Sometimes clients come to Loansmart with one urgent need but once we take a closer look, we uncover a much bigger issue sitting underneath. And when that happens, we don’t just focus on the loan request. We focus on the solution that will actually get them back on track.
This month’s Loan of the Month goes to Mark, who came to us needing a new vehicle, but was also quietly carrying a serious amount of mortgage stress.
The Need
Mark reached out, needing urgent funds to purchase a new vehicle. On the surface, it was a straightforward request. He simply needed funding for a vehicle and was hoping for a quick approval so he could move forward.
But as we began reviewing his application more closely, we realised there was more to the story.
The Challenge
As we assessed his situation, we discovered Mark was approximately $70,000 in mortgage arrears.
Normally, arrears of this size would result in an upfront decline from most lenders. However, instead of stopping there, we asked more questions and took the time to understand how he had ended up in this position.
Mark explained that he had been made redundant twice within the past year, which had made it incredibly difficult to keep up with repayments. He also shared that he intended to sell his house at the end of the year, meaning there was a clear plan in place; he just needed support to bridge the gap.
The Solution
With the full story documented and a clear exit strategy in place, we were able to secure an approval that addressed far more than just the vehicle purchase.
The loan was structured to:
- Pay off the full mortgage arrears
- Clear an unpaid default
- Pay out his credit card
- Provide cash so Mark could purchase a reliable new vehicle
Because affordability was tight, the loan was approved with interest-only repayments for one year, keeping payments manageable in the short term. The intention is to repay the loan in full once the property is sold later in the year.
Mark was extremely happy with the outcome. What started as a request for a vehicle turned into a complete financial reset, clearing arrears, tidying up debts, and giving him a clear path forward.
Feeling stuck or unsure where to turn?
Talk to the Loansmart team today for a free, no-obligation consultation. We’ll take the time to understand your situation and explore the smartest way forward, even if it’s not obvious at first.
