Speciality Home Loan Savings Case Study

John and Sally purchased their home 5 years ago. They were also paying off a motor vehicle loan, a personal loan for a holiday they took the family on last year and three credit cards. John and Sally were finding it increasingly difficult to manage their money and their repayments. They were months behind on their monthly credit card repayments and both their credit ratings were now impaired.

A snapshot of their loan accounts revealed the following:

Loan AccountBalanceMinimum Monthly Repayment
Home Loan 425,000 2,550
Mortgage Vehicle Loan 16,500 300
Personal Loan 8,500 500
3 Credit Cards 40,000 800
Total $490,000 $4,150

John and Sally's minimum monthly repayments on their loan accounts totalled $4,150 per month

Due to John and Sally's unique financial circumstances they were unlikely to meet or 'conform' to the rules of traditional home loan lenders. Fox Symes provided them with a new home loan.

John and Sally's new home loan for $490,000 allowed them to consolidate all their debts. This resulted in John and Sally now making one repayment per month rather than multiple repayments.

John and Sally's minimum monthly repayment with their new home loan was reduced from $4,150 per month to $2,829 per month thus saving them $1,321 per month.

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