Loan At The End Of A First Home Buying Tunnel
Witness a first home buyer’s Queensland property dream come true as an expert broker steps in with ways to make client’s loan application look stronger.
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|Customer||Lana: Single Applicant|
|Mortgage Broker||Steven Chan|
|Customer Goal||First property purchase, owner-occupied|
|Problem||Lana was a casual employee with a majority of her deposit in non-genuine savings. She also had a minor credit issues in past defaults and a gambling transaction.|
|LVR and Term||LVR: 69.88%, Term of 30 years|
|Income||YTD Income: $86,653|
|Solution||Find a lender that’s willing to consider home loans with a low deposit and has a flexible assessment process based on the borrower’s needs.|
Lana’s first home buying dream
Lana, as a first home buyer, went on a mission to own her first owner-occupied property. A single applicant and a fly-in-fly-out (FIFO) employee, Lana accumulated her income and gifts from her parents in the form of savings as she set out to find her ideal first home.
Her goal was to own a place in Queensland independently, not far from where her parents lived. Before she and her ideal property got to unite, few obstacles found their way.
The base income wasn’t Lana’s biggest strength. A casual FIFO employee who had just switched to the recent employer ten months back in light of COVID-19. It was far from an ideal home loan situation.
On top of an unstable income, she couldn’t depend on a guarantor or an extra contributor. Still far from what’s ideal in the home loan world.
Did we talk about her savings? A $130,000 monetary gift from her parents only counted as non-genuine savings. Any lender would raise a question as to where the genuine savings were.
Although it wasn’t a major issue, one phone bill default 12 months back certainly didn’t make it any easier. Another element that could add up to her possible list of obstacles was a tiny amount of gambling transactions. Even if it was something very minor, most lenders would include it in their assessment.
To sum the situation up, she didn’t have a single major issue but multiple minor ones.
Was there one possible solution? Would her dream of first self-owned property stay merely just a dream?
Fixing the situation
Lana was connected to mortgage broking expert Steven Chan when she turned to Home Loan Experts for a solution. A glimpse of light finally came into sight after clouds of possible loan issues.
With his expertise and successful history of approved priorly complicated home loans, Steven knew what had to be done. After a brief assessment, he narrowed it down to few lenders who were most likely to take up Lana’s loan request.
Steven was aware that few minor twitches in Lana’s application considering her payslip could make the application less complex. After talking to her and her recent employer, he managed to figure out that highlighting her year-to-date (YTD) income in the application would give them a right turn.
Steven was also able to convince the lender that the client made sure to pay the previous phone bill default as soon as it came to her notice. And that no signs of such behavior have been shown for the past 12 months.
As asked by Steven, a statutory declaration by Lana’s mother regarding the non-repayable gift she had given to her daughter was presented to the lender. This was enough to have the lender on board to resolve the non-genuine saving hurdle.
A happily ever-after
Following a few amendments, Lana’s loan request was finally acceptable to the lender. The approval was received shortly from the lender, and soon after, the settlement was made.
Lana was now officially a first home buyer.
Thanks to Steven, she was able to own her first property as a single applicant in Queensland. Not to forget, close to her parents.
Lana wishes more other borrowers would rely on an expert broker as she did. She’s glad she knew where to get help from.
If you or somebody you know wants similar help, feel free to call us on 1300 889 743 or fill in our free assessment form to start your home buying journey today.