A client recently came to us facing late payment issues on his home loan. Adding insult to injury, he was unaware that his interest only term had expired with his previous lender. Because the direct debit figure didn’t change, he ended up in arrears with the bank.
We were able to refinance the client with a specialist lender who would accept arrears (many won’t) and who still offered an attractive rate (approximately 3% lower than what he would have achieved with most other options available).
In a great outcome for the client, we also consolidated credit card and car loans, creating a $750 per month saving versus his previous cash flow situation, meaning he had $750 more cash in his pocket every month.