"No" from your bank doesn't mean it can't be done...

Financial Stress

We recently had a family come to us in need of help. Both parents working multiple jobs, several young children, mounting personal debt and a top 4 bank denying them any rate reduction despite being considerably above the going market rate. They had also gone to another broker who told them there wasn't anything that could be done.

You see many times a bank will know a client is struggling and further they will know the client has little hope of refinancing away to another bank. Their solution - double down on the pain and arrears and make more money from the client. You wouldn't think so especially after the Banking Royal Commission but yes banks aren't in a hurry to help you. Sad but true.

So Sam got to work and surprisingly it wasnt as difficult as you would imagine. It came down to finding the lender that suited THAT client. Not everyone fits inside the box, and rather then trying to squeeze them into the wrong box - we look for a new one. He took them away from their current lender, into a far better rate, consolidated the personal debt and essentially wiped the slate clean and lowered their monthly commitments. To say they were relieved and happy would be an understatement. Financial pressure for any family is a real strain on the whole family unit.

So perhaps you've never dealt with a broker and only ever had those sorts of conversations with your bank directly. One thing we truly believe is that everyone's scenario is worth exploring. So, if you have a situation of financial stress that seems insurmountable please reach out to us and we'd be only too happy to see what can be done....not what cant be done and let's turn that "no" into a "yes"

Andrew Nott