Case Study - The Value of a Finance Broker
Here is a case study on how a specialist lending solution to reduce a clients’ monthly repayments by nearly half and saved them from financial ruin.
Client had suffered a work place injury and was out of work for 14 months.
He was the family’s main income earner and with a wife and 3 children to support, the family soon amassed $62,000 in debt over 7 credit cards. As he was only received 75% of his ordinary time earnings and was not receiving his extra income from shift loadings and overtime.
He and his wife managed to keep on top of their home loan repayments but eventually started to experience difficulty making the repayments and ended up behind by 1 month’s payment.
We approached a specialist lender on the family’s behalf who allow an unlimited number of debts to be consolidated and consider up to 2 month’s mortgage arrears.
Due to having good equity in their home the rate ended up being 6.9%; or in repayment terms $2,469 per month. This brought the family’s finances back into line and they halved their monthly repayments.
The family were delighted with this refinance solution which significantly reduced their financial stress and saved them from losing their home and certain bankruptcy.
After 12 months, we able to refinanced them back to a mainstream home loan of around 4.0% which reduced their repayments further to around $1,789 per month.
Have a similar situation? You should talk to us 1300 861 143