CASE STUDY: NMC helps this couple secure an investment property by solving their credit default problem

Couple worrying about finances

A couple wanted to buy an investment property to grow their wealth. But when it came time to arrange finance, they discovered a big problem – an issue with their credit history meant their chances of qualifying for a competitive loan, or even any loan, was in serious doubt.

In this situation, the worst thing a borrower can do is submit a loan application and hope for the best, because rejection will damage your credit rating. Applying to lots of lenders is even worse because multiple applications and rejections will harm your credit score even more.

Thankfully, the couple contacted NMC Finance – we have the experience and technical knowledge to solve this kind of problem. Our solution was to approach the couple’s lender and present a fact-based case for why the default ought to be removed. The lender agreed – and removed the default.

That immediately gave the couple more options: they could now get a loan from any lender, rather than the few who deal with borrowers with chequered credit histories.

As a result, NMC Finance was able to get the couple a standard loan with a mainstream lender, which meant they:

  • Received an interest rate at least 1 percentage point lower than would’ve been available otherwise
  • Saved about $4,500 per year in annual repayments

Why was NMC Finance able to solve the couple’s finance problem? Because we:

  • Took the time to understand the couple’s unique situation
  • Decided to proactively engage with their lender
  • Understood the internal processes used by their lender
  • Possessed an in-depth knowledge of credit management regulations

Got a tricky finance situation? Then discuss your options with NMC Finance. We’re not just finance brokers – we’re problem solvers. Contact Nathan Coad on 0498 766 639 or nathan.coad@nmcfinance.com.au.

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