Summary: Can I Get Approved For A Refinance And Debt Consolidation With Bad Credit?

Details Description
Clients Theo Lewis and Daisy Lewis
Broker Siddhartha Bajracharya
Purpose To refinance home loan and consolidate existing debts
Loan Amount $485,000
Security $735,000
LVR (Term) 65.99%
Interest Rate 7.24% p.a.
Income $202,277 p.a. (combined)


Theo and Daisy Lewis are a married couple ages 48 and 46, respectively, with a 2-year-old child. Theo, serving as a senior Investigator, and Daisy, passionately contributing to education as a teacher, seamlessly blend their professional ambition with devotion to family. They juggle demanding careers and a growing family. And their finances are a challenging walk on a tightrope. While their combined annual income of $202,277 suggests financial stability, their situation is marked by challenges. Both applicants have low credit scores, indicative of past struggles with debt management; unfortunately, they have a history of missed repayments on existing debts, which may raise concerns for lenders. This is the main reason behind their desire to refinance their owner-occupier home loan and consolidate existing debts.


Theo and Daisy were burdened with five credit cards, three personal loans, a mortgage, and a car loan. This was compounded by bad conduct, including late repayments and exceeded limits across various credit facilities. The disorganisation in their finances led to missed payments and a credit score below 570. This heightened the complexity of their circumstances, posing difficulties in seeking viable financial solutions. In June 2023, the clients were managing a staggering total monthly repayment of $7,914 across their various credit facilities. There was a noticeable financial burden, and a sustainable solution was urgently needed.


In their search for financial help, Theo and Daisy reached out to Siddhartha Bajracharya, one of Home Loan Experts’ experienced mortgage brokers. Recognising the urgency of the situation, Sid engaged in detailed discussions with the clients to comprehend their financial goals and challenges. The objective was to consolidate all debts and alleviate financial stress; however, he faced a roadblock in finding a lender due to recent missed repayments. Advising the clients to achieve one month of clear repayments across all liabilities, Sid patiently waited for the necessary documentation. He then tapped into his network of lenders, finding one that was open to applicants with low credit scores, missed payments, properties in Cat 3 locations, and contract employment. His skillful approach led to securing a lender that accepted these credit exceptions. On 5 September 2023, the debt consolidation loan application was submitted. After an extensive valuation that took a week, approval was granted on 20 September. Sid, true to his commitment, settled the loan on 29 September. The entire process took only a month, showcasing his efficiency. The successful consolidation reduced the clients’ total monthly debt repayments to $4,259. This marked a substantial monthly savings of $3,655, helping Theo and Daisy regain control of their finances. Expressing their satisfaction, Theo and Daisy gave Sid a five-star review, appreciating his support through their path to financial stability.
Client’s Testimonial “We couldn’t be happier with the service provided by Sid from Home Loan Experts. From day one, Sid exhibited an impressive level of professionalism and dedication. His communication was always prompt, and he responded to every question we had. In the labyrinthine world of mortgages, such great customer care is a breath of fresh air. But what really knocked our socks off was his proactive approach in hunting down the best mortgage deal tailored just for us. Not only did he pinpoint the perfect option, but he and his assistant Aniya also facilitated the entire process, to make it as smooth as butter.”