Today’s story is about how we helped a young couple turn $19,000 into $120,000 in just 6 months.
Last month Mr and Mrs Smith (as we shall call them) finished the construction of their very first home that we helped organise finance for.
With a deposit of only $19,000, and the first home owners grant of $20,000, they were able to buy land and build a house for a total of $500,000.
We sat down with Mr and Mrs Smith last week to catch-up and discuss extending the loan to pay for a deck.
The Hannans mortgage team organised a revaluation on the property and found that the market value had increased to over $600,000. This was a total increase in value of $100,000 in less than 6 months!
This meant that not only did they have enough equity to increase the loan and build a deck, but they no longer had lenders mortgage insurance and could look to get a partial refund for the $11,000 in LMI previously paid.
With an improved loan to value ratio (LVR), we are now reassessing their finance options to see if we can secure a better interest rate.
