Case study #1: Marama*
The Need
Marama wanted to surprise her husband with a holiday to mark their 25th wedding anniversary.
With an idyllic location and beautiful accommodation picked out for the special occasion, she approached her bank for a loan to help pay for the trip out of her income.
Marama and her husband had a joint mortgage with the bank, so expected it would be no trouble for her to take out a loan with them.
Unfortunately, the bank declined Marama’s loan application because they expensed half the mortgage against her income. They assumed – incorrectly – that the mortgage was split equally between Marama and her husband, making the loan unaffordable.
However, if they had looked at the lower portion of the mortgage Marama actually paid, they would have seen that she could have afforded the loan out of her income.
The Challenge
Marama came to Loansmart seeking a resolution to her problem.
Our advisors could see that the bank had not taken a “real world” approach to Marama’s situation, so they connected her with a lender that understood the situation and could apply some common sense to the matter.
The lender could see that she paid less towards the mortgage than her husband, and therefore had more disposable income than the bank had assessed.
The Solution
The lender approved Marama’s loan, meaning she could surprise her husband with an unforgettable holiday to celebrate their anniversary.
Marama’s story is typical of the practical approach Loansmart takes to helping people find easy solutions, without them having to jump through hoops to get there.
By looking outside the box, our advisors go the extra mile to find fair loan options to make sure our customers get the best deal.
*Names changed to protect privacy.
