A Quick Overview

Details Description
Customer Goal Get a pre-approval to purchase a home to live in with the help of the Family Guarantee Scheme (FHG)
Problem Low deposit, has three dependents, multiple income types
Loan Amount $320,000
LVR and Term 97.86%, 30 years
Income $100,500 a year
Solution Found an FHG participating lender with a flexible credit policy.

Single Mother With Big Homeownership Dream

After renting for years, Jane dreamed of finally buying a home for her family, but as a single mum with one average income, she knew qualifying for a mortgage would be an uphill battle. One night, while browsing online, she came across homeloanexperts.com.au. Could this be her chance? Jane sent an enquiry, cautiously hopeful.

Challenges For A Single Mum Seeking A Home Loan

In the initial call, she shared her situation with our broker, Ajar Rajbhandari. As a single mother of three teenagers, each month was a financial juggling act, despite having full-time employment in the medical field. Though her income was stable, her earnings as a healthcare worker were modest, with little left over after providing for her family. And with rent increases stretching her budget even further, Jane desperately wanted to buy a home her family could truly call theirs. She had heard of the Family Home Guarantee (FHG) and wanted to know more about it.

Compassion Meets Expertise

As Jane mentioned the FHG with its 2% deposit option, Ajar saw a potential solution. In this scheme, if a single parent pays a 2% deposit, the government will guarantee 18% of the loan, allowing the borrower to avoid paying Lenders Mortgage Insurance (LMI).

Despite Jane’s limited savings and a single income, Ajar meticulously assessed her finances. Here’s where he found the positives: