Loan Case Study Simon

Profile

  • Age – 39
  • Occupation – Painter (ABN registered for 36 months earning $110K last year)
  • Assets – Apartment $700K. Deposit for Investment Property $100K
  • Liabilities – Mortgage $300K. Credit Cards $50K
  • Credit History – Clear

Background

Simons business has grown steadily over the last 18 months and he is now looking for a solution that will enable him to consolidate his credit cards into his mortgage and and use the equity in his current property to purchase an investment property.

Solution

Simon can utilise the Low Doc 70 loan, which is ideal for his situation as there is no risk fees and a very low interest rate. Simon will have to complete a declaration of financial position plus provide any two of the following documents to qualify;

  • Last 6 months BAS
  • Last 6 months business bank statements
  • Accountants letter (template provided)

Testimonials

“I am very busy property investor who has a somewhat complex financial structure which makes proofing my income quite difficult. Redrocks innovative products and straight to the point approach left no doubt in my mind they would understand and be able to help me out with my unusual needs. After 6 months of dealing with […]

Michael W, NSW