Partners Lending was referred a client looking to purchase a display home as their principal place of residence. The client runs a business and has a complex income structure which required the Partners Lending team to draw on the expertise of the Partners Wealth and Partners Legal teams to advise and find the best solution within a tight timeframe.

This case study is a great example of how the Partners Wealth Group expertise across various areas of specialisation can be utilised to provide a seamless client experience.

How we helped

The client signed the contract of sale in mid-August and a finance date of 9th September and settlement date of 15th September was set.

Based on FY21 financials, Partners Lending assessed the client’s borrowing capacity, and reviewed lenders who accept display home securities. NAB was recommended as most attractive option due to competitive interest rates and fast turnaround times.

The initial loan application was slowed due to a late decision to add the client’s partner to the paperwork, resulting in the loan application being lodged on 1^st September.  This left little time to secure approval and settle on the property by the aforementioned deadlines.

As it became clear that the loan application would not be unconditionally approved by 9th September, the Partners Lending team engaged the Partners Legal Solutions team to liaise with the vendor to extend the finance date and settlement date as instructed by the client.

Thanks to Partners Legal Solutions the finance deadline was extended to 16^th September and the settlement date extended to 22^nd September. The loan was unconditionally approved on 13^th September, meeting the revised finance date and leaving the Partners Lending team four business days to organise settlement and the outstanding funds to complete the purchase. Partners Lending worked in close collaboration with the client’s Partners Wealth Group financial advisor and their associate to sell down shares to help finance the property, and ensured the client was communicated with every step of the way.

As a result, the client settled on their first home within the required timeframe and in a seamless manner that took into consideration their full financial situation.

This information is general in nature and is provided by Partners Wealth Group. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.