Borrowing with partner
Pre-approval for new home purchase
Conor – 28, Canberra, ACT
- Needed a pre-approval to purchase first home
- Chartered accountant
- Referred through his work
- Received a quick pre-approval for their first home loan with Commbank
- Under the professionals package only needed a 10% deposit without requiring lenders mortgage insurance (LMI)
- Requiring less of a deposit meant Conor was able to maximise his borrowing capacity and purchase his long-term house
Challenges and concerns
Conor and his partner wanted to purchase their first home in Canberra, but wanted to get into the property market sooner rather than later. They reached out to us to get a pre-approval on a loan.
“We do business with Orium through my work and saw how well they dealt with our clients, so it was a no brainer to start working with them”.
“My partner and I thought there would be numerous things that would act as a barrier to being able to buy a house quickly – which didn’t end up being an issue thanks to Orium. Firstly, we didn’t have any savings in our bank account. I had colleagues that had to wait three months to get approvals on their loans from the bank as it took them a while to recognise their savings.”
“We thought this was going to take ages, however, Orium was able to make everything run smoothly for us and get approvals in a much shorter time frame”.
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.”
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.
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“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”.
Hear from Conor
“Working with Orium meant that we were able to buy a house that we originally couldn’t afford in a much quicker time frame”.
Hear from Conor
“I was calling Nick multiple times a day during the approval process and he was always there to give us a hand and tell us what to do, helping us through every step. It was really good customer service from him. We had no idea what we were doing so he helped us understand the process and made it so much easier”.
Hear from Conor
“In the future we hope to refinance with Orium once the market has gone up to assist with the purchase of another home.”
Hear from Conor
“Advice I’d give to anyone is to just get in contact with a broker”.
Speak to our team today to see how you can achieve your financial goals.
One of our mortgage brokers will contact you to discuss the following:
- Get to know your financial objectives
- Help you to understand your borrowing capacity
- Take you through how we can assist you with your finances
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