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Broker success story: Self-employed

settlement deadlines

Gaining loan approval with a self-employed income can be difficult at the best of times – especially under tight settlement deadlines.

Read how Bluestone helped the broker’s client complete their investment purchase below.

What was the customer’s situation and how did Bluestone help?

The client wanted to purchase a block of land for investment purposes. They were able to contribute 20% but preferred to borrow above 80% LVR. They had a clear title on their current home and were happy to use it as security, if it meant they could borrow the full amount.

What made this deal unique or challenging?

The client was self-employed and only had his ABN for 15 months, therefore was unable to provide other lenders with the required two years of ABN documentation. They also needed approval within a week and settlement in three weeks to secure the land – meaning turnaround time was extremely important. With the BDM’s help, Bluestone accepted alternate methods of income verification and met both the approval and settlement dates. The client was ecstatic.

What Product did you receive?

Near Prime – variable.

Tell us about your experience working with Bluestone.

Working with Bluestone was a breeze. My BDM was extremely responsive and spent as much time as I needed on the deal so I understood what was required from me. The file was approved within 24 hours of lodgement and the client was able to sign the loan docs electronically – everything was stress free for myself and my client.

I will definitely use Bluestone again.

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