Many Australians are swapping an overseas holiday for a vacation in their own holiday home. Our finance team is working with many home owners seeking alternative ways to fund their getaway home in Australia’s many idyllic regional areas.
Below is one example of how the JRMBF team has helped our clients.
With 100 percent equity in their existing property, our clients decided it was time to purchase a holiday home not too far away from their where they live, so they could escape on weekends. Beautiful Macleay Island, the fourth largest island in Moreton Bay in the Redlands Shire was ideal. The Island boasts a bowls club, boat club, golf course, beaches for swimming and fishing and barbecue facilities in the foreshore parks, plus spectacular views of the Bay.
After much searching, they found a charming quirky and artistic home on the waterfront. They told us “It has a nice, homely feel when you enter the open plan living area that extends out to the deck and has sweeping views across the Bay and also has boat access”.
Working with Home Loan Specialist, Julie Rashleigh, together they reviewed loan options and chose a lender with good ‘cash out policy’. This meant they didn’t have to use their own funds to provide a 20 percent deposit or pay for lenders mortgage insurance. Our clients were thrilled with this option.
All Lenders will have different policies around ‘cash out’ so it was important to find the right lender for our client. Generally, lenders allow you to borrow money for a variety of purchases or services including wedding, vehicles, house renovations but involve strict limits. Each lender has their own rules and sets their own limits. If a client needs to borrow more money, they will need to prove how the funds will be used, and the purpose must be within the lender’s guidelines.
In our client’s case, once the loan was approved, we had to provide evidence of the contract of sale to satisfy the lender that the funds were used for their intended purpose.
We’re thrilled for our lovely clients who prefer to remain anonymous and wish them all the very best enjoying their own holiday home in Moreton Bay.
If you’re thinking of buying a holiday home, contact our team to help you find the best home loan options for your lifestyle and budget.
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