First home buying with a lower deposit
Max and Louise were looking to buy their first home, but as a young couple going through university, they didn’t have enough savings to be able to make the 20% deposit for a home loan.
Max and Louise – Guarantor Home Loans
Establish a guarantor home loan
Avoidance of having to pay Lenders Mortgage Insurance
Purchase of a property with lower mortgage repayment
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 additional loan repayments given their lower costs. Furthermore, 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, meaning that the lender was happy to approve their loan.
The Outcome
Max and Louise were able to get into the property market far sooner and have their own place to call home without having to save a large sum of money. Furthermore, the savings on Lenders Mortgage Insurance (LMI) was significant at around $15,000, giving them a better and lower mortgage repayment.
Andrew Mirams is the Founder and Managing Director of Intuitive Finance, a highly respected and multi-award winning Mortgage Brokerage dealing
with clients all over Australia and around the world. Andrew has over 30 year’s experience in the finance industry and has assisted clients to secure over $2 Billion in mortgage lending over his time. Intuitive Finance deals with all aspects of lending from helping first homebuyers, someone wanting to upgrade their home or starting out and experienced investors looking to secure that next investment property, we can assist with all those requirements. We also specialise in working with self-employed clients and getting them the best outcomes, along with Commercial and Asset finance solutions. Intuitive Finance is highly regarded in the industry and has been recognised as a national winner of the MFAA customer service award and also one of the finance industry’s top mortgage employers. Our brokers also feature regularly in the Top 100 mortgage brokers list in Australia.
with clients all over Australia and around the world. Andrew has over 30 year’s experience in the finance industry and has assisted clients to secure over $2 Billion in mortgage lending over his time. Intuitive Finance deals with all aspects of lending from helping first homebuyers, someone wanting to upgrade their home or starting out and experienced investors looking to secure that next investment property, we can assist with all those requirements. We also specialise in working with self-employed clients and getting them the best outcomes, along with Commercial and Asset finance solutions. Intuitive Finance is highly regarded in the industry and has been recognised as a national winner of the MFAA customer service award and also one of the finance industry’s top mortgage employers. Our brokers also feature regularly in the Top 100 mortgage brokers list in Australia.
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