Last Updated: 31st May, 2021

The story

Kellie and Paul were a young couple who recently had their first child and were looking for a house to settle in.

They found the perfect home for their young family in nearby Wodonga, Victoria and hastily made their offer.

As it happened, the offer fell through when they weren’t able to get the home loan approved.

They were rightfully dumbfounded with this sequence of events so they decided to approach a mortgage broker before they placed an offer on another property.

The problem

While in her previous job, Kellie was diagnosed with adjustment disorder and chronic depression which has been a major concern in the Australian workplace recently.

She was unable to work and undertook rehabilitation to get back into the workforce.

Luckily, she was approved for work cover payments to help meet the gap in the couple’s financial situation.

Unfortunately, not many banks accept work cover as a form of income.

By not considering this income, it severely diminished the couple’s borrowing power.

The solution

One of our experienced mortgage brokers Kameron Gutierrez first assessed their situation.

He was able to take their home loan application to a suitable bank that took a more case by case approach when assessing a client’s ability to repay a home loan.

Kameron understood very quickly which lender could consider her situation as long as she could provide acceptable evidence.

Kellie was able to provide a letter from her workers’ compensation case manager and a recent bank statement showing credits from WorkSafe Victoria.

Kameron was eventually able to structure the loan in a way that was both affordable to the young couple as well as being acceptable to the bank. He even got a great interest rate.

It was a perfect fit for Kellie and Paul.

A happy ending

The best part was that the young couple were able to go back and put another offer on the home they had originally missed out on and have now already moved in with their first born.

Kellie is now making steady progress in her rehabilitation process and soon will be able to get back to work again.

Life can be challenging but that doesn’t mean your home loan has to be.

Get in touch with one of our experienced mortgage brokers by calling 1300 789 743 or by filling in our online assessment form today!