Background
Our client, a mother of three young children, was going through a very difficult separation and was determined to keep her home to provide a safe and stable environment for her children.
To do so, she needed $80,000 to pay out her former partner and refinance existing external debt. Unfortunately, her application was rejected by her bank.
Challenges
The client faced several hurdles as a result of her difficult separation. She had some past late mortgage repayments and a few minor arrears. To manage during that period, she also took on additional debt at relatively high interest rates.
Mitigants
Working closely with her adviser, we thoroughly assessed the client’s financial position and could see how we could help her get out of the desperate situation.
- She’s cleared all her past late mortgage repayments and arrears.
- She has a relatively good customer profile and an acceptable credit score.
- A positive UMI position
- Low LVR at 43%
- A hard-working mother who’s doing her best to provide a safe and stable environment for her children
Solution
After carefully assessing the client’s situation, we were able to say “yes” to her application, providing a 30-year Near Prime First Mortgage that gave her the stability she needed to move forward and secure the family home for her and her children.
LOAN AMOUNT
$176,000 (Refinance & Debt Consolidation)
INTEREST RATE
6.90% p.a.
LVR
85%
TERM
30-year Near Prime First Mortgage
CONDITIONS
Consolidation of existing external debt
CASE STUDIES - PROPERTY LENDING
“Avanti was founded on the premise that everyone deserves a chance to access credit, if they make the effort to stay the course.
We work hard to move lending forward. Next time the bank says no, reach out to your local Avanti BDM.”
Richard Speir
Business Development Manager, Auckland Central & East, Bay of Plenty