Max and Louise
Guarantor Home Loans
Max and Louise were looking to buy their first home but did not have enough savings to be able to make a 20% deposit for a home loan due to their young age and the costs of going through University.
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Max and Louise – Guarantor Home Loans
Our proposal
After having discussed different ways they could approach getting a home loan, we decided that due to their strong relationship with Max’s parents, a guarantor home loan would be a safe and logical option for the young couple. The benefits for Max and Louise were that by getting a guarantor home loan, they did not have to pay Lenders Mortgage Insurance (LMI), which meant they could focus on making their loan repayments. Further, their lender was reassured that mortgage repayments would be covered as they could demonstrate a clear commitment to their existing loan facilities and rent paid previously, that the lender was happy to approve their loan.
The result
The outcome for Max and Louise was that they could get into the property market and have their own place to call home far sooner without having to save a large sum of money and risk not being able to get into the property market. Furthermore, the savings on Lenders Mortgage Insurance (LMI) was significant (around $15,000) which meant they didn’t have to fund this or add to their mortgage giving them a better and lower mortgage repayment.
Andrew Mirams
Andrew Mirams is the Managing Director of Intuitive Finance and is a highly qualified mortgage advisor who holds dual diplomas in Financial Planning (Financial Services) and Banking and Finance (Mortgage Broking). Andrew’s expertise covers all aspects of lending for a diverse range of applications – from first home buyer loans or property upgrader loans, property investor loans, expatriates and loans for self-employed. With almost 30 years of experience, Andrew has been acknowledged by the mortgage industry as one of its best performers with multiple awards including regularly featuring in both the top 100 mortgage brokers list and Top 50 Elite business writers. Andrew was voted Victoria's favourite Mortgage Broker at the 2015 Investors Choice Awards, and won again for the same category at the 2017 Better Business Awards. The team at Intuitive Finance has also figured prominently by winning the 2016 "Best Independent Office (<5 brokers)" and "Best customer Service" Awards, and more recently at the 2017 MFAA National Awards, they also took out the "Best Customer Service" Award, a recognition which speaks for itself! Visit Intuitive Finance for more information.
