Mortgage Broker Delivers Land Loan Approval In Under 24 Hours
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A Quick Overview
| Details | Description |
|---|---|
Customer Goal | Get a loan to settle a land purchase ASAP |
Problem | Their loan application was still in process with their previous lender and the settlement date for the land had passed. So they needed to find a lender promptly. |
Loan Amount | $170,000 |
LVR and Term | 90%, 30 years |
Income | Combined PAYG Income: $307,575 annually Rental Income: $80,600 annually |
Solution | Found a lender that accepted an LVR of 90% with a fast approval time. |
When Alex and Jamie’s dream of building their home was threatened by a stalled loan application, they feared losing their deposit and the land. Facing mounting penalty fees due to a delayed settlement on their land purchase, the couple was desperate for a solution. Fortunately, Home Loan Experts Senior Mortgage Broker Preeti Kowshik stepped in and secured their loan approval within 24 hours of submitting the application.
The Initial Setback
In May 2024, Alex and Jamie, a married couple holding permanent resident visas (subclass 155), signed a contract to purchase vacant land in the Northern Tablelands of NSW. With a combined salary of $307,575 and additional rental income from two investment properties, they felt confident in their financial standing. Shortly after signing the contract, they applied for a loan.
The approval process faced unexpected delays, however, and stalled for four weeks. The bank’s bureaucracy and stringent requirements for land-only loans contributed to the hold-up. As the settlement date passed, Alex and Jamie were at risk of incurring penalty fees – a stressful situation they hadn’t anticipated.
Feeling the pressure and unsure of what to do next, they sought advice from friends who recommended reaching out to mortgage broker Preeti Kowshik, known for her expertise in handling complex and urgent property transactions.
On Thursday, June 27, Alex and Jamie contacted Preeti.
Reaching Out for Help
During their initial consultation, Preeti listened attentively as they detailed their urgent situation. They emphasised their immediate need to obtain loan approval to avoid incurring penalty fees due to the delayed settlement. Their primary objectives were clear: find a lender willing to approve a land-only purchase application, secure a competitive interest rate to minimise costs, and opt for principal-and-interest repayments to pay off the mortgage sooner and build equity faster.
Understanding their predicament, Preeti carefully reviewed their financial standing and found they had clear credit files, perfect repayment histories, a healthy debt-to-income ratio, and excellent income streams from work and rental properties.
She was confident she could find a solution.
Swift Action Leads to Approval
By Friday, June 28, Preeti had prepared strategic loan recommendations for the couple to consider. Alex and Jamie reviewed the options over the weekend and finalised their choice of loan product on Monday, July 1.
On Tuesday, July 2, Preeti submitted a new loan application and quickly escalated it to the lender’s Business Development Manager to speed up the process. Using her industry experience and strong relationship with the BDM, Preeti made sure the application was prioritised for fast approval.
Remarkably, by Wednesday, July 3, Alex and Jamie had received unconditional formal approval – less than 24 hours after submission of the application. This not only secured their land purchase but also spared them from potential penalty fees due to the delayed settlement.
Achieving Their Goals
Alex and Jamie were overjoyed. Preeti’s expertise and quick action turned a potentially costly setback into a smooth resolution, allowing them to move forward with their plans. Preeti also found a lender that met all of Alex and Jamie’s requirements. The lender offered financing up to 90% Loan-to-Value Ratio (including Lenders Mortgage Insurance), specifically for vacant land intended for investment purposes.
Moreover, the lender’s Professional Package provided highly competitive interest rates based on the loan amount, which fit well with Alex and Jamie’s goal of lowering their interest costs. The lender was also known for its fast approval times, efficiently meeting clients’ urgent needs – a perfect match, given the tight timeframe.
Alex and Jamie’s loan structure:
LVR and Term: 90% LVR over a 30-year term.
Interest Rate: 7.09%.
Features: An offset account, interest-only repayments, extra repayments allowed.
Get Expert Help!
Facing unexpected hurdles with your property plans? Don’t let delays or setbacks stand in your way. Just like Alex and Jamie, you can overcome challenges with the right support.
Call us on 1300 889 743 or enquire online – it’s free, and we’ll help you find the right solution.