Working with Orium

Our team guided Conor through the whole home loan process. Since Conor works as a chartered account, this meant that he was able to borrow more without having to pay lenders mortgage insurance (LMI). We reviewed all the current offerings within this space and were able to find the most suitable funder that best suited Conor’s situation. Along with this we were able to assist Conor with reducing other unnecessary liabilities to help reduce his costs and in turn help increase his maximum borrowing amount.

“Because I’m a chartered accountant we get a professional loan which meant we could pay a 10% deposit without having to pay lenders mortgage insurance (LMI). We also ended up being able to purchase a much better house than we originally thought”.

“I knew these professional loans existed but I didn’t actually think that we were able to get one because most banks need you to be earning a joint minimum income. Whereas Commbank didn’t have that limit so that’s why we were able to go ahead with it.”

“We wouldn’t have been able to get a chartered account loan deal through other banks so it was really helpful to have Orium to find the right bank for us (Commbank) that would service our loan”.

“We had a pretty quick settlement where we settled in about 15 days. During this I was on the phone to Nick 6 times a day which was really helpful as he was always available. There were things in our formal approval that had issues. We had to get some credit cards cancelled and some of them were still showing up on our credit history, so Nick was able to deal with the banks on our behalf and sort these issues out.”

To get the desired loan amount for Conor we had to minimise his current credit card limits by reducing some and closing others. Unfortunately, some providers make this difficult when accounts are changed, upgraded or haven’t been used in some time. We had to work closely with the credit team seeking exceptions where necessary with the limited evidence provided to get the loan approved.

“We had a pre-approval and then my partner changed jobs, which the bank doesn’t particularly like. We were thinking that we’d have to wait another 3 months for payslips to be approved, but Nick was able to work around this problem and liaise with the banks so the process only took 4 weeks compared to 3 months.”

The Outcome

Conor and his partner ended up purchasing a house in Canberra, which they now live in. This purchase is a great step in their property journey, plus this will give them some options down the line such as purchasing an investment property or upgrading their home.

“I wanted to use the money that was sitting in the bank and put it into something that would appreciate in value – so the purchase is definitely a stepping stone and investment for my future.”

“I’m on a 5 year plan so I will figure out what my best options down the track with the help from Orium. It’s great to know that I can go back to working with Orium on strategizing what my next 3 years will look like whilst also ensuring I’m getting the best interest rates. If I were to do it on my own I might forget to stay on top of getting the best deals”.