended as financial product advice. Consider seeking independent financial advice that relates to your individual circumstances.
There's so much to consider when buying or selling. Below are just some of the opportunities equity release can offer over the course of a property sale.
