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However, just meeting the eligibility for the 5% home deposit Scheme is not enough as each participating lender will also assess you as a borrower and they will reject your application if it does not fit into their cookie-cutter eligibility requirement.
And this is what happened to Ben!
The story: Turned down initially
Ben was an eager first home buyer looking to take full advantage of 5% home deposit scheme.
He knew that he needed at least a 5% deposit to qualify for the scheme – which he did not have yet.
Fortunately, his brother Troy was happy to gift him the money.
After going through the Scheme eligibility requriements, he knew he met all of them.
It made sense since CBA was one of the participating lenders under the Scheme.
Unfortunately, CBA knocked him down, and Ben was left wondering why.
All hope is not lost
Feeling hopeful that a mortgage broker might be able to help him with his predicament, Ben called Home Loan Experts to enquire about the possibility of getting approved for the first home buyer scheme.
He was connected to Amine Berrada, a mortgage broker with a knack for understanding how banks view home loan applications, having worked for many years in one of the major banks himself.
Talking with Ben, Amine was quick to establish that he fulfilled all the criteria for the scheme sans one!
Ben fulfilled all the criteria for the First Home Loan Deposit Scheme, namely;
He is an Australian citizen (not a Permanent Resident).
He is a first home buyer.
He is buying an owner-occupied property, i.e. a place to live in.
He is earning an annual income of $115,000, which is below the $125,000 p.a threshold.
He had his Notice of Assessment(NOA) for 2017 – 2018 which is required to verify said income.
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Complete our free assessment form or call us.
We assess your situation.
We look at all the options from our panel of lenders.
We will find you the most suitable home loan deals.
Testimonials for Home loan experts
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“ ...From the beginning the service, care and attention to my needs was outstanding.
And that continued with every contact, in fact I'd say it got better, which is counter
to what happens almost everywhere else....”
“ ...He was able to quickly and with minimal fuss, find us a loan at a good rate when others told us it would be too hard. Very impressed with their service and would highly recommend the home loan experts in the future”
“ ...offered fast service and made the whole refinance process simple. And I love simple!
Thank you for getting me a great deal with a home loan that really suited my needs....”
“ ...absolutely outstanding!!!! I would give more than 5 stars if I could. My partner and I cannot speak highly enough of him. Our situation is quite a difficult one and this is our first time buying a home, but nothing was too difficult....”
“ ...provided an excellent service that included very quick turnaround in getting our applications processed and providing guidance and valuable advice in trying to secure a home loan for us.....”
“ ...made the application and settlement process incredibly easy and stress-free. They provided very clear information and responded to any queries quickly. They were very transparent about all aspects of the process.”
Facts about us
lenders on our panel
lent Australia-wide and counting
of our borrowers get approved with a major bank
of our borrowers get a discount below the bank standard variable rate
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