Can you help out with this week's reader loan scenario? Do you got what it takes?
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.
Today a client in NSW is looking for a loan with an LVR of 76% for a $675,000 property.
This is a refinance loan for an owner occupied property.
The current loan of $555,000 is with ANZ.
The client is seeking to build a detached granny flat, increasing the current loan by $120,000 to $675,000.
The expected rent is $350 per week for the granny flat, which will more than cover the loan increase.
ANZ is advising that credit policy states maximum LVR of 70% for two dwellings on title, can anyone recommend a different lender?
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