Mortgage-ready with Plenti
Is your client’s car loan ‘mortgage-ready’? Here’s how you can help them buy their next home
With a busy real estate market, more Australians are applying for mortgages than ever before. Whether it’s a first home or an investment, it’s important that your client’s finances are in shape so that they can move quickly when they find the right home. Existing debt, like a car loan, can affect their ability to get a home loan. Refinancing their car loan with Plenti can help them get mortgage-ready, improving their chances of home loan approval. It’s quick, easy and rewarding.
Switch to a mortgage-friendly car loan with lower monthly payments
When it comes to getting a home loan, the fewer financial obligations your client has each month, the better. We can help them lower their monthly outgoings by:
- Refinancing their existing car loan into a new loan up to 7 years
- Offering a lower rate personalised to their financial situation pre-mortgage
- Offering low monthly fees and no early exit fee.
It all adds up to a better bottom line that’s more appealing to lenders.
It’s flexible, so your client has options down the track
A Plenti car loan helps your client now and in the future, whether they need to change a little or change a lot. We can refinance one or two cars, from $5,000 to $100,000, and they can take charge of their repayments. Our easy-to-use customer portal gives them full access to their loan details, so they’re in control of their payment schedule. They can choose to increase their monthly repayments after their mortgage is approved at any time, to pay it all back sooner. With no early repayment fees, they can even pay back early with no penalty.
It’s fast, so switching is easy for everyone
We understand that time is money. That’s why we’ve made it quick and easy to check your client’s eligibility with our 5-minute quoting tool. Our streamlined online application process means it only takes 15 minutes to get things going. Add to that an average assessment time of under 2 hours after submission, and in just a few hours you’ll have their car loan ready.
Your clients will thank you
We don’t just think this will help your clients — we know it. A couple came to us at the end of March looking to refinance their car loans prior to their home loan settlement (starting in just 2 days). They had an existing car loan through one of our competitors with a high interest rate, but they wanted to renovate and couldn't borrow enough to cover the extra outlay.
We managed to reduce their monthly car loan repayments by almost $200 each by putting them on a 7-year term. They were both approved within the hour and settled within 24 hours. The couple was able to increase their joint borrowing power and secure enough to cover the planned renovations — all before the home loan settlement started.
The mortgage broker that helped them primarily focused on mortgages, but she had the resources to leverage their car loan against the mortgage and get them the win. The clients say she’s now secured their business for life.
Interested in how a Plenti car loan can help your clients buy their next home? Talk to us today.