Can I Get A Home Loan Approval Quickly?

Details Description
Customer Nate Appleroth and Eliza Appleroth
Broker Prakash Rai
Purpose To purchase an owner-occupied property.
Loan Amount $544,000
Security $680,000
LVR (Term) 80% (30 years)
Interest Rate 6.22%
Income $151,300 (MA) + $44,665 (FA)

Background

Meet Nate and Eliza Appleroth, a loving couple with three vibrant little souls – ages 1, 3, and 5 – under their wings. Despite the challenges of raising a family, they have maintained a solid financial footing. Nate works full-time while Eliza has part-time employment, adding to their overall income stability of $195,965 annually. This hardworking couple aimed to purchase their first home, a place where they could raise their children and build a lifetime of memories.

Problems

The Appleroths were first-time homebuyers, which often comes with additional challenges and anxieties. They faced the following hurdles:
  • Urgency for Loan Approval: The Appleroths had identified several properties they were interested in and required swift loan approval to avoid missing out on their desired home. The pressure to act quickly added to their stress, making timely loan processing a critical need.
  • Employment Status and Income Verification: Eliza’s part-time employment raised concerns about meeting income verification requirements, which are often more strict for part-time workers. Her employment status introduced uncertainty about whether their application would meet the necessary criteria for approval.
  • Competitive Interest Rates: The couple was seeking competitive rates to ensure the long-term affordability of their mortgage. Securing a loan with favourable terms was crucial to their financial planning, as higher interest rates could strain their budget.
  • Cashback and Rebate Offers: They were keen on taking advantage of a $3000 cashback offer for first-time buyers, which required a quick and successful application process. Missing out on this offer would mean losing a valuable financial benefit that could ease their entry into buying a home.
  • Fund Aggregation: The Appleroths needed to gather the necessary funds for the purchase, including a $20,000 gift from Eliza’s parents and their own savings. Co-ordinating these funds in a timely manner was essential to meet the financial requirements.

Solutions

Home Loan Experts’ Mortgage Broker Prakash Rai was the perfect fit for Nate and Eliza’s needs. He ensured that every step of their home loan application process was handled with care and precision.

Starting with a clear understanding of their financial goals and timelines, Prakash set to work. With access to an extensive panel of over 60 lenders, he quickly found a lender capable of providing a swift 2-3 business day turnaround for loan approval. His deep familiarity with lenders’ service level agreements meant that the Appleroths’ application was processed seamlessly and without delay.

The thoroughness of Prakash’s assessment was a key to its success. Prakash carefully prepared every detail of the application, which meant the bank could issue a straight formal approval. There were no missing information requests from the bank.

By effectively negotiating with the lender, Prakash secured a highly competitive interest rate for the couple. Additionally, the lender offered a $3000 cashback specifically for first-time buyers, which was exactly what the Appleroths had hoped for from the start.

This resulted in Nate and Eliza successfully securing a $544,000 loan at an 80% LVR with a favourable interest rate of 6.22% over 30 years. Prakash’s commitment to detail and efficiency made the complex process of securing a home loan straightforward and stress-free for Nate and Eliza.

Discover Your Perfect Home Loan Solution

Whether you’re a first-time buyer or looking to refinance, we’ll work closely with you to explore all available options and secure the best possible rates. We take pride in our ability to turn complex situations into straightforward successes.

Call us at 1300 889 743 to speak with one of our expert brokers, or complete our free online assessment form to get started. Let us help you find the right loan for your dream home.