Loan scenario of the week: Can you help?

This broker needs to settle a loan for a self-employed couple with limited documents and an absent accountant. Can you offer any advice?

Today a Melbourne-based couple are looking for a loan with an LVR of 80% for an owner-occupied home.
 

• The loan value is $416,000 for a first home valued at $520,000 in metro Victoria.
• The applicants are a husband and wife, both 39 years old, and one dependent.
• Their income to declare is at 50%-60% of total deposits, as in business bank statements (approximately $80k - $95k).
• Their total deposits over the last 12 months add up to approximately $160,000.
• The accountant has gone on holidays and approval is needed by next Monday, so there will be no accountant letter available for this application.
• Other liabilities include a credit card with a limit of $1,000.

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