Applicants were looking to refinance their existing mortgage of $460,000 secured against their owner-occupied residential property valued at $750,000. They also needed to repay a tax debt of $80,000, additionally they required cash out of $60,000 for small home renovations and a family holiday.
Solution: Loan was approved using our residential full doc product at 80% LVR under our CLEAR risk grade with the existing mortgage, tax liability and all defaults being paid as part of settlement proceeds, with the balance deposited to the borrower’s bank account for their renovations and family holiday
