PERTH & MANDURAH 08 9367 4222

08 9367 4222

Launch Finance recently assisted a couple, with significant financial discrepancies in their past, successfully get their defaults removed, obtain a clean credit record and access a loan option with significant savings on interest rates, risk fees and hefty application fees. Here’s how:

A couple of clients were recently referred to our business from a local real estate agent.  The clients had attended a weekend auction and bid under the hammer without having their finance in place prior to making the winning bid.  The clients were not aware at that point in time that their winning bid was unconditional and there was no provision for the access of finance.

After consultation with our Launch broker, it became apparent that the clients actually had a couple of credit discrepancies against their name which were going to pose significant issues when trying to access funding from all of the lenders.

The Launch broker immediately referred the clients to a highly regarded firm of solicitors, in order to see if there was any possibility of removing their defaults so they could access finance for the purchase.  The solicitors (who don’t charge any fees without a successful removal of default) got to work and began liaising with the organisations who lodged the defaults 3 years earlier.

In the meantime, the Launch broker researched the options of non-conforming lenders who would actually consider providing finance to someone with two significant dollar amount, unpaid credit defaults.  Only one option presented itself and it was going to be expensive for the clients.  An application was lodged with the non-conforming credit provider and fortunately the application was formally approved after following the due process.

At this point in time the solicitors acting on the client’s behalf, advised the clients that they had managed to remove the major credit defaults and could clear the client’s credit record.  This process was dually followed through, defaults were removed and a clean credit record was now in place.

The Launch broker then advised the client of their options with the main stream lenders, which would have significant savings with interest rates, risk fees and hefty application fees.  A new application was submitted and the application was formally approved.  All of this was within the settlement time frame of the initial offer being accepted under the auctioneer’s hammer.

The clients are now enjoying their time in their new home, resting easy with the knowledge that they no longer have any credit defaults to concern themselves with and also have secured the most competitive interest rates on the market, thanks to Launch Finance.