Bethany has recently immigrated to Melbourne as she was presented with a job opportunity that challenges her skills as a radiologist. She already owned a property that had a high interest loan. This was challenging to manage, due to the many costs that come with relocating. Bethany is looking to refinance her loan and eventually increase her borrowing to purchase her dream property. 

Bethany and her husband begin looking for properties in Kellyville and Rouse Hill, as they recognised house prices in that area were increasing rapidly. They looked for many financial planning services and found Provida as the company resonated with their personal goals and outlook on finance. We worked with these clients and held a meeting to assess their issues and major goals.

As we look at appropriate measures to satisfy Bethany’s goal, it is important to look at challenges we may face. Probing further into Bethany’s financial standing, we quickly realised the property is owner occupied, and the mortgage associated charges an unfavourable interest rate. As she does not receive any rental income, there is a stronger financial strain. Bethany also mentioned her current lender had dissolved her offset account without her consent, hence largely damaging her financial standing.  

Bethany is anticipating that she will increase her borrowing to purchase a property within Melbourne. This poses as a difficulty as she is quite new to her job and the new lender is hesitant to accept and verify her income. To add to this, Bethany’s husband is currently casually employed, hence making his income ineligible for consideration. These issues increase the difficulty of obtaining a loan approval. 

These issues needed to be solved as soon as possible since Bethany and her husband have found their ideal property in Kellyville and were eager to secure it. Banks were also starting their shut down period for the Christmas break, hence increasing the urgency of the matter. 

So how did we satisfy our client? 

After thorough analysis of Bethany’s situation, our approach can be broken into three points. 

Strategic Refinancing

 We did our own research and provided the client with detailed loan structuring options, allowing them to choose the option that they resonated with. This allowed us to identify an exceptional lender for their scenario, hence decreasing their interest rate. Furthermore, after contacting Bethany’s previous bank, we managed to resolve issues with her closed offset account. 

Loan Structuring and Exception Handling 

Once Bethany settled on an approach for her situation, we partnered closely with the desired lender to build a loan structure, tailored for Bethany. This personalised structure allowed us to factor in any exceptions and find solutions to overcome her existing income verification issues. 

Fast-Tracked Approval During Holiday Season 

Through having existing relationships with many lenders, Provida Finance was able to ensure there was a smooth processing of Bethany’s requested loan, despite the holiday season.

After successfully refinancing the client’s loan and helping them to secure their new property, Bethany reached out to us with a kind review. 

★★★★★ 

“5-star service! Provida worked hard to refinance and approve my loan despite the holiday season. They were understanding of my time sensitive issue and worked diligently with the lenders even through the last week of Christmas. Very impressed and grateful.” 

                                                                                                      – Bethany