By refinancing their mortgage, Judy and Lucas consolidated almost $40k of debt, paid outstanding debts and lowered repayment commitments. They were also able to access $5k for personal use.
Judy was on unpaid maternity leave when disaster struck: her husband, Lucas, was injured and unable to continue working. Unfortunately, Lucas had been working in poor conditions and could not claim WorkCover to cover medical expenses. His hours dropped to part-time, leaving the young family with no reliable income.
With medical expenses to cover on top of a mortgage and two car loans, Lucas and Judy started using a credit card to keep afloat. With debt stacking up and no clear solution in sight, the couple were looking for a way to get back on top of expenses and restart with a clean slate.
Refinancing their home loan seemed like a perfect option. However, with a bad credit history – including $500,000 of defaults and judgements – getting approval from a lender seemed impossible. That’s when they called Rapid Finance.