Situation was a husband and wife team who have been running a successful packaging and distribution business for over a decade. They needed $490k to purchase vital new business equipment and also wanted to refinance their $500k mortgage. With their most recent tax returns unavailable, they were getting nowhere with their existing lender despite a 'clear' credit history.
Their business statements demonstrated excellent cash flow, and with their property valued at $1.65m, the application for $990k came in at 60% LVR.
Bluestone's standard rate for this couple would be 5.69%. But because they used business bank statements to verify income, they were able to apply a 50bps Lite Blue discount, taking their rate down to 5.19%.
This represents a saving of over $300 every single month, or over $100,000 saved in interest charges over the life of the loan.
Even better, since these borrowers decided to fix their loan, the current fixed rate promotion kicked in - bringing the rate down to 4.89%, representing around $180 per month in further savings for the first 3 years of the loan.