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

09th Aug, 2023 | Broker News, Resi Rescue


  • 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

Click here for the full Essentials Prime Product specifications.