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 a low doc 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)