Recently a couple approached us about purchasing their first home together.

As a gift from the family, the couples family  were gifting them the equity in a home by allowing the couple to purchase at a discounted price.

A deposit had not been saved and the young couple required 100% funding of the purchase price. (this was possible due to the equity in the property being gifted.)

The husband and wife were self employed and had a couple of defaults on their credit report.

Debt servicing however appeared fine based upon self-declared incomes although financials provided indicated the income declaration was reasonable.

The successful loan was approved of just over  $194,000 at 10.35% pa for a 30 year term.

Do you know anyone in a similar situation?

Let us know, we might be able to help.