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Broker success story: Specialist Scenario

redundancy

Under our Specialist product, we helped the customers’ refinance their owner occupied property and consolidate two personal loans and two credit cards, all while during a redundancy due to COVID-19.

What was the customer’s situation?

The couple had over a month’s worth of mortgage arrears, late payments on both of their credit cards, as well as a personal loan. The wife was also recently made redundant due to COVID. The couple were paying approximately $3,280 a month in repayments over their five debts and were really struggling financially.

How did we help the customer?

As we weren’t able to use the wife’s income due to redundancy, we worked with the male applicant’s overtime condition as part of his contract and were able to consolidate all of their debts into one month payment, saving the customers $1,180 a month in repayments (over half of what they were previously paying). Under the Specialist product we were also able to waive the risk fee up to 70%.

What product did your customer receive?

Specialist

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