Client Story 2

Overcoming a Bad Credit History & Refinancing for a Fresh Start

Clients: David R. – Wellington (Westpac)

The
Challenge:

David had a history of missed loan payments a few years ago due to unexpected financial difficulties. While he had since turned things around and maintained a strong repayment history, his past credit issues were still affecting his ability to secure a competitive mortgage. He wanted to refinance his existing home loan to access a better rate, receive a cashback incentive, and start fresh with a new bank.

The
Solution:

I helped David put together a strong refinancing application for Westpac, emphasizing his improved financial situation.

I provided:

  • Proof of consistent income and good repayment habits over the past three years
  • A personal statement explaining the circumstances behind the missed payments and how he had taken steps to improve his financial management
  • A structured mortgage plan that fit his budget and long-term goals

The
Outcome:

Westpac approved his refinance, offering a lower interest rate and a generous cashback incentive, which helped him reduce upfront costs. By switching banks, David not only improved his financial position but also took a big step toward rebuilding his credit and securing long-term stability.

 

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PERSONAL CLIENT STORIES:

Your mortgage is your biggest yearly cost, so why wouldn’t you talk to an unbiased expert about what is best for you? Contact me today.

Considerations to explore:

This isn’t how it works in practice. The bigger picture is that brokers are essentially an outsourced service for banks, helping them manage clients, which means banks save significant costs by working with brokers.

Some banks offer brokers better rates than those available to direct clients, and many are open to negotiating rates based on what’s currently being offered in the market.

So, can you negotiate on your own? Absolutely. But brokers are experts in negotiation—we do it every day, and we’re up-to-date on the latest offers from various banks, since I receive weekly updates on their best rates.

Let's Talk

Your mortgage is your biggest yearly cost, so why wouldn’t you talk to an unbiased expert about what is best for you?


Brokers are selling advice and knowledge, not loans. The banks sell loans, we advise you which banks loans are the best suited to you!

Honestly, I believe the only way to build a lasting, referral-based business is by putting clients first and serving them well every single time.


Some banks pay a one-time upfront commission, while others offer a "trail" commission that’s paid over time, but generally, all the banks pay similar commission so it makes no difference to me which bank you chose!

If you're planning to negotiate directly with your bank, I recommend highlighting why you're a valuable customer—such as your years with the bank and your good account history—and see what they offer. Once they respond, if you find better rates elsewhere, go back and push for a better deal, mentioning the more competitive rates other lenders are providing.


Keep in mind that banks will also consider how easy it is for you to switch, including whether other parts of your home loan are locked in at lower rates and if you're within the cash back clawback period (typically within 3 years, when you may need to repay part or all of any cash contribution they gave you). These factors can increase your switching costs, which might limit how much your current bank is willing to negotiate.


Good luck! If you'd like help with the process, I’m happy to assist.

Note: The above is general guidance and not financial advice.