A Big Deal: Damian Brosque

On helping a single mother in a desperate situation.

A Big Deal: Damian Brosque



On helping a single mother in a desperate situation. 

We met this client, a single mum working as an aged carer for the NSW Department of Health, through one of our effective online marketing campaigns. She had been sold an investment property in Melbourne by an unnamed financial firm. The firm promised it would locate the property for her and also look after the finance. Unfortunately, upon finding the property and taking her deposit, the company informed her that it could not obtain finance as its preferred funder had declined her application. She would therefore need to acquire it herself or lose her deposit. As you can imagine, she was distraught and stressed and was looking for other resources. Luckily, she came across one of our marketing campaigns at the right time and the right place. We called her and began our initial pre-questionnaire/screening process to ensure we could help her. Upon realising we could help, we scheduled an appointment to go to her home to talk her through her options.

One of the biggest challenges we had with this client was that her loan needed to not only be approved but to settle in three weeks. Time was not on our side.

Location: Padstow, NSW

Upon delving into the client’s complete financial position, my business partner Adam Moffat and I discovered that we had a client who was screaming for help and felt helpless. She wanted to begin her property investment journey, but she did not want to lose her deposit.

In our opinion, the client was a great applicant for only a few specific funders. She had a healthy amount of superannuation, minimal debt outside of her owner-occupied debt, and a decent credit score. The issue was that her income was inconsistent over the most recent years.

We informed her that it was more than likely not going to be a major bank that would facilitate her circumstances due to income and policy.

We went with a specialty funder in Resimac. We found that we were able to shave 0.45% off the client’s current interest rate on her owner-occupied residence, which would free up some cash flow to either pay down her owner-occupied debt sooner or aid in providing a more comfortable lifestyle. We were also able to acquire the funds required to complete the client’s investment property transaction. We retained her existing owner-occupied loan term and repayment type as it was, except for refinancing at a better rate. We performed a minor top-up to ensure that both properties remained standalone, and she had full funds to complete on settlement.

Along the way, we did request an extension of three days as a safety blanket. Luckily for us, we were able to get the necessary funds together for both the refinance and the top-up, and also the full funds for her investment property by the agreed settlement date.

"This scenario is exactly why I began mortgage broking: ... to share the knowledge and experience I have acquired over the years, to put clients in a better position"

Since settlement three months ago, this particular client has provided us with four referrals from her immediate network, all of whom have engaged our services, and who we have been able to put in a better financial position.

This is a prime example of what is happening in today’s market with the constant influx of developments going on in Sydney, Melbourne and Brisbane. Most people in Sydney are equity-rich, but servicing is the issue.

It is imperative that clients engage in a pre-approval from a nominated funder prior to even looking at a property. Give your client the ammunition to purchase by ensuring the funder will provide the funds required.

This scenario is exactly why I began mortgage broking: to be able to share the knowledge and experience I have acquired over the years, to put clients in a better position today and for the future.

Damian Brosque

Director, You Finances

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