SPECIALIST+ SCENARIO: CREDIT IMPAIRMENTS
Trying to purchase a home with a recent history of debt and defaults can be incredibly difficult. This Specialist+ scenario shows how we can work through difficult circumstances to find a solution for borrowers who might not fit the traditional lending criteria.
What was the customer’s situation?
The client had lots of debt and defaults due to a separation. The borrower struggled to afford anything alone so decided to combine income with their son and daughter to purchase a home. Given it was their children’s first home purchase, they were able to use their KiwiSaver which meant they had the income and savings needed to make a purchase and clear some debt along the way.
How did Bluestone help?
Bluestone guided the adviser and helped him through the deal, which was more complex than usual. This was due to different types of income and the parents’ previous account history. The adviser kept the borrowers informed every step of the way, from documentation right through to settlement to give them confidence.
We were able to save the borrowers a combined $2,500 per month in various interest and rent in comparison to what they were paying on their home loan.
What product did your customer receive?