A $600K equity release. Four days to settlement.
A NSW farming couple had all but paid off their owner-occupier loan and wanted the equity back. We arranged a $600,000 release with their major bank on a 30-year term. From the application going in to settled: four days.
The challenge.
The referral came through one of our broker partners. Their clients are a couple on a farm in regional NSW, both in PAYG work, with one of them also running a small farming operation of his own on the side. Between them they'd done something most borrowers never get to: cleared the owner-occupier loan on the property in eleven years. Now they wanted the equity back out. Not a modest top-up either. They wanted to draw as much as the bank would allow, structured so the repayments still left room to keep working the land. A file that clean is a pleasure to write. The only real questions were how much, and how fast.
How we structured it.
We took it back to their existing major bank as an internal refinance and equity release, which kept the valuation and the servicing history inside a file the bank already knew. $600,000 released against the property, on a 30-year term with the first five years interest-only. The clients did the part that made it move. Wanting to pull the maximum out, they cleared roughly another $180,000 off the balance inside a single month before the release went in, so the numbers the bank assessed were the numbers they wanted. Strong credit on both sides, a property held all but outright, and a lender looking at its own customer. There was little left for credit to argue with.
The outcome.
The application went in on the 10th and it settled on the 14th. Four days. $600,000 back in their hands, on terms built around a working farm rather than against it. Discipline on the borrowers' side, a file structured to answer every question before credit asked it, and a bank assessing a customer it already trusted. That's what four days looks like.
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