Self Employed New Australians
Alex and Shirl are happily married with two older children. They wanted to refinance and consolidate their existing debts and raise additional funds to buy into a franchised business. Alex and Shirl emigrated from Europe a little over 2 years ago.
Since arriving in Australia, Both Alex and Shirl have been successfully self employed. Shirl would run the new fresh chicken retail shop. Shirl and Alex were looking refinance their home to raise a total of $420,000 with $86,000 going towards the new franchise purchase. Over the last 27 months, they have worked very hard and accumulated assets that included their family home and one investment property. Both of these properties were offered as security.
Being in small business and with cash flow being what it is, Both Alex and Shirl had a couple of ‘Black’ Marks against their names. They didn’t even know about these until they applied to refinance their home with their existing bank. They were refused finance on the grounds of bad credit history. This frustrated them enormously as they have done everything with this bank, and even have their business account with them. The bank could see the business account statements and one small cash flow issue a year ago does not mean they are a bad risk today. The bank didn’t agree.
To make it even worse, they had ‘no experience’ in the new line of work and didn’t have 2 years of financials. They thought this was why they would buy a franchise…
Alex and Shirls financial adviser recommended they contact Mortgage Now after he explained to them that Mortgage Now is Australia’s’ Largest Exclusively Non-Conforming Brokerage and this meant that there was a good chance we could help them.
We found them a solution that while the interest rate was a little higher than that of a bank, it was approved. Both properties were refinanced independently offering more flexibility to sell in the future and at a level of 80% of the total property value.
While the scenario above is correct the names have been changed to protect privacy.
To confirm your qualification for a loan, please call Mortgage Now on Toll FREE 1300 667 239 or visit the website at www.mortgagenow.com.au
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