At VMG, they understand that each client’s financial journey is unique and often filled with challenges. Their commitment to delivering personalised financial solutions enables them to support clients even in the most difficult situations. This case study highlights their successful effort in assisting a 73-year-old bus driver to refinance their property and consolidate their debts. Through VMG’s tailored approach and comprehensive understanding of the customer’s financial circumstances, they secured the necessary funding to alleviate the customer’s financial stress. Read on to discover how VMG helped their client regain financial stability and control.
Customer:
73-year-old bus driver
Loan Amount: $70,000
Purpose:
Refinance owner-occupied property and consolidate debts
Scenario:
The applicant was working as a casual bus driver while also receiving a part aged pension. They had been in extended hardship with their existing lender due to illness, which resulted in a loss of casual income. Once they were able to return to work, the lender increased their minimum monthly repayments to cover the arrears, ensuring the loan would finish within the original loan term. The loan amount was $70,000, and the Loan-to-Value Ratio (LVR) was very low. This loan amount afforded the applicant enough funds to refinance and pay off some small debts that were causing stress.
Outcome:
Servicing was demonstrated over 10 years, with the applicant having the option to downsize as an exit position if or when they were no longer earning income as a casual bus driver.
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