With low interest rates, savvy first home buyers are keen to step out of rentals and into their own home. Our lovely couple Jai and Amber are your typical first home buyers. They had been saving for the deposit for some time while renting as well.
Fortunately, they also had a little helping hand from their parents. The couple had been renting a four bedroom home at Morningside owned by Jai’s parents. After spending some time in the house and getting to know the neighbours and the area, they decided to approach their parents about purchasing the property.
But it was not all smooth sailing, as Jai is self-employed and still needed to satisfy the lender that they could meet the repayments.
Julie went through the home loan process and reviewed all documentation to ensure compliance is met. Self employed applicants have to go through a more stringent income verification process than PAYG income earners. Lenders require tax returns for all entities and individuals as well as profit and loss statements and balance sheets for the past two years. Some lenders are still requesting BAS statements to the latest quarter due yo COVID-19. The process is complex and time consuming for all involved. Jai was so eager to meet the requirements that he provided all documentation to satisfy the lender quickly, so Julie could process it on his behalf.
With contacts signed, and all documentation gathered, Julie was ready to go with the application. She was able to find the right home loan prouducts for the couple with Macquarie Bank.
With Julie’s help, Jai and Amber were able to split their loan into fixed and variable interest rates, so they could take advantage of current conditions.
As first home buyers, the couple also saved on stamp duty which was a huge advantage.
Please join us in congratulating Jai and Amber on their successful loan application, and new life as home owners.
If you are self-employed and seeking finance, our team have plenty of experience to help you with your finance for both residential and commercial loans.
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