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Steve – self-employed

Donna and Ian – SMSF
Steve - self-employed


Self employed

Steve is a self employed plumber in the Bayside area who we met at an investor presentation that was focussed on building a property investment portfolio. We spoke at one of the breakout sessions and I asked him where he was at in his programme and he mentioned that he had really only come along to get some ideas and he wasnt confident that he could use debt to build his strategy given the fact that he was self employed and therefore viewed as less reliable than PAYG earners.

I suggested to him that he should get his financial accounts (end of year statements/tax returns and BAS summaries) and come to the office to discuss opportunities.

Our proposal

We talked initially about his strategy which was to buy an investment property using the equity he had in his house. He was very confident that he could service the loan from his earnings but was struggling to make the numbers show that in his application. We walked through his accounts and added back a number of charges (motor vehicle and depreciation especially) to more accurately reflect his annual earnings and also arranged to roll over a small business loan into the new facility (and thus further reduce his estimated overheads by the amount of the interest the business had been paying)

The result

The net result of this detailed review with the lender was that Steve was able to establish a line of credit and then purchase a bayside property (with an LVR of 80% thus avoiding Mortgage insurance) that he has subseqently been renting out. As his business grows, he plans to diversify his asset base further into property over time.

Andrew Mirams

Andrew Mirams

Andrew Mirams is the Managing Director of Intuitive Finance and is a highly qualified mortgage advisor who holds dual diplomas in Financial Planning (Financial Services) and Banking and Finance (Mortgage Broking). Andrew’s expertise covers all aspects of lending for a diverse range of applications – from first home buyer loans or property upgrader loans, property investor loans, expatriates and loans for self-employed. With almost 30 years of experience, Andrew has been acknowledged by the mortgage industry as one of its best performers with multiple awards including regularly featuring in both the top 100 mortgage brokers list and Top 50 Elite business writers. Andrew was voted Victoria's favourite Mortgage Broker at the 2015 Investors Choice Awards, and won again for the same category at the 2017 Better Business Awards. The team at Intuitive Finance has also figured prominently by winning the 2016 "Best Independent Office (<5 brokers)" and "Best customer Service" Awards, and more recently at the 2017 MFAA National Awards, they also took out the "Best Customer Service" Award, a recognition which speaks for itself! Visit Intuitive Finance for more information.
Andrew Mirams