This month, we saw a couple that are self-employed and were struggling to get finance for their first home. As first home buyers, they opted for a specific type of loan for applicants with low deposits, however due to the complexity of their business structure, the lender would not grant them the finance that they needed.
The client sought our help after realising they needed a new approach and we sat down with them and reviewed their financial situation and the options that they had available. We then spoke to their parents who offered to help supplement their deposit, and thus other options became available for the couple.
After comparing dozens of lenders, we found a lender that offered a flexible policy for clients with low genuine savings. This loan product is suitable for those who have been living in rented accommodation through a licensed agent and meet their obligations without incident for a minimum of six months. Our clients met all of the requirements and their application was lodged.
Again, due to the complexity of the first home buyers’ business set up, the lender’s first reaction was to decline the application. As you can image, the clients were devastated. However, due to our relationship with the lender and showing them clearly the business’ finances, the clients now have an approved home loan.
Our clients are looking forward to moving into their first home and no longer paying rent, but working towards paying off their mortgage and building equity in their own home.
If you or someone you know is self-employed or a first home buyer with a low deposit, tell them to get in touch with us today and we can review their options to help find the most suitable loan product to get them approved and into their first home.