How First in Finance Helped A Client Overcome Credit Issues to Obtain A Home LoanScenario

Our client was an existing client of a non-bank finance provider for several years, due to self-employed lo doc aspects and some previous adverse credit history issues. They had been paying 6.79% (variable) interest on their existing facility which had not been reviewed for some years. The credit related issues were resolved some years ago and when they approach another lender to refinance their existing facility and seek additional funds for renovation they were told that they could not gain approval as there was another credit related issue on their file.

This was a shock to them as they spent several years rectifying the postion and thought they had a clear credit history for the past few years.

They were disappointed and thought they were no chance of obtaining a refinance and funds to renovate their home. They then spoke to a family member who is an existing client of First in Finance who referred them to us to investigate what options they had available to them.

Solution

Firstly, First in Finance undertook a plan to understand the full picture and completed a detailed fact find on the client’s position, credit history, then arranged for the clients credit report to be obtained to identify the current status and issue. Following this process it was found that the so called credit issue was actually already paid and the credit blemish was incorrectly placed on their file by error by the company concerned.

The client was encouraged to obtain supporting evidence of the paid account and recommended they dispute the matter and after some weeks had an apology from the company, the matter was resolved and the credit default was permanently removed.

First in Finance also assessed the Self-employed aspect and security borrowing limits and recommended they place an application forward as they were eligible to apply for a standard home loan package loan.

Outcome

This then enabled the client to lodge an application with a clear credit history and First in Finance was then able to facilitate an application for the refinance and additional funds sourced for their much awaited renovations. The result was a better than expected outcome by the clients as they were placed with a 2nd tier Bank facility and were approved with a discounted packaged loan at 4.79% (Variable) as opposed to the current facility of 6.43% (variable).

The loan is now due to settle and clients are very happy with the outcome.

Further Opportunities

Following the settlement of the home loan deal, The client requested urgent assistance to purchase a piece of machinery for his business operation and within a week the finance, was sourced, application submitted and approved, then documentation prepared.

First in Finance also arranged a meeting to sign the documents, even though the client was interstate, however needed to get the equipment finalised so it could be put to use immediately upon his return back from a job interstate.

First in Finance facilitated a suitable arrangement, for the documents to be arranged for signing and urgent return and then had the matter settled all within a week. The result was the client was able to start putting the machinery to use in the business to generate further cashflow.

What The Clients Says

“When it was initially suggested we work with a broker, my first concern was interest rates. I always worry that brokers have a much higher interest rate.

I was surprised that we got our finance over the line. I am one to stress when it comes to finance and whether it would be approved. I wasn’t too positive. My Dad recommended First In Finance and said “if any one can get you over the line it will be them”. We were ecstatic when we found out we were approved, it was fantastic.

The approval and the paperwork was quite easy. First In Finance were very efficient. From the start they were confident they would get it over the line. They knew what they were doing and had the experience. It was streamlined and quick and easy for us.

We also got a competitive rate, which was pleasantly surprising.

We would recommend First In Finance to others looking for finance and we already have. We’ve also used them again for equipment finance after they helped us with our home loan.” Nicole Crouch

 

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