Sometimes getting financing can make life difficult. If you know someone who needs a hand in this area, we can help you help them.
The following case studies outline the value of getting together and helping each other out. Everybody wins.
Ben is a 32 year old PAYG carpenter who would like to pay out legal fees accrued during a messy divorce from his ex-wife as well as consolidate a number of unsecured debts.
Ben divorced from his ex-wife 18mths ago and was left with all debts to pay out and manage including the legal fees accrued during the court battle.
Ben’s mortgage with CBA is up to date but consistently late each month. The limit on his credit cards are over the limit during the month before being brought back below the limit prior to end of month.
Ben’s requirement and objective was to pay out the legal fee accrued from the divorce with his ex-wife. Due to the mis-management of the mortgage, credit card and personal loan facilities as well as the default listing on Ben’s credit file (Equifax), our solution was to place Ben with one of our non-conforming lenders.
Ian and Mel are looking to purchase an investment property, at the same time, selling an existing investment property as they try to capitalise on the current property market.
Ian is 31 years of age, PAYG primary teacher while Mel is a 32 year old self-employed painter. They have a 2 year old dependant.
While in the process of selling one of their existing investment properties, Ian and Mel put down a deposit to purchase another investment property.
Unfortunately, during assessment of the new investment mortgage with ANZ, a default listing appeared on Ian’s credit file. Because of this, Ian and Mel are now having difficulty finding a lender who will fund the purchase of their investment property which means they may lose the deposit already paid.
Connected Loans have over 25 lenders on the panel, five of which specialise in situations like this. We will identify whether someone is credit impaired during initial assessment and will act swiftly, finding a lender to ensure Ian and Mel do not lose the deposit they have already paid.
Henry is a 35 year old self-employed architect, looking to refinance his home to access equity and release cash to complete non-structural renovations, converting his indoor balcony into a home office.
Henry has been self-employed for quite some time, managing his own paperwork until recently when he realised his paperwork was getting too much.
Henry then reached out to his old accountant who has since prepared his tax returns which are now ready for lodgement.
Unfortunately, while preparing the returns, Henry’s accountant has identified an ATO debt of $32k accrued over the last few years.
Henry is now looking to pay out his outstanding ATO debt of $32k, as well as accessing the equity in his home so he can complete non-structural renovations at home which is approximately $45k.
Connected Loans is accredited with a number of non-bank lenders and where paying out ATO debts is a norm. Not only will Henry be able to access equity in his home to pay out the ATO debt, he will also be able to access funds to pay for his non-structural home renovations.
Nancy is a self-employed wedding dress maker, looking to bring her mortgage facility back up to date, as well as accessing cash from equity to replace a vehicle that was recently stolen.
Nancy is 36 years of age, single parent with one dependant.
Nancy is a single parent with one dependant, self-employed wedding dress maker.
Nancy measures her clients in the convenience of their own home, a service that is unique in her industry.
Unfortunately, during the busiest period of the year, Nancy’s car was stolen which meant Nancy was unable to service her clients by driving to their home and the business suffered. The mortgage repayment was not made for two months and is now currently in arrears.
Nancy would like to bring her mortgage back up to date and access equity in her home to assist with a purchase of a second hand vehicle but unfortunately, no lender is willing to assist due to level of arrears and recent listing on Nancy’s credit file.
Connected Loans have a number of private lenders on the panel who will place a second mortgage on the security, providing Nancy with funds to bring the mortgage facility back up to date as well as access to cash to purchase a second hand vehicle to allow Nancy to bring her services to her clients.
Facilities with private lenders generally have terms ie six, 12 or 18 months. After this period, the facility can be refinanced with a non-bank lender who consider credit files with telco defaults.
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