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Home loan with partner defaults

About Simon

Simon's partner had a credit history that was putting home ownership out of reach.


Simon and Jenn are a young family and frustrated renters. Sick of paying rent to a landlord, the couple wanted to start putting this money into a home they could call their own. They also wanted to get into the property market sooner rather than later.

With the cost of renting and the demands of a young child, saving for a large home deposit was proving to be an excruciatingly slow process. But they got together a five per cent deposit and started looking for finance suitable for a first home.

Unfortunately, Jenn had defaults on her credit history – two small unpaid Telco bills. Jenn's bad credit history meant their applications for finance were graded poorly and a 95 per cent loan-to-value ratio was not available to them. That is until they contacted Rapid Finance.

Age

Mid-thirties

Employment

Stable employment

Past Credit History

Partner's defaults

How we helped

  • Step 1

    We looked at Simon and Jenn’s situation to find a way to make a five per cent deposit possible.

  • Step 2

    We found that without Jenn on the loan application, Simon could achieve a higher grading.

  • Step 3

    Simon could also apply for his state’s First Home Owner Grant for extra assistance.

The outcome

They got their first home!

Simon was able to apply for finance, and the couple purchased their first home.
With our help, Simon and Jenn got their first home. How could we help you?
Apply for finance now

Other People That Rapid Has Helped

Please Note:
These case studies are based on actual outcomes we have achieved for real people. Their names and photographs have been changed.