A Quick Overview

Details Description
Customer Goal Looking to get home loan approval to purchase an owner-occupied property
Problem Eager to buy the house they found at the asking price, 95% no LMI home loan
Loan Amount $1.558 million
Security Owner-occupied property, Victoria, $1.64 million
LVR and Term 95% LVR, 30 years
Income $270,000 p.a. after taxes
Solution Our mortgage broker helped the customer negotiate the price for the house and saved her $10,000 upfront. Our broker also got them approved for a waived LMI loan which saved them further tens of thousands in LMI fees.

A doctor’s first home

After finishing her medical degree at the University of Queensland Australia, Gabriela got married and moved to Victoria with her partner Marcus.

Gabriela was a medical practitioner, and her professional life and personal life kept her occupied. She had never thought of buying her own property because she had always lived in the house Marcus had bought before she met him.

In 2019, she decided that she wanted to have her own property. She started looking in the market but found it challenging to find the one suited to her needs. After looking for several months, she finally found a property to her liking.

She was eager to buy the property but needed to get her finances ready. That’s when she got in touch with Jenish Manandhar, one of our specialist mortgage brokers to help her with the home buying process.

During their conversation, she mentioned that her objectives were:

Two key problems: Valuation and waived LMI

The first problem was that the vendor’s asking price for the property was $1.65 million. She was so eager to buy the property that she was ready to pay the asking price.

Usually, the Australian property market is intensely competitive and negotiating a price for a house may not always be an option.

On top of that, a valuation report had not been ordered yet. And lenders use the valuation figure to decide on the loan amount. So not only would she potentially be paying above the market price, the bank may decline the loan if the valuation came in low.

The second problem was that she wanted a 95% no LMI home loan. Usually, when borrowing over 80% LVR (Loan to Value Ratio), you are required to pay LMI. On a property valued over a million dollars, LMI fees would amount to tens of thousands of dollars.

Only a few lenders offer waived LMI for select medical professionals, and even then there are strict eligibility criteria.

Solution from an expert

Although Gabriela was eager to buy the property immediately, Jenish understood that most properties sell at a discount off the asking price. So he felt confident that he could negotiate a discount on the price of the house.

Jenish helped Gabriela draft an initial offer of $1.63 million. After some negotiation, the vendor agreed to sell the property at $1.64 million, which saved Gabriela $10,000 even before the loan process started!

There was another issue to deal with. One of Gabriela’s objectives was to get a home loan with 5% deposit and pay no LMI. Jenish knew that only a few lenders could do this loan.

After thoroughly assessing Gabriela’s situation, Jenish realised that she had an existing credit card with one of the major lenders. From experience, Jenish knew that this lender would be more open to considering the deal as she was an existing customer.

He ran the scenario with the lender, and after sending a few documents back and forth, they were willing to do the loan.

Our broker then officially submitted her loan application and all the supporting documents to strengthen her case. They did a final assessment and approved the deal. Gabriela was able to secure a 95% no LMI home loan!

Awaiting settlement

Her offer on the house was accepted and the settlement date has been fixed.

She is now awaiting settlement.

Do you want us to help you get the most suitable home loan deal for your first home?

Call us on 1300 889 743 or fill in our free assessment form and one of our specialist mortgage brokers will get back to you right away.

Why use us?

We aim to set an example by delivering what we promise: a higher level of service, better advice and better home loans.

pin_drop

Australia-wide services

We finance properties anywhere in Australia for people anywhere in the world.

monetization_on

Get incredible interest rates

Our relationships with our panel of lenders allow us to negotiate your interest rate.

thumb_up

We get tough loans approved

We can help you navigate the often complex pre-approval and application process.

favorite

Our customers love us

We receive hundreds of love letters from our customers.

Discover more reasons to use Home Loan Experts

How we find you the right solution

We get a complete understanding of where you’re at and what your ultimate goals are.
You’ll get a recommendation in just a few simple steps.

free assessment
1

Complete our free assessment form or call us.

situation
2

We assess your situation.

options
3

We look at all the options from our panel of lenders.

suitable home loan deals
4

We will find you the most suitable home loan deals.

Testimonials for Home loan experts

Facts
about us

50+

lenders on
our panel

$4B+

lent Australia-wide
and counting

Westpac
ANZ
Nab
AMP
Qudos
Firstmac
Common Wealth
St George
ING
Homeloans
Macquire
Suncorp
Pepper Money
Me Bank
Bankwest
75%

of our borrowers get
approved with a major bank

95%

of our borrowers get a discount
below the bank standard variable rate