Resi Rescue July: Refinance, Business Debt Consolidation & Cash Out

09th Aug, 2023 | Broker News, Resi Rescue

Overview

Purpose – Business/ Personal
Loan Amount – $450,000
LVR – 60%
Credit History – Clear – Minimal Debt
Product – Essential Prime Full Doc
Income Type – PAYG Income

Steve & Lisa’s Story

Steve and Lisa are Owner Occupiers who needed finance to pay out an existing Business Loan and to purchase a new vehicle for the family. The couple had sold their caravan business three months ago, and are both now PAYG employees within the same industry.

They had difficulty in finding a lender that would allow the refinance of their Owner Occupied home, to pay out their existing business debt.

Why they came to Resi

Prime clients with great credit history, couldn’t find a bank who would look at assisting with payout of business debt under residential lending
Clients recently sold their business (were self employed) and are now PAYG (working in same industry) – they had only a few months of PAYG income verification
Wanted to take cash out to purchase new family vehicle

Resi’s solution

Essentials Prime Full Doc

We were able to verify income using Steve and Lisa’s most recent PAYG payslips (we could show 12 months continuous employment in the same industry)
We refinanced their Owner Occupied residential loan, releasing equity to pay out the Business Loan (equity release permitted for business purpose if the business has ceased trading)
We gave cash out for the purchase of a new family vehicle (stated purpose cash out permitted up to 80%)
Loan approved in 48 hours