North Auckland rural first home buyers

 

Loan amount:

$300,000

 

Structure:

Two years interest only paid monthly

 

The challenge

The clients were looking to purchase their first home situated on a 10ha plus lifestyle block which generated additional “farm” income over and above regular off farm income.

 

The clients had signed a lengthy “lease to buy” purchase agreement with the deal further complicated by a portion of the off farm income being generated overseas and having added value to the property over a number of years the current valuation was considerably more than the agreed purchase price. Local residential brokers had been unable to find a funder as the combined deal circumstances where to far out of the “tick the box” criteria of any mainstream Bank despite considerable client equity.

 

The solution

Global, was able to raise a first mortgage of approx 75% lvr against the higher valuation figure and combined with the clients accumulated savings and their KiwiSaver contribution they were able to secure their first home after some thirty years of renting.