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Bad Credit… Can you be Refinanced?

There are many reasons why customers fall behind with finances. Changing between employment, illness and marriage separations can place so much stress on individuals that in desperation they will use whatever means possible to stay afloat financially.

Did you know that there are temporary refinancing and consolidation options that can help you stay in your home, even with adverse credit like credit card arrears or defaults, home loan or personal loan arrears.

Below is a real example of customers that I have helped during the last 12 months:

ADVERSE CREDIT AND CREDIT CARDS MAXED OUT.

Applicant 1 is 50 years old and had been made redundant six months earlier. He was working in a casual job 35 hours a week when he came to me, on approximately 45K. Applicant two had steady income for the last 7 years on approximately 60K.

When they came to me they had maxed out three credit cards and all were in arrears, although their home loan was being paid on time. Without the capacity to catch up the arrears, as well as private school fees in arrears, they feared they might have to sell their home.

Short term solution… I was able to refinance them with a specialist lender for 6 months and consolidate existing credit card debt although all three cards were behind in payments. The home loan rate was 2% higher than current introductory offers, but I was still able to save them $300 per month and place them in a better financial position.

Long term solution… After 6 months of good conduct, they will be eligible to apply for a new refinance at a prime rate, placing them in an even far better financial position.

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