First Time Home Buyers Save $120,000+ With A Family Guarantee Loan
How Mortgage Corp Help Two High-Income First Home Buyers Get Into Dream Million-Dollar Home, Save $120k+, Plus Pay Off A Car Loan
Two high-income professionals were looking at buying their million-dollar dream home, but with monthly repayments of $2.5K on car loans and their lifestyle, they couldn’t save enough of a deposit to purchase their dream house on their own.
Thankfully, Neil Carstairs, the “Miracle Mortgage Lifesaver”, came to their rescue. After a thorough analysis of their current situation, Neil came up with a loan structure that enabled these first home buyers to not only purchase their million-dollar dream home with no deposit but save a whopping $120,000 over the life of their loan.
Objectives
- Buy a $1.5 million dollar home in the next few months
Challenges
- Had outstanding bad debts and were making monthly repayments of $2,500 on 2 car loans
- Couldn’t save enough of a deposit to buy a home loan of over $1 million property with their lifestyle and on top of the two car loans
Solutions:
1️⃣ Secure a family guarantee from parents to take out a loan from the bank without having to pay a 20% deposit upfront
2️⃣ Use $110K bank savings to pay off one of their car loans and have the remainder put towards a deposit and excess funds in redraw for emergencies or repairs if needed.
Results
✅ Bought their million-dollar dream home
✅ Saved
- $52,000 on mortgage insurance, plus
- $2,500 a year on the interest of the mortgage insurance
✅ Paid off a $25,000 car loan
✅ Have sufficient funds available for emergencies
A total saving of $120,000 over the life of their loan
With Neil Carstairs and Mortgage Corp on their side, Daniel and Alice managed to secure their dream home and saved $120K in total, thanks to a family guarantee loan.
With over 15 years of mortgage experience and hundreds of millions of successfully settled loans, Neil knows the lenders’ products, policies and people intimately to get things done effectively and efficiently.
Book A Free Loan Strategy Consultation With Neil
High Income First Home Buyer’s Story
A professional couple with an annual income of approximately $250K wished to buy their first home for their young family. To protect their privacy, let’s call them Daniel and Alice.
Daniel and Alice had been saving for a few years and had been able to put away $110K for a deposit.
You might be wondering, “Why haven’t they, with such a good income, been able to buy a home yet?”
Well, Alice and Daniel had their sights set on some expensive suburbs that were in great locations and close to both their workplaces and their daughter’s school. Unfortunately, the cheapest homes in these areas were valued at no less than $1M.
Like a lot of first-time home buyers, Alice and Daniel were mistakenly under the impression that they needed to pay a 20% deposit. The couple were waiting to buy a home because, with their dream home valued at a minimum of $1M, the deposit they needed was going to be at least $250K.
On top of this fact, Daniel and Alice also had some outstanding bad debts. They had previously taken out 2 car loans and were making monthly repayments of $2.5K.
Luckily, Daniel knew, through some mutual friends, that with Neil’s over 15 years of mortgage experience and knowledge of different lenders’ products, policies, and people, Neil might have a solution for them.
After a long consultation with these two first home buyers, Neil discovered that Daniel’s parents were self-funded retirees, owned her house outright, and was getting a steady monthly income from her investments.
Neil then brought up the option of a family guarantee to both Daniel and his parents and explained with a family guarantee, they would be able to save $52K on mortgage insurance plus an additional $2,500 savings a year on the interest of the mortgage insurance.
In total, with a family guarantee loan, they would be saving roughly $120K over the life of their home loan, with a low-interest rate of 4%.
It’s important to note that family guarantees can pose some risk to the guarantor. In the worst-case scenario, if Daniel and Alice missed a payment, then Daniel’s parents would have to foot the bill.
Neil made sure both Daniel and his parents understood exactly how a family guarantee loan works, the ramifications, and he also taught them what to do to avoid the worst-case scenario.
To further reduce their debt, Neil told Daniel and Alice to use their $110K of savings to pay off one of their car loans. The remainder of this was then put towards a deposit and, because of the family guarantee, could be put in redraw if the couple ever fell short on a payment.
By following Neil’s advice and process, Daniel and Alice finally fulfilled their Great Australian Dream.
“At Mortgage Corp, we understand that not everyone’s circumstances are the same, this is why we discuss your expenses and lifestyle, your dreams and goals, your income and liabilities at our Obligation Free Loan Strategy Consultation, before customising a solution suited to your unique circumstances. ”
We use the following 8-Step Mortgage Corp Loan Process to ensure you get everything set up right the first time, saving money, time, and suffering in the process!
Step 1: Finance Health Check phone consultation – FREE
We’ll try to get as much financial information as possible so we can have a good understanding of your individual circumstance including your long-term goals and lifestyle, then we can get back to you with potential options.
Step 2: Face to face home Loan Strategy Session – FREE
In our first face-to-face strategy consultation, we’ll dig even deeper into your personal financial circumstances. After this meeting, we’ll gain a comprehensive understanding of how your assets, liabilities, and income fit into your financial goals.
Then we’ll formulate a finance strategy that will best serve you both now and in the future.
Step 3: Present lending options – FREE
After thorough research and analysis, we present you with your lending options. We ensure these options are designed to help you save on interest, fees and tax while maximising future property investment opportunities.
Step 4: Collect and document the required information for the application – FREE
When you are ready to proceed, we take the step to collect, collate and document all the required information relevant to your finance application.
Step 5: Loan application submitted by Mortgage Corp – FREE
When submitting your loan application, our aim is to get a fast approval and we will do everything within our means to make this happen.
Step 6: Loan status updates – FREE
The mortgage concierge service team will keep you updated each step of the way so you’re never in the dark.
Step 7: Loan Settled – Congratulations – FREE
Step 8: Regular Loan Review & Updates – FREE
Book A Free Loan Strategy Consultation
KEY TAKEAWAYS
✅With family guarantee loan, guarantors don’t need to offer any money but only use the guarantor’s property as security
✅There are certain risks, it’s important the guarantors understand all the risks and what to do to avoid them
To make sure you get everything right the first time without suffering from the loss of money, time, opportunities, sleep … we invite you to book an Obligation Free Loan Strategy Consultation with Neil today.
Book A Free Loan Strategy Consultation
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About Neil Carstairs
Neil Carstairs is a multi-award winning Hall of Fame Elite Mortgage Broker with consistent 5 star client reviews.
✅Neil has been helping property buyers achieve their dreams over the last 10 years with hundreds of millions of successfully settled loans
✅Neil is known for his strategic approach to complex lending and ability to reach fast, successful outcomes for property buyers where other mortgage brokers and lenders could not.
✍Here is just a small sample of what property investors and home buyers have said about Neil Carstairs 😇😇
👍👍HE KNOWS HIS STUFF👍👍
“We had the pleasure of meeting with Neil & his team who made the purchase of our first home so easy.
Despite working with a large financial institution and receiving staff perks, I went to Neil because he knows what he’s doing. He cleared all the irrelevant information we were given previously and showed us how we can purchase now. Something that a number of lenders failed to do. On top of that, he picks up his phone. Thank you Neil, Doug and the team for helping us get our foot in the door. We appreciate your awesome work!” GIANG
💕HAVE MY BEST INTEREST AT HEART💕
“Neil made the idea of an investment property purchase easy. He guided me through the whole process and made it clear that if it is not in my best interest or financially possible to look at a property he would not push the issue. Now I have the opportunity to purchase one, it gives me confidence to continue to look at different areas to start my portfolio.Thanks to everyone at Mortgage Corp.” MATT
👍👍TOP NOTCH 👍👍
“My partner and I bought our first property through Neil at Mortgage Corp. His service was top notch and virtually pulled a rabbit out of a hat to help us secure our first loan. He responded extremely quickly to emails and calls and was generous with his time for our endless questions! I can’t recommend Neil and Mortgage Corp enough, we will definitely come back for our next loan. Also, thanks for the picnic backpack, we’ve used it heaps”. Carly
👍👍TRUSTWORTHY 👍👍
“Neil at Mortgage Corp is reliable and efficient. He has been our broker for a few years and we continue to rely on him and would highly recommend him. Neil is trustworthy and he makes the process seamless, always contactable and professional. Always happy to deal with him.” Diana
👍👍💯Best Broker in the business👍👍
“I first contacted Neil July last year after being turned down by a few mortgage brokers as my name was on another mortgage which I co buy with my brother as the house was only a few months old and I’ve been told that no bank would lend me any money. I filled out the form at mortgage Corp and Neil made contact with me the next day. I explain my situation and Neil told me that I’m screwed but he can help me remove my name from the other loan even though it was only a few months old so I can buy a property. Almost 7 months later and I moved in to my property last Friday and also Neil refinance my brother and sister in laws loan and got the A even better deal so win win situation. If it wasn’t for Neil I wouldn’t be able to buy any time soon. I can’t recommend Neil and Doug at mortgage Corp enough. The service was next to none thank you Neil you’re a legend.” Maui
💝FANTASTIC MORTGAGE BROKER WHO GOES ABOVE AND BEYOND💝
“We cannot thank Neil enough for the service that he provided when we were purchasing our property. Neil was absolutely amazing throughout the whole process. Neil went above and beyond to provide us with exceptional advice, always making us feel like we were his only client. We would highly recommend Neil to anyone wanting professional advice when choosing a Mortgage. Thank you Neil it was an absolute pleasure working with you.” Molly
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