Meet Joanne and Geoff...
Joanne and Geoff were self-employed for a little over 12 months and were looking to refinance their home loan.
Just over a year ago Joanne & Geoff opened their own bakery after Joanne had spent the previous 5 years working in her family’s bakery business. Being relatively conservative, they set their business with very limited staff levels to minimise costs.
Business has been strong and they have developed an excellent local presence in the community. They are now looking to expand their operations and need a larger oven and additional staff with an apprentice to be hired.
Joanne and Geoff went to the bank and were declined the refinance because the bank required a minimum two years of business operation before they could consider their application.
We were able to secure a loan based on Joanne & Geoff having an ABN just for 12 months. Their clean credit history and strong cash flow assisted in getting Joanne and Geoff a competitive interest rate comparable with the big banks.
Meet Grant and Trish...
Grant & Trish are self-employed. Grant is a plumber and Trish does the bookkeeping. They went through a period where the business suffered and turnover was well down. Grant had relied too heavily on contracts from just two builders, who due to worsening economic conditions had ceased trading. To cover costs and day to day business expenses they resorted to using their personal credit cards which quickly rose to the limits available.
Thankfully the business recovered with Grant expanding his client base. However they were finding it difficult to cover the high monthly costs of servicing their home loan as well as their credit cards.
We were able to show Grant & Trish the true cost of their current finance structure and what the benefit would be in saved interest and greater cash flow by consolidating all facilities into one loan with one easy repayment.
Unlike traditional lenders, Fundsnational do not penalise the client for the number of credit enquiries, unsecured debts that are over limits or the number of debts being consolidated. Where the applicant has shown a genuine attempt to meet their mortgage and can clearly demonstrate an ability to meet their new monthly commitment then Fundsnational can assist.
James is an experienced school teacher who needs to refinance after a divorce.
When James was finalising his divorce he did not pay any outstanding debts until the arrangement was finalised with his ex-wife. Unfortunately, because the bills in joint ownership weren’t paid he now had 9 defaults listed on his credit file. Of these 9 defaults, 4 were for less than $500, 6 were each over $3,000 and all were unpaid.
As part of the settlement James will retain the house in his name. He had maintained the repayments on the mortgage and now wants to refinance to pay out the defaults and finalise the settlement with his ex-wife.
When James went to the bank for finance it was declined due to the defaults listed on his credit file.
We were able to refinance James’ property and pay off all the defaults listed. With his strong employment history and repayments on his mortgage we were able to clearly demonstrate affordability and the benefit of refinancing.
We see many people who receive overtime income, work on a casual basis or who receive other benefits. While their full income is not recognised by the major banks, at Fundsnational we do.
Below is an overview of unusual income sources we are able to include when assessing your situation, if your circumstances are different don’t hesitate to call and find out how we can assist:
- Salary & wages bonuses & commission
- Shift allowance on second job
- Rental Income
- Investment income (interest, dividends)
- Car allowance
- Fully maintained company vehicle
- Child support/ maintenance
- Family support payments
- Centrelink pensions
- Housing allowance
Meet Jane & Colin...
They run a successful printing business. They have built the business up over the years to quite a large size. Colin runs the printing operation while Jane runs the office and administration. Unfortunately Jane had a serious illness and the paperwork got out of control with no BAS or income tax returns being lodged for 2 years.
They recently received a letter from the tax office requesting all late BAS and income tax returns be lodged. They went to their accountant who was engaged to complete the outstanding returns, and were advised that a sizeable ATO debt was also due. They had not acted on previous advice and set aside any money for the tax liability.
We were able to refinance their property and consolidate their mortgage and tax debt into one loan. After review of the business and financials by the Accountant, it was clear the business was operating profitably and they could demonstrate sufficient income to cover their new loan repayments.
Andrea started a new job working as an Accounts and Administration Officer and was on probation. She was told by the bank that she would have to wait until she had completed the probation period and was employed for a minimum of 6 months before she could apply for a loan.
We were able to secure Andrea a home loan without delay at a competitive interest rate. At Fundsnational we use an individual approach and tailor a solution that takes into account your own unique circumstances.
We also help casual workers, contractors, agency workers and others.