Single Mum Saves $300 Monthly With Smart Refinance Solution

Written By Future WP

THE CLIENT:

Amanda is a single parent based in Brisbane working in a clerical role. She owns a townhouse valued at $650,000 with a $300,000 loan and was looking to consolidate smaller debts while securing a better interest rate.

 

THE CHALLENGE:

As a sole parent, Amanda faced tight serviceability when relying solely on her PAYG income. She receives child support and Family Tax Benefit payments, but most lenders refused to count this income because her dependant was 17 years old. This age restriction created a frustrating barrier, as the income was real and ongoing, yet invisible to many lenders' assessment criteria.

 

OUR SOLUTION:

We searched for a lender without age restrictions on dependants and found that ANZ would accept the child support and Family Tax Benefit payments regardless of the child's age. This allowed us to present a complete picture of AH's household income, improving her serviceability position and making the refinance possible. We consolidated her smaller loans into her home loan at a competitive variable rate of 5.85%.

 

THE OUTCOME:

Amanada’s application was approved in just 4 business days and settled 7 days later. She now saves $300 per month compared to her previous arrangements. Her new loan includes an offset account and redraw facility, giving her flexibility and control over her finances moving forward.

 

CLIENT QUOTE:

"We are so thankful to Matt & his Team for making this happen” - Amanda -

 

KEY STATS:

  • $300 monthly savings

  • 4 business days to approval

  • Settlement in 7 days

  • $650,000 property value

  • 5.85% variable rate with ANZ

Future WP