A Quick Overview

Details Description
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
Income $300K p.a.
Solution $Identify lenders who could provide specialist loans with no deposits

The Story

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.

The Problem

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.

The Solution

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: