This broker's client want to renovate a property they're set to inherit. Can they get the finance?
This broker's client want to renovate a property they're set to inherit. Can they get the finance?
Here are the details:
Here are the details:
- The client and his family have lived in his parents' home for the last 15 years.
- The property is in the names of the parents: the client and his family look after the father at home, while the mother is now in nursing care.
- The client wants to do some work on the property, including upgrading 1970's appliances. The father has agreed to this as he will also benefit from the home improvements.
- The home will be left to the client in the father's will.
- LVR will be smaller than 40%, and the facility will be around $350,000.
- The client could easily service the loan based on his income and commitments, but the property is in the parents' names.
- They have investigated the possibility of transferring title, but that would trigger stamp duty and would have pension implications, so prefer not to do this.
