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7 February 2018,


RedZed: Product explainers to help you grow your own way

The situation

Angus and Samantha Gibney are self-employed boat builders. Business has been motoring along nicely, and now they’d like to invest a little more into their craft. Boat building is extremely time-intensive, so they haven’t had the opportunity to lodge their most recent financials.

Their local branch manager declined their application to refinance their loan on the grounds that they needed to provide at least two years worth of balance sheets.

What’s the solution?

RedZed understands there are many ways to assess the appropriateness and affordability of a prospective loan. In the absence of the most recent financials, RedZed is able to accept an Accountant’s Declaration.

RedZed assess the total merits of an application including recent repayment conduct, the VEDA credit file, and the applicant’s assets & liabilities. This happens in conjunction with the applicant’s accountant. From this, RedZed were able to demonstrate serviceability in accordance with the principles of responsible lending. This meant the Gibneys got access the additional funds they needed.