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Scenario Hotline Success Story: Debt Consolidation and Cash out.

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How we helped a father and son with debt consolidation and cash out.

Customer Scenario

These father and son customers were looking to refinance their owner-occupied property to consolidate debt, and seeking 20k cash out to purchase a new car. 

Workshopping the solution 

While using the son’s PAYG income would be no issue, his father’s aged pension income would be more difficult to service.

The father’s age also made things a little more complicated. At 74, a standard loan term wouldn’t work in this situation – the maximum term could only be 15 years.

Outcome

Taking the complex nature of the scenario into account, the underwriter advised the broker to submit the application under our Near Prime Full Doc product. They were able to confirm that a 15-year term would be possible and that the exit strategy would fall to the son’s responsibility.

We were able to workshop a solution on the call with the broker and provide a likely ‘yes’ on the call with the broker, along with documentation to submit with the loan – all of which would likely not have been possible with a mainstream lender. 

Call the Scenario Hotline on 13 BLUE for assistance on your loan scenarios.

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