Widowed lady who had suffered a bad road accident and was permanently confined to a wheelchair owned a property on a large residential allotment of land near to a regional country centre.
Her home needed to be altered to allow her access and to be able to get around. She had substantial debts to pay for medical and legal fees.
Her only income was the Centrelink disability pension. It seemed her only solution was to sell the home that she loved and a property in which she had substantial equity.
Eastwood Securities provided funding to pay all of her outstanding debts, refinance her existing mortgage loan (in arrears), refurbish her home and fund the costs of obtaining a land division and the issue of a new title for the adjoining block of land.
The loan was subject to the Code but deemed to be suitable as it was a Bridging facility with a clear exit strategy enabling the Borrower to become debt free upon the sale of the new block of land.