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Young couple required refinance to prevent major Bank from taking possession of their home whilst also repaying various personal loan facilities

70% LVR Interest only Bridging Loan on Sydney residence to prevent Major Bank taking possession until refinance with major Bank could be established once the owners had regained full time PAYG employment, wife has returned from parental leave to her teaching position and monitored savings plan instigated.

Borrowers had got themselves into financial troubles through previous self-employed nature of the husband’s income, maternity leave taken by his wife and poor financial control including taking on 7 personal loans for non-critical purposes. The Bank was successful in obtaining a court order to sell their house which was withdrawn once Eastwood Securities had approved finance to take out the Home Loan and other personal loans.

Both borrowers are now employed on PAYG income after the wife resumed work and the husband gained a Manager’s position in a similar industry and sought financial management advice from a specialist councillor.