Loan Case Study – Michelle

Meet Michelle


  • Age – 43
  • Occupation – Council Worker earning $65K pa.
  • Assets – House valued at $1m & Super of $90K
  • Liabilities – $362K
  • Credit History – $1,500 financial default listed 2010 (paid)
  • Dependents –  3 children, ages 10, 14, 6


Michelle has recently divorced and is looking to refinance her mortgage to payout her ex-husband $200K and keep the family home. Total loan: $562K. Her existing lender will not accept her Child Support and Government Assistance Payments as income  Without this income, Michelle cannot afford the new repayments and she is now worried she will have to sell the family home.


Michelle will qualify for a bad credit loan which accepts 100% of Family Payments as income (regardless of age of children). Michelle would also need to provide 3 months bank statements or a letter from the child support agency outlining the agreement. Did you know we can also consider income from the following sources;

  • 100% Rental Income
  • Disability and other Centrelink payments (except New Start)
  • Inheritance and Trust Beneficiaries
  • Fully Maintained Company Car
  • Commission and Bonus payments (of a consistent nature)