In October, 2009 my Wife and I bought a house at Auction.We had not been planning to buy property at that time however the opportunity was too good to miss, and of course, at Auction we had bought the property on the fall of the hammer.
My Wife is a Mortgage Broker so she set to work finding a lender to refinance a few other properties to provide funds for the stamp duties, deposit and other costs
She had no trouble finding a lender to fund the purchase but we had to be able to show that we had the funds to complete settlement, and getting those cash funds became a real problem.
After two months of endless phone calls she thought that the only lender was a private fund which was going to cost us a lot in setting up costs and the loans would have had a serious interest rate. However, we needed a few hundred thousand in cash out and they looked like the only option
Then, one Sunday, she was reading the SMH on line and at the bottom of the page was a small google ad for Freedom Loans. Something along the lines of ‘Low Doc? Cash Out? No Worries!’.
We had already paid the Engagement Fee to the private fund but my Wife rang Freedom Loans on the Monday and spoke with Wendy, Anthony and Gary. By the end of the day they were confident that they could source funds, and by the end of the week had a confirmation from the lender that they would be able to refinance five properties for us and would allow the required cash out.
We were amazed at the interest rate – a full 2.5% below what we had been prepared to pay the private fund, and with a very reputable lender.
Luckily, we had negotiated a five month settlement at Auction, so even though we had lost two months with fruitless searching, by the time the refinancing was completed we still had just enough time to arrange the funding for the purchase.
We are delighted with our new property and very pleased with our new loans. Quite simply, if we hadn’t come across Freedom Loans our story could have had a much different ending.
It’s one thing to have equity in property, but it is sometimes a lot harder than it should be to access that equity without selling the property.
Freedom Loans made the whole process friendly, simple and straightforward and they have our sincere thanks for a job well done.