The clients were a couple who had previously operated a company that had entered liquidation. To meet the costs of the liquidation process, they had taken out a caveat loan secured against their owner-occupied property.
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.
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.
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.
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.
Following the impact of COVID-19 on their building business, a client experienced significant financial pressure that placed both the company and their personal position under severe strain.