Borrowing with partner
Pre-approval for new home purchase
Fred – 33, Panania, Sydney
- Moved back to Australia from Dubai in 2020
- Wanted to purchase their first home and set up for family
- Needed to finance their wedding
- Purchased property in Panania and used the St George first home buyer LMI special which meant they only had to put 15% deposit into the purchase
- Saved approximately $11k in lender mortgage insurance fees
Challenges and concerns
Fred and his partner knew they wanted to purchase a home. They also had a wedding coming up and wanted to eventually start a family, so they needed to ensure they had the finances to do so. They started looking at properties in August 2021, which at this point they had already spoken to two different brokers.
“The brokers I worked with before Orium weren’t great. I found myself having to chase them up 3-4 times before they’d get back to me. They were quite busy, but so were Orium – and they still made the time for me. The other mortgage brokers also charged a fee, whereas Orium don’t charge a fee as they get paid by the bank. So my cousin suggested I reach out to Orium because he had a really positive experience purchasing a property with them.”
“Before reaching out to Orium I was a bit hesitant as I didn’t have the best experience with previous brokers. However, Orium ended up being really patient, easy going and understanding of my situation. If I had stuck with the previous brokers, I feel as though I wouldn’t have purchased a home by now”.
Working with Orium
Due to Fred and his wife being first home buyers, we were able to educate and take them through every step of the process, answering any questions that they had.
“When I started working with Nick at Orium, he advised that we should work out how much we could borrow first, before looking at all these properties that we might not be able to afford.”
We laid out all the loan options to Fred including family security guarantor and the special LVR 85% $1 LMI product. This allowed Fred to see all the options and when it came to finalising his loan size and product, he was able to select the finance option which best suited his situation.
We work with clients prior to loan submission to ensure they know what is involved in the whole loan process. This includes detailed explanations of how a loan works and is calculated, the costs involved, and also the time frame and steps involved throughout the process. Sometimes a client is not ready to submit but we will start the process early to ensure that no time is lost once they are in a position to apply.
“I started a new job back in May, so I needed a couple months worth of payslips so I couldn’t get a loan as of yet. To get ahead Orium requested forms and got to know my situation and laid out all the different loan options with four different banks. That’s the thing with brokers, they think best for you and ensure you’re getting the best loan possible. If I were to go straight to the bank they would just think about themselves.”
Fred and his partner ended up purchasing a duplex in Panania only three months after they began looking. This purchase is a great step in their housing journey and has set them up to start a family. It also gives them the option down the line to purchase an investment property or upgrade their home.
We were able to structure the loan so that Fred and his partner could borrow 85% of the purchase price with only a $1 lenders mortgage insurance charge (normally approx. $11k). This meant that they only had to contribute a 15% deposit (plus costs) to the purchase instead of the 20% deposit (plus costs) in order to avoid paying lenders mortgage insurance (LMI). Borrowing the extra 5% meant they were able to save extra cash to put towards their wedding.
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“Nick alleviated all the doubts and concerns we had throughout the process and was always available for calls and emails. I had so many questions as I’m so new to this and he was able to answer everything. I know so much more about the property market and the banks after working with Nick”.
Hear from Fred
“Best decision was to go with a broker. I was able to ask so many questions which are always answered. They always have your best interest, whereas the bank doesn’t. They have the extensive knowledge, they’re efficient and patient.”
Hear from Fred
“What surprised me about the process was that I thought it would be much more complex, but it actually turned out to be quite easy. Working with Nick was great as I was able to get things to him quickly which he then was able to get to the banks really quickly too.”
Hear from Fred
“I am still in touch with Nick and will work with him if we are to refinance or purchase another property. I’ve also referred Orium to some friends”.
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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