Introduced to us by existing clients, Steve helped these clients with a two-stage process. Having recently purchased land with a mortgage that required mortgage insurance, Steve then assisted them to consolidate some unsecured loans and purchase a large new family car. The clients sought expert assistance as they plan to build on the land in 2023, so in time will also need a construction loan.
Planning ahead – a strategy for equity and future security
Whilst cash flow was not an issue for the loans, Steve worked with them to streamline their repayment processes and set the car and consolidation loan up in a manner that preserves the equity in the land to be available for the construction loan when the time comes. Having processed the land loan for his clients, Steve was aware of the equity situation so could plan ahead to support their future plans.
The Results
Steve was able to consolidate three loans as well as funding the essential new vehicle purchase. The loan chosen is staged over seven years, minimising impact to cash flow but allowing them to make additional payments during the course of the loan without penalty.
Steve’s strategy was to take advantage of the client’s strong cash flow while not using the minimal available equity in the land, as this would be required for the construction phase. The clients have had a great experience to date with Venro, they enjoyed the open communication and are now working with Steve to prepare a forecast savings model for the construction phase and subsequent loan.
“We cannot speak highly enough about our experience with the team at Venro. From our first contact with them, Steve and Claire have been there every step of the way through our loan application, up until settlement and beyond. They answered every question we had promptly and kept us informed at every point of the process, ensuring it was stress free and thoroughly explained. Highly recommend!”
James and Melissa McKellar