Mortgage Broker Pottsville
Davies Home Loans can help with loans for almost any Australian Property but we like to focus on the QLD Gold Coast and NSW Northern Rivers areas. Sometimes a story about a particular suburb and particular person can help people understand what makes us different.
Buying your first home is a big deal both financially and emotionally. There is the thrill of leaving the rental rat race combined with the daunting future of committing to a home loan. This is where we can help. But how does it all work? And how can our Mortgage Broker Pottsville help you? We think it is easiest to demonstrate this with an example (names have been changed for privacy reasons).
Jack and Jill had been lucky enough to rent a great home in Pottsville for some time, but their landlord had decided to sell. This meant they would need to find another home. The rental agent was smart enough to refer them to us to see if they were in a position to buy and were hopeful that they could buy the home they were renting.
The first problem Jack and Jill faced was that as the sale was unexpected they did not have a deposit saved. This meant a very high loan to value ratio (LVR) and additional mortgage insurer rules to meet. Secondary to this was that Jack had recently had a significant pay rise and the mortgage insurers would not accept this until reflected in an end of financial year payment summary (some 3 months away)
Rather than accept defeat, Davies Home Loans mortgage broker Pottsville put forward a plan where a long finance date and settlement date (4 months). We gained permission from Jack and Jill to be provide full disclosure to the agent and vendor about the finance and put the proposal forward. We were able to back this up with a conditional approval letter from a lender that so long as the deposit was raised and the payment summary received as indicated, all would be OK. All parties accepted. For Jack and Jill this was great news, for the vendor they did not have to stress about having a vacant property and loosing rent until it sold.
Our mortgage broker Pottsville then continued to check on how things were going over the next 4 months, keeping all parties informed.
Whilst on this occasion it is hard to put a dollar amount on what was saved, by slowing things down, we were able to avoid a removal and future rental costs. Jack and Jill were able to get into their own home sooner than expected. Needless to say they were happy to have been introduced to Davies Home Loans’ Pottsville mortgage broker.