| Homeloans has had amazing results since launching the Accelerate loan earlier this year. We thought we’d share with you some of our successes… Case Study 1 – $230K Default… no problem
• Self-employed borrower for the past 11 years
• Gross income of $600,000, 12 months account trading statement
• Default amount of approx. $230,000 in 2009, but paid outstanding amounts within 3 months of original default date
• Borrower seeking to purchase owner-occupied property
• Approved on Homeloans Accelerate Lo Doc 80, LVR 80%, for loan amount of $880,000 (including a risk fee of 2%) Case Study 2 – a pleasant surprise!
• One applicant had a default, so broker presumed Homeloans Accelerate was the best option and submitted an application to Homeloans
• Homeloans BDM suggested we try the Prosmart, provided we could obtain LMI, which we were able to
• Approved on Homeloans Prosmart at a 95% LVR at 6.79%, with only the one credit enquiry added to the clients VEDA reports Case Study 3 – low valuation, bad history and a mountain of debt
• Loan was originally to be $442,000 (including capitalised Risk Fee of $6,925.00) against a security value of $600,000. (LVR 74%)
• Valuation came in at $505,000, so loan was restructured to an amount of $435,000 (LVR 85%)
• Borrower had two existing home loans ($368,000), two personal loans totaling $21,000 and five credit cards totaling $46,000
• Borrowers with poor credit history including a 2010 default, 14 credit enquiries, multiple personal loan late repayments, and multiple credit card limit breaches
• Conditionally approved on 24 November 2011, formal approval pending So be sure to think of Homeloans, whether for the Accelerate product, or one of our other products – The Homeloans Ultra, MoniPower or ProSmart. |