There are many paths to successfully financing a property purchase. Recently, we helped a young couple, who had nearly given up hope, realise their dream.

If at first you don’t succeed, ask more questions. That’s our motto, we don’t let a history of refusals stand in the way of securing the right loan.

Recently, Matt and Julia Williams*, who were keen to buy their first home but had had their loan application rejected twice already, were referred to us.

“They didn’t think they had a chance of getting the amount they wanted, and I wasn’t sure I could get them approval either, but I started asking questions,” says Preben from our Newcastle office.

“It’s not enough to gather only the information required to submit an application; it’s important mortgage advisors know what borrowers’ plans for the future are, whether they plan to renovate or rebuild, for example, and what their background is.”

Preben discovered, through his thorough work, that Julia’s parents were open to the idea of a helping their daughter and her partner by acting as guarantor, using the equity in their own home.

“This started a whole new way of helping Matt and Julia get the loan they required,” Preben says. “And there was another benefit that came out of this: it showed the parents that their own mortgage was not structured ideally for their financial situation.”

After discussions with both parties, he was able to organise a situation in which both the Williams’s and Julia’s parents got the results they wanted.

Preben recommends that any potential borrowers considering this kind of arrangement speak to an MFAA Approved Mortgage Advisor like Vision Property & Finance. With our knowledge of the industry and a wide range of lenders and products, Matt and Julia’s property dreams were realised, and Julia’s parents were able to restructure their own mortgage.

Just as importantly, both parties went into the arrangement with a thorough understanding of the conditions and exit strategies, so there are no surprises in store.

Vision Property & Finance mortgage advisor can help you overcome hurdles to realise your property dreams.

*Client names have been changed

 

Article first appeared in MFAA

 

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