A Quick Overview
|Customer Goal||To get approved for a waived LMI home loan for doctors and rest as a cashflow lend at a competitive interest rate|
|Problem||Not enough deposit|
|Loan Amount||$1,012,500 (2 years fixed offset home loan) and $101,000 (Specialist cash flow)|
|LVR and Term||100% LVR (loan to value ratio), 30-years loan term|
|Solution||$Identify lenders who could provide specialist loans with no deposits|
Sophia (35 years old) and James (42 years old) are a married couple. Sophia is a doctor with general and specialist registration. Her average income is $300,000. Apart from her regular income, she had a lot of on call payment and penalty payments. Her husband is also a healthcare professional,with $105,000 average income. They both have good credit scores.
They were looking for a pre-approval to purchase a home worth $1.1 million. They thought they checked all the boxes for 95% waived LMI. But their low deposit raised red flags for most of the lenders.
Sophia and James had recently moved to Australia. They were renting an apartment paying a very high rent. They had also recently had a baby. Sophia was on maternity leave. After four months, she resumed a part-time job. James was on unpaid parenting leave. These factors caused a considerable decrease in their income, limiting how much they could save for a deposit.
Sophia spent months enquiring with banks but was worried, since all of them required a minimum 10% deposit. This meant it could take one more year to save enough to purchase her dream home. When no lenders helped with what she wanted, she found Home Loan Experts.
She found Home Loan Experts’ website and reached out to enquire about getting a home loan 95% LVR or more. She was connected to Mohit Lal Pradhan, a Home Loan Experts senior mortgage broker who is well known for getting clients tough applications approved.
Talking with Sophia, Mohit was quick to find ways to help her secure a loan with no deposit – 100% LVR. During the application process, Mohit was able to:
- Identify lenders who would be happy to take her as a client and approve loans with no deposits
- Present supporting documents that showed the client was paying all of her current debts, such as credit cards, personal loans and rent on time
- Present payslips to convince the lender that the client was a low-risk borrower with clean credit history and sufficient income
- Provide Sophia’s income statement from the previous year, including tax returns, which showed that her on-call income was very consistent. It convinced the lender to factor in 60% of her on-call work income for assessment
With Mohit’s help, Sophia got approved for a two-year fixed, offset home loan of $1.01 million and a specialist cashflow loan of $101,000. She secured a 100% LVR loan with waived LMI, which saved her thousands of dollars. Sophia had been prepared to pay at least some deposit, so getting a loan with no deposit was just icing on the cake for her.
The couple not only purchased their dream house but also their property value increased by 10% within one year. Had Sophia not contacted Mohit, she and her husband would have missed out on that year’s worth of increase in their property value.
Need A Loan With A Low Deposit?
Our specialist mortgage brokers can help you find the perfect solution when it comes to 95% or 100% LVR home loans.
With over 50 lenders on our lending panel, we can recommend the right loan products for you.
Call us on 1300 889 743 to speak with one of our specialist mortgage brokers or fill in our free assessment form for expert advice.