Some existing self-employed clients contacted us to review their lending which included a specialist loan and a commercial facility used to house their business. These clients were of the understanding that they would always be considered ‘out of the box’ due to their income type, lack of financials and their chequered past which resulted in paying higher rates and fees. Due to their business’s growth, increase in cash flow, newfound equity in their property, BAS statements and their accountant’s declaration, they were able to refinance both facilities which resulted in loans in the 2% range (with no risk fees), rather than 5% and 6% saving them $1,000’s in repayments per month. With this additional cash flow, the clients have been able to take on a new apprentice which has assisted with their future growth plans. Our customers were obviously over the moon and their faith was restored in the lending environment.
