I can now provide borrowers a way out of the high interest rates they are getting from their current bank after the fixed rates end.
CCR or non-CCR. There are 2 options – and interest savings depend on which method we can use.
Eligibility Criteria for CCR
Customers who are refinancing must be listed on their credit file
Customers current repayment must be greater than or equal to the minimum principal and interest (P&I) repayment for a new home loan
Customers receiving PAYG Income or earning Company wages and have been in their current role for 3 months for full/part time and 6 months for casual
Other acceptable forms of income include rental and share dividend incomes, pension, family payments and superannuation payments
Application must not require LMI so < 80% unless applications that have an LMI waiver (eg. Medico)
Minimum 12 months repayment history on CCR for the loan being refinanced
No delinquency or hardship indicators on any visible accounts for up to 24 months
No payday lender enquiries in the last 12 months
No new home loan products opened in the last 12 months
No more than 3 unsecured products opened within the last 12 months
Maximum cash out of $50,000 (forgot – you can also get cash out)
For more information or to discuss your own borrowing power, reach out for your free, no-obligation chat.
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