Hank Hong, Home Loan Experts
I'm sold on Specialist Lending because...
“there are a lot of people (1 in 4) who don’t fit into the mainstream but who do fit perfectly into specialist lending. It provides another option for those clients and they are really thankful.”
Client Case Study
Home loan Experts used a specialist lending solution to reduce clients' monthly repayments by nearly half.
- My client had suffered a work place injury and was out of work for 12 months.
- He was the family’s main income earner and with a wife and 2 children to support, the family soon amassed $100,000 in debt over 10 credit cards.
- He and his wife managed to keep on top of their home loan repayments but eventually started to experience difficulty making the repayments and ended up behind by 1 month’s payment.
- Their home was worth $700,000, the outstanding loan balance was just under $300,000.
- The client started back at work after the 12 months but was not making a dent into the credit card debt at a 24% interest rate.
- They really needed to refinance to reduce their monthly repayments which consisted of $1,500 in home loan repayments and $2,000 in credit cards but due to the large number of credit cards plus one month arrears, none of the banks would help them.
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Applications are subject to Pepper Money's normal credit assessment criteria and loan suitability criteria. Terms, conditions, fees and charges apply.