Tired of the major banks Saying NO?! - Latest News
Getting a home loan today can be a daunting and frustrating experience. Some banks will make you jump through hoops to get your home loan and some will just make you wait. We believe getting a home loan should be stress free and exciting. After all it's the vehicle that helps you to get that new house, investment, pool or holiday and that should be exciting.
Barnes Home Loans understands this and we take the time to get to know your circumstances and what is important to you. We give you the best chance at getting your home loan approved.
With access to 5 prime and specialised lending funders, Barnes has more opportunity to say YES more often!
Here are a few ways that we have helped some of our borrowers when the banks said NO!
- A couple wishing to borrow funds to purchase two new investment properties. The couple work for themselves and pay themselves a wage from their company. The company also makes a profit after their wages have been paid to them. They need to rely on the profit plus their wages in order to meet the funders servicing requirements. The borrowers tried two of the major banks who will only use personal income not the company profit. Therefore they did not qualify for the loans. Bank said NO! Barnes said YES!
- A self employed man wanted to use the equity in his existing investment property to purchase another investment property. He did not have his tax returns completed for the current financial year, therefore wanted to borrow under a Lo doc loan. The bank that he approached would only give him access to a total of 60% of the value of the existing investment property when he needed access to 80% of the properties value. This left him short for the new purchase. Bank said NO! Barnes said YES!
- A married couple recently had to wind up a restaurant that they bought 10 years ago as economic times caused a big downturn in income. In order to close down the company and move on the couple need to refinance their business loan, home loan, large credit card debts and payout their tax liability and outstanding creditors. They also had a small paid default. Bank said NO! Barnes said YES!
- A property holding company as trustee for a family trust owned an investment property outright. The property holding company wanted to gain access to cash out of the property to invest in shares and superannuation. The directors of the company are self employed and do not have current tax returns prepared, therefore they wished to borrower the funds under a Lo doc loan. Bank said NO! Barnes said YES!
- An older married couple were looking for ways to improve their retirement strategy. They still owed money on their owner occupied property and due to the dip in the market did not have enough equity to purchase an investment property. The couple did however have a rather large amount in superannuation. Both are still employed and the employer contribution is over $18,000 per annum. The borrowers were able to transfer their current superannuation funds into a Self Managed fund and use these to purchase the investment up to 80% of the value of the property. The employer contribution and rental received meant they didn't have to contribute further to meet the new commitment.
- A self employed architect and his partner have recently completed $200,000 in renovations to their home. They still have a further $150,000 worth of works to complete. They do not want to engage a builder as they have found that individually contracting the work is cheaper. They approach their bank and were told they would need the building contract. With Barnes they were able to draw on the existing equity in the property to complete the works and saved thousands on the renovation.
So improve your chances and call Barnes today! Contact Us