Our clients were a young professional couple looking to purchase their first home. Our primary client was an Australian citizen and his fiance was a British citizen on a Temporary Partner Visa. They had been pre-approved in the past but dropped out of the property search as they focused on other things. They needed help getting re-focused and initiating a new pre-approval.
Our male applicant worked as a junior legal counsel in a superannuation fund. Our female applicant worked as an experienced horticulturist. They had enough savings for a 10% deposit and to pay stamp duty for a $1M property, but not much more. They were looking for a solution to avoid or minimise Lenders Mortgage Insurance (LMI).
Like most first home buyers, our clients were about to decide on what would be the biggest asset and liability in their life. This wasn’t the only decision in their hectic lives – our client had just received a promotion to a more senior position and his fiance was in a probation period with a new employer. On top of all this was the fact they were planning
Whilst it was a given that we would get them the best rate, it was as important to preserve savings for the wedding, new furnishings and necessary renovations to turn their new place into a home as soon as possible. We kept these priorities in mind when we set out to find suitable financing options.
As the female applicant was on a temporary visa, we researched extensively to identify the lenders who could accept this residency status. We found that there were only a few. From previous experience working with other lawyers, we also knew which were the best lenders to access a unique Legal Professional Policy which allows lawyers under certain criteria to borrow at 90% LVR with no LMI if certain criteria were met.
From this research, we managed to obtain a pre-approval for a loan of more than one million dollars without paying for any LMI and also had a market leading rate! The mortgage would become their biggest expense, coming in second would be their upcoming wedding bills. To help them budget effectively whilst retaining flexibility with their money in an offset account, the loan was structured at 30% variable and 70% fixed.
Once pre-approved we stood by our client over many months, and revised the loan application according to changes that happened along the way such as the male applicant receiving a promotion
At all times the clients were very happy with this outcome and knowing they could bid with confidence, they attended an auction for a picture perfect 3-bedroom house which was two streets away from where they were currently renting. This was such a perfect property they thought it would be a miracle if they got this on the very first go. They won the auction, paid the deposit and were keen to push on from there.
The couple were dedicated workers who did not have free time during working hours. Being their first home, this was all very new to them and there were lots of questions that they wanted to ask. We thought they would appreciate an in home after hours visit where they could ask as many questions as they wanted in a quiet environment, so we brought the loan documents to them on a Friday evening.
Without a hiccup, all the paperwork was signed and they took the keys to their new home as planned. With SF Capital as your financial partner, you also could be first time lucky!