Don't move half way...

​After four years as a trusted, valued and highly specialised employee, Jack stepped out on his own. He was now six months into an eighteen month contract, that had essentially seen his income double. You might say he was pretty pleased!
 
Soon, his work would require him up north. He wanted to sell his family's current home in Mittagong so that they could buy in QLD. And as luck would have it, they found a perfect new home there, to accommodate the changing lifestyles of he, his wife and their three kids.
 
The difference was an extra $100,000 which he needed the bank's help with. But upon visiting a mortgage broker, was told the depressing news; "Sorry mate, most Lenders won't look at self employed financials less than two years - and even in rare cases, no less than one year!".
 
Jack walked away frustrated, threatened with losing his family's dream house, of having to sell Mittagong and move twice, first to a QLD rental and then another home. What a headache!
 
He went to another broker and the news got worse. Because his contract had started in April, his Year End 2015 financial returns only reflected 6 months of ABN rego, and only 2 months of self-employment. "No Lender will give you the time of day. Come back in six months." The situation was looking dire.
 
Until he was referred to Wilson Financial.
 
We listened. We checked his salary capacity. We checked the contract. We checked his fantastic repayment history with his current Lender. Then we chatted about what else we could use to strengthen his case for securing a loan. We asked Jack to provide us two letters from large industry bodies; one his former employer, and one his current; both confirmed they had further work for him after the contract.
 
And then to top it off, we proved to his current Lender that he could still afford repayments on a bigger loan with his old salary anyway, let alone on this new doubled income!
 
Our extra efforts worked! It was enough to convince credit to approve Jack's loan!
 
Jack sold Mittagong and bought his family's QLD dream home, both settling within weeks of each other, cutting out 6-12months of inconvenience and wasted moving & rental costs. Jack and his family were absolutely thrilled; and last we heard, Jack was feeling nervous about the long drive up in the car with the kids. We hope he packed his ear plugs!
 
Another success story, from Wilson Financial.

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