Case study: Finance despite a bad credit rating
Published by MFAA
Sometimes an individual is left with a bad credit rating after the breakdown of a relationship, and can be rejected by lenders because of it. But that need not be the end of the story.
Following her separation from her husband, Natalie was left with a bad credit rating and had just about given up hope of ever being approved for a home loan.
She spent months trying to get approval for a loan by going directly to lenders. When she was about to give up on purchasing the property she wanted, she spoke with her real estate agent who referred her to her local MFAA Accredited Finance Broker.
Although Natalie’s financial history didn’t look great on paper, she was actually pretty solid and had a couple of different part-time jobs – it was everything that was going on around her that was a mess.
The finance broker, knowing which lender to apply to and what evidence was needed to show that Natalie’s bad credit rating wasn’t necessarily her fault, was able to negotiate with a lender and get the loan approved.
Naturally, Natalie was over the moon to hear that she had been approved for her home loan. As a result of the adviser’s help she was able to purchase her own home and settlement has now been finalised.
*Names have been changed to protect the client’s privacy.