Case study
Gifted deposit/Self employed
A self-employed Auto Electrician, Darren, wanted to purchase his first home and had been living with his parents in order to save a decent deposit. Being a first home owner he was entitled to the First Home Owners Grant and his parents were also assisting with gifted funds to complete the remainder of the purchase cost. The obstacle was that Darren had been trading for over 9 years but hadn’t done his tax returns for the last 2, which was the minimum that most of the lenders requested in their applications. Liberty received the application and after viewing his Business Activity Statements and strong bank balances was able to approve a loan of 75% loan to value ratio.
*This case study is based on the experience of multiple customers. Details have been changed to protect their privacy.
