Case study

Credit impaired

Tom’s plumbing business, No More Leaks, had expanded and he realised he needed more room. He had been building the business up over the past four years employing six people and had six branded panel vans, although great for advertising, were also a nuisance to his neighbours when parked in the street.

The property next door came on the market and he saw an ideal opportunity to purchase the premises to be used as storage for his vehicles. This would also free up some of the space in his existing office and stockroom by moving some of the stock to the new building and open a small showroom for bathroom accessories which he had been considering for some time. Tom had BAS statements to verify his past 12 months’ earnings and the numbers were good. He knew he could afford the repayments but was worried that he would not be able to get a loan as he was discharged from bankruptcy four years ago.

Tom decided that it was such a good opportunity he didn’t want to miss out, so made an appointment with a mortgage broker to see if there was anything that could be done.

He was surprised and extremely pleased to learn that Liberty was able to help him by refinancing his existing loan, releasing equity for the deposit and funding the balance of the new purchase. Liberty settled the loan at 70% overall LVR and Tom was delighted with the outcome.

*This case study is based on the experience of multiple customers. Details have been changed to protect their privacy.