July 29, 2021
When couple Liam and Natasha decided to buy their first home together, they knew they needed to get advice early on.
“We both had no idea what we were doing,” Liam says.
The couple, who had diligently saved for a home deposit for a year, made an appointment to see Sally Watson from Mortgage Choice Mornington. Sally had been referred to them by a family friend.
At their first meeting, Sally sat down with the couple to find out about their financial situation and explain the steps to getting a home loan. She also answered their questions about buying a property.
“The process was good,” Liam says. “We came into the interview with little knowledge and left feeling confident to purchase a house.”
One of their concerns was finding a bank willing to lend to them due to Natasha’s occupation.
“Natasha is a massage therapist which is a very high-risk occupation during COVID, so we were worried that the bank might not approve us when push came to shove,” Liam says.
Based on the couple’s situation, Sally compared a wide panel of lenders to find the right home loan product for their needs. As part of her search, she factored in competitive interest rates and features that would help them pay off their loan sooner.
Once a suitable lender had been selected, Sally took the legwork out of applying for a pre-approval. This would help improve the couple’s chances of securing a home and give them an estimate of how much they could afford to buy.
Liam and Natasha then started the process of looking at properties and attending home inspections. After finding a house that ticked their boxes, the couple put in an offer on the property which was accepted by the selling agent.
Things had to move quickly to ensure that the couple did not miss out on their home. Sally proceeded to obtain unconditional approval for the loan, but complications with the lender hampered the process.
“[It was] very stressful due to the amount of time the lender took,” Liam says.
“Sally actually diverted our loan to another lender so we could get it across the line in time, which would not have happened if we hadn't gone to a mortgage broker. We would still be waiting for the original bank to review our documents and missed out on our property.”
The couple is grateful Sally helped them successfully get a home loan and managed the issues that nearly jeopardised their plans of home ownership.
“Sally was great in talking us through wait times for banks, and when we needed an approval fast, she was able to get us approved with a different lender – still at a great rate.”
Now successful homeowners, Liam and Natasha advise aspiring first home buyers to save hard and try not to stress too much.
Liam says: “There will always be hiccups, [so] use a mortgage broker – they're free and provide some safety in the process that you wouldn't get with a bank. They have your best interests at heart.”
Purchasing a new home can be both an exciting and daunting process. The Mortgage Choice Mornington team can guide you through the entire process and help find the right home loan for you. Contact us today on 03 5973 4011 or click the Speak to Us button at the top of the page.
