Prawn trawler with deposit!

Hi everyone

I have a lovely fellow, often out at sea trawling for prawns with $20K deposit and a partner together earning $68,ooo pa with no debt and no dependents.

A mortgage broker friend tells me he could get them $450K at 5.99% which seems amazing to me. The potential wrappee obviously hasn’t found this kind of result otherwise he wouldn’t be looking at vendor finance.

I was understood that wraps were at 30% of the wrappees’ income which is a lot less than $450 by my calculation.

I’d appreciate comments about this situation, the amount you’d lend this couple and anything that pops to mind.

Thanks all
Jen