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Debbie, NSW First home buyer

Borrowing type:

Individual borrowing

Borrowing structure:

Pre-approval for new home purchase

Finance partner:

Debbie – 45, Turrella, NSW

  • Migrated from the UK
  • Needed a pre-approval to purchase her first home
  • Wanted to invest her money into property and not pay rent
  • Was referred to Orium by her financial planner

Results

  • Located a bank that was happy to lend for her specific property
  • Arranged a pre-approval
  • Assisted Debbie through settlement process

Challenges and concerns

Debbie was working with a financial planner and was tossing up between purchasing an investment property and renting elsewhere, or purchasing a home to live in. She decided to purchase an apartment to live in as she wanted her own home and something she could potentially renovate in the future.

“I don’t have family here so I had no one with experience in the Australian property market to guide me. So I knew that working with a mortgage broker was definitely an easier way to apply for the loan. If I had gone straight to the bank I would have felt quite lost”

Working with Orium

Our team guided Debbie through the whole home loan process including helping her understand how to find and purchase a property, plus what else would be needed along the way.

“Every time I had a question I’d go straight to Orium and they would always come back with an answer which I found really helpful especially as a first time buyer. I like to ask a lot of questions and understand what is going on and Nick was really accommodating and patient with everything.”

“There was a situation where some banks rejected my loan approval because they were already funding numerous apartments in my apartment block. So Orium had to find a bank that would provide a mortgage. They were really accommodating throughout this whole process even up until the very end. The mortgage was originally going to be with Westpac, however we decided to go with Commbank due to their flexibility and rate.”

Whilst going through the purchase process we helped Debbie understand the need for a solicitor and how they can form a vital part of the purchase process.

“Being a first home buyer I wasn’t entirely familiar with the whole process. Orium made sure I understood the process and covered everything that I needed to. For example, they put me in contact with a conveyancer, which I didn’t actually know I needed!”

The Outcome

Debbie ended up purchasing an apartment in Sydney, which she moved into. This purchase is a great step in her housing journey, plus this will give her some options down the line such as purchasing an investment property or upgrading her 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 are to do then with the help from Orium. Its great to know I can just 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 deal”.

Find out how we can help you

Hear from Debbie

“I’d definitely suggest reaching out to a mortgage broker because there are a lot of unknowns along the way that the bank cannot answer for you. As a first home buyer you don’t know what the unknowns are and a mortgage broker can take you through every step and help you avoid an problems such as making sure to have a conveyancer.”

Hear from Debbie

“Working with Nick and the Orium team was just so easy and even when we had issues, they managed them for me. I was very pleased with the outcome”.

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

We look forward to hearing from you – please enter your details and we’ll be in touch shortly