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This is where a broker can make a significant difference. Brokers are well-equipped to navigate through the ever-changing credit policies and help you secure financing for various needs, whether it's for a new car, equipment, leisure assets, or even a personal loan.
As mentioned earlier, changing credit policies mean there are more hurdles to overcome. Some lenders are not considering applications from individuals who have accessed the $10,000 superannuation payment or received JobKeeper payments from their employers. The main reason behind this is the specific requirements that applicants must meet to be eligible for these government support measures.
For the $10,000 superannuation payout, the applicant must demonstrate at least one of the following: a 20% reduction in hours, a 20% reduction in pay, or financial hardship/stress. If a lender or bank cannot verify a 20% reduction in hours or pay, or detect any signs of financial hardship/stress, they may automatically assume that the applicant did not meet the eligibility criteria. It is advisable to only access the $10,000 superannuation payout if you genuinely require it. Many applications have been declined because individuals accessed the payout without being in financial hardship/stress or experiencing a 20% decrease in hours or pay. This can impact your ability to obtain financing, whether it's for a house, a car, a motorbike, a boat, or an unsecured personal loan.
The situation regarding JobKeeper payments is a bit more complex, as there are no definitive rules. Some lenders consider applicants who are physically working, whether from home or the office, while receiving JobKeeper payments from their employers. However, applications from individuals who are not physically working but still receiving JobKeeper payments are being declined by some lenders.
Fortunately, there is hope. Finance brokers have access to lenders' credit policies and work closely with them to understand their stance on JobKeeper and the superannuation payout. It is always advisable to consult a finance broker to discuss your specific situation and explore the options available to you.
Don't hesitate to reach out to us and discover the potential solutions that may be suitable for your circumstances. A finance broker can provide valuable guidance and support throughout the process.
