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Non-Standard Success Stories: Consolidating Unsecured Debts and Refinancing to Facilitate Cash Out

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How we helped a home-owner consolidate debt and fund a much-needed home makeover

Customer Scenario

This owner-occupier was looking to refinance their property, consolidate unsecured debts and release $150,000 for cosmetic work to the property.

Workshopping the solution  

The customer’s mortgage was up-to-date with no arrears. However, they had a few unsecured facilities with some arrears that they could not clear up before settlement. 

Outcome

We considered the customer’s situation and recommended applying for our Specialist Full Doc product. We approved the loan with a risk fee. The customer was able to fund the renovation they envisioned. After 12 months of on-time repayments, the customer may be eligible for our Path to Prime program to lower their interest rate. 

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