This week's reader scenario is a tough one. Do you have the know-how to help out?
Have you got the know-how to fit even the toughest loans? Each week MPA brings you one stumper of a loan scenario, posted by our readers, and asks you for the answers.
This week, two clients are looking to purchase two lots of land on a split contract in Victoria. The clients wish to settle the land and then drawdown for the construction of one townhouse on each lot.
Each lot has a purchase price of $569,000, including land price and construction, and the clients will require a loan of 70-80 per cent LVR.
- Lot 3: Land price = $308,521. Construction price = $260, 479.
The purchaser is a non-resident and derives income from overseas. The client can provide an employer letter and year-to-date payslips.
- Lot 5: Land price = $316,370. Construction price = $252, 622
The purchaser is a resident but derives income from overseas. The client can provide an employer letter and year-to-date payslips.
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