Our client was a young family looking to buy their dream home. Before they came to Rise High, they had been running around to different banks trying to get finance for a beautiful home they had found that they wanted to buy. They weren’t having any luck, the banks were telling them no.
It was a very stressful time for them. They could afford to buy the home; it was well within their means but due to some employment changes their situation didn’t fit within some banks policies.
Luckily one of their friends referred them to Rise High. Our broker James caught up with the clients quickly knowing that there was a really short time frame for them where they needed to be able to get finance improved. Otherwise, the real estate agent was threatening to terminate the contract.
James was able to work with them and help them to find a solution quickly and within a few days. The loan application was ready to submit and was eventually approved.
Our clients were relieved. It had been a rollercoaster ride for them. When we met them, they were quite stressed because they had been looking for ages and finally found the house that they wanted to buy but couldn’t get the finance.
James was able to reassure them that he was confident he could make it work. And from there, they became a bit more positive, and then once we got that approval, they were just over the moon with excitement.
The takeaway from this story is don’t necessarily take “No” from the bank as the answer. It’s really important to get the advice of a really good mortgage broker to ensure that you are looking at all of your financial options because you may be able to afford the loan, but a little technicality in your situation might affect your ability to get a home loan, construction loan or investment loan approved. Ifn the case you do happen to have an existing loan, factors can often impact what your bank perceives to be your borrowing capacity negatively, affecting your ability to refinance your existing loan.
So if you do have a dream that you are trying to achieve, maybe it’s your dream home, like our clients, make sure you check in with us to see what is possible and given that we’ve both got access to over 70 lenders, we do have access to products and policies that are outside of what you’d be familiar with, and can also provide guidance on unexpected costs including Lenders Mortgage Insurance (LMI), Stamp Duty, and so much more! Contact us today.