Loan scenario of the week: Can you help?

Have you got the know-how to fit even the toughest loans? Try this week's reader scenario.

Have you got the know-how to fit even the toughest loans? Each week MPA brings you one doozy of a loan scenario, posted by our readers, and asks you for the answers.

This week we look at the challenge of finding a lender for a client on maternity leave.

A NSW broker tells of an application for an owner occupied full-doc loan at $850,000, with an LTV of 80%. Seems relatively straight-forward – except that the client won’t be returning to work for another three months.

“As settlement was due to take place in 4 weeks, I needed a lender who was not going to discriminate against the client being on maternity leave as her income was required for servicing,” says the broker.

Lenders that were able to finance the loan would only do so with a letter from the client's employer stating the date of her return to work and salary, as well as evidence that she had sufficient funds to support herself for the time she would be off work.

Have you encountered similar scenarios? How did you solve them? Post your response here.

Need help with your own scenario? Share your tricky loans here.