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Sam and Amy – No Deposit Home Loan

Max and Louise – Guarantor Home Loans
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Sam and Amy

No Deposit Home Loan

Sam and Amy were long term renters who were ready to finally purchase their own home. Due to the cost of rent that they were paying off monthly, as well as their everyday living expenses, they found it hard to save enough for a 20% deposit for a home loan.

Our proposal

After sitting down with Sam and Amy to discuss possible ways they could attain a home loan, we decided that due to their ability to consistently pay their rent on time, we would be able to show their lender that they will be able to meet the deposit requirements of a Guarantor Home Loan. Amy’s auntie was happy to guarantee the loan and by proving both the consistent ability to meet repayments and having Amy’s auntie offer up the equity on her home as collateral, (should Sam and Amy have not been able to meet a repayment), their lender felt safe and happy to offer a loan with effectively no deposit, along with Sam and Amy getting First Home Buyer incentives such as a fixed rate for the first 12 months of their loan.

The result

The outcome for Sam and Amy was that due to the evidence of consistently paying rent on time, they were able to get a home loan, with the help of a family member guaranteeing the loan and finally have a place to call their own. In addition, they avoided the process of trying to save up a 20% deposit whilst paying their rent – which ultimately saved them from the stress and pressure of worrying when their next pay checks were coming in. Furthermore, Sam and Amy avoided the cost of mortgage insurance by using a family guarantee loan, which overall was a great result for them.

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Andrew Mirams

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.
Andrew Mirams