THE STORY
What the broker brought, how the credit analyst read it, and what settled
01 · The challenge
The applicants needed to complete construction of the home they planned to retire in, with the build partly finished. Their income came from three sources an automated servicing calculator could not read together: WorkCover payments, rent from a family member living in a property they owned, and other income streams that standard policy either shades heavily or excludes outright. Each income line alone was insufficient; the calculator could not combine them.
02 · How VMG assessed it
A credit analyst went through the income line by line: confirming the WorkCover payments and their continuity, verifying the family rent arrangement as genuine and ongoing, and assessing the full picture of what the household actually received each month. Human underwriting, with no automated servicing calculator in the way, meant the income was read as it existed rather than as a policy category.
03 · The outcome
A $1.6 million loan to complete the construction of their owner-occupied home. The build was finished, and the applicants kept the retirement plan the half-built house had put at risk.
THE TURNAROUND
The same file, before the refinance and at settlement.
BEFORE VMG
AFTER SETTLEMENT
💡THE VMG COMMON-SENSE ADVANTAGE
HOW IT WAS ASSESSED
Every file is read by a credit analyst, not scored by a system. There is no credit scoring, and no DTI or DSR ratio applied. The product and the terms depend on the individual file, so talk to your BDM about where a similar scenario fits.
Test the scenario with VMG credit before you lodge. VMG lends only through accredited mortgage brokers.
Related
QUESTIONS
All applications are subject to Victorian Mortgage Group’s standard credit assessment and lending criteria. Terms, conditions, costs and charges apply. This article is general information only and does not take into account your objectives, financial situation or needs.
Please allow our team 24-48 hours to review your documents and get in touch. For urgent assistance, call us at 8600 7900.
You can give us a call at 03 8600 7900 to clarify your questions.