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.
We looked at Simon and Jenn’s situation to find a way to make a five per cent deposit possible.
We found that without Jenn on the loan application, Simon could achieve a higher grading.
Simon could also apply for his state’s First Home Owner Grant for extra assistance.
Single mum Amelia needed a new car to meet the demands of her family.Read more
These case studies are based on actual outcomes we have achieved for real people. Their names and photographs have been changed.