Every client has different requirements and circumstances - a mortgage broker can help you find the perfect match
When Craig from CBM Mortgages met with husband and wife duo, Amanda and Mark, he was told that their vendor had requested them to waive their right to a cooling-off period.
“While Amanda and Mark had pre-approval with one of the major banks, they didn’t have formal approval, and this could only be effected after contracts were exchanged,” Craig explains. Unfortunately, their lender wouldn’t issue formal approval without conducting a property valuation first, and to do this, the lender required an exchanged contract of sale. It was a catch-22 situation.
While Amanda and Mark still had the traditional six-week settlement period to organise formal approval, they didn’t want to exchange contracts. If the bank decided at the 11th hour not to approve their loan, Melissa and Andrew ran the risk of losing their 10 per cent deposit.
They explained their situation to their lender, but the bank did not want to budge on its policy.
That’s where Craig stepped in. “Given that I have access to a broad range of lenders with a broad range of policies, I knew I could match the couple with another lender who would provide them with formal approval before they exchanged contracts,” he explains. “Not only did I work with Amanda and Mark to find a lender that could better meet their needs, but I also managed to secure them a better product with a more competitive rate in the process.”
The couple went on to complete the property purchase. CBM Mortgages found them a lender that could better meet their requirements, and a product that better met their needs – both now and into the future.
And the partnership hasn’t stopped there. “Over the past few years, I have continued to work with Amanda and Mark, helping them to finance renovations and investments,” Craig says.
** Names have been changed to protect client’s privacy.