How A First Home Buyer Saved $20,000, Got Loan Approved Within One Week And Recovered $4500 Fee
Mortgage Corp Helped A First Home Buyer Get His Home Loan In 1 Week [When His Previous Broker Couldn’t In 3 Months]
Mortgage Corp helped a first home buyer, a young doctor
- save $20,000 in lenders mortgage insurance with a family guarantee loan,
- get the home loan approved within one week after submission,
- recover $4500 paid to the other mortgage broker
and we didn’t charge this home buyer a thing for getting the loan.
- Fulfil the Great Australian dream of homeownership
- This first home buyer had a lot of debt including car loans, credit cards, and store cards that cost him roughly $4,000 each month in interest
- The previous mortgage broker he used couldn’t get a loan in 3 months
- Use the $80K savings this home buyer has in the bank to pay off the credit cards, car loans, and store cards.
- Use a family guarantee to borrow 100%, no deposit required. This alone saved Tim nearly $20,000 in lenders mortgage insurance fees.
- The loan was approved within a week once we submitted all the documents
- Saved $20,000 in mortgage insurance thanks to a family guarantee
Find out how we can help you achieve your dreams
First Home Loan Success With Family Guarantee
First Home Buyer’s Heartbroken Story
A young, busy doctor, let’s call him Tim for privacy reasons.
As a first home buyer, Tim had saved diligently and had $80,000 ready for a deposit. However, he also had a lot of debt including car loans, credit cards, and store cards that cost him roughly more than $4,000 each month, and that was only paying the interest on the credit cards.
You may be wondering “Why would he have $80K sitting in the bank, while paying $4K interest and repayments?”
Well, like most first-time buyers, Tim was under the impression that to buy a house, you needed a 20% deposit. Don’t laugh, we’ve come across a lot of first time home buyers who don’t have the correct information when it comes to purchasing a property.
As a busy doctor, Tim didn’t spend a lot of time researching or shopping around. We can guarantee that Tim isn’t the only Australian jumping into the market unprepared either!
Now, Tim spoke to a mortgage broker and asked how much it would cost to get a loan. The broker said $5,000 and Tim paid for it, trusting that the broker would be able to get a loan for him.
Soon Tim found the house he’d been dreaming of. He signed the contract and paid the deposit. Three months later, Tim unfortunately realised that mortgage broker couldn’t get him the loan.
Tim was forced to extend the settlement a few times as the mortgage broker fumbled. The broker kept asking Tim to send him more documents and Tim was frustrated each time he received another request for paperwork. “Why wouldn’t you ask me to send them all in one go,” he thought.
In the end, after a few finance extensions, the vendor finally had enough and the sale fell through.
Tim lost his dream home and was absolutely shattered.
Despite this heart-breaking loss, Tim still wanted to have his own home.
The Turning Point
Finally, Tim’s luck changed as his colleague, a surgeon, suggested he talk to Neil Carstairs, a Mortgage Corp loan strategist, a Hall of Fame, elite mortgage broker.
“The most comforting call I’ve ever had,” said Tim. After that call, he instantly booked a face-to-face loan strategy session with Neil.
During the loan strategy session, Neil discovered that Tim’s situation was actually very complicated, which explained why the other mortgage broker couldn’t get him a loan after three months and wanted to charge him $5000.
But Neil is always up for a challenge. After carefully reviewing Tim’s situation and exploring all possibilities, Neil found out Tim’s parents owned a couple properties and was keen to help him get a foot into the property market.
The Strategic Home Loan Plan
After confirming with Tim’s mum, Neil came up with a plan:
- Use the $80K savings to pay off the credit cards, car loans, and store cards.
- Use a family guarantee to borrow 100%, no deposit required. This alone saved Tim nearly $20,000 in lenders mortgage insurance fees. If you don’t know how family guarantee works, check out this video.
- Neil packaged the loan to show the bank that Tim now had no loans or debts to service, just the new proposed home loan.
Tim did what Neil asked him to do, and followed our processes, giving us all the documents Neil requested. We then submitted the application and within a week, the loan was approved with a reduced interest rate, thanks to the family guarantee.
Now you may say, “I haven’t got parents who will be my guarantor” or “I’m not a doctor”.
Well, the truth is that everyone’s situation is different. You might have more or less savings, you might have more or less debts, the point is with Neil you can find a solution. With 15 years of helping property buyers with millions of successfully settled loans, Neil has helped many property buyers with a wide variety of circumstances and he always finds a way.
P.S. With Tim’s previous liabilities (the $4,000 per month debt repayments), he wouldn’t be able to get a loan.
Once Tim paid off his bad debts, he rang Neil and said “I can actually save more than $4000 a month now, such a big relief.”
After that, Neil used his software and found out the previous mortgage broker hadn’t even done any credit enquiries and hadn’t submitted the loan to any lender. He told Tim what he should say to the other broker in order to get his $5000 back.
In the end, the other broker agreed to pay back $4500 to Tim but wanted to keep $500 as he did spend time trying to get the loan application prepared. Tim was happy to get $4500 back and didn’t want to pursue it further.
Now, to recap.
Neil helped this home buyer:
- Get back a $4500 fee from his first broker.
- Get his loan approved within a week, when the other broker couldn’t after 3 months.
- Saved him time (remember time is very valuable to Tim with his profession).
- Saved him the stress of not being able to settle or buy a property.
Note: Sometimes, things may not happen straight away, but we’ll always have a solution and plan for you to succeed. As long as you’re willing to follow our process, then we can help get you the property of your dreams.
Looking to invest, refinance, or just want to know how much money, stress, and time we can save you?
We’ll customise a solution, and explain why and how it’ll work for you STEP BY STEP!
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