THE STORY
What the broker brought, how the credit analyst read it, and what settled
01 · The challenge
The husband was a discharged bankrupt. The couple’s owner-occupied home loan was in arrears, and after the bankruptcy ended, further ATO debt had accumulated on top of it. On paper, three separate listings, each one a hard stop for an automated assessment: the bankruptcy on the credit file, the conduct on the existing mortgage, and a growing tax debt with the practice still trading through it.
02 · How VMG assessed it
A credit analyst read the file as a sequence of events rather than a set of listings. The bankruptcy had a cause, it had been discharged, and the healthcare practice had kept trading profitably throughout. The couple had already engaged a new accountant, who had prepared a business plan and was managing their tax position. Under human underwriting, with no credit scoring and no DTI or DSR ratios, that was evidence of direction. The ATO debt was treated as a liability to be quantified and paid out, not a reason to decline.
03 · The outcome
One loan of $880,000, secured against the owner-occupied property, refinancing the existing mortgage, clearing the arrears and paying out the ATO debt in full. At settlement the couple went from three problems to a single repayment, with their financials brought back under control.
THE TURNAROUND
The same file, before the refinance and at settlement.
BEFORE VMG
AFTER SETTLEMENT
💡THE VMG COMMON-SENSE ADVANTAGE
HOW IT WAS ASSESSED
Every file is read by a credit analyst, not scored by a system. There is no credit scoring, and no DTI or DSR ratio applied. The product and the terms depend on the individual file, so talk to your BDM about where a similar scenario fits.
Test the scenario with VMG credit before you lodge. VMG lends only through accredited mortgage brokers.
Related
QUESTIONS
All applications are subject to Victorian Mortgage Group’s standard credit assessment and lending criteria. Terms, conditions, costs and charges apply. This article is general information only and does not take into account your objectives, financial situation or needs.
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