Home Loan Rate Reduction Success Plus $200K Cash Out During Coronavirus Pandemic

Mortgage Corp helped two home owners refinance to significantly reduce mortgage rate and secure $200,000 Cash

Client Background

Full time professionals, had their house for a few years

Objectives:

Secure a lower home loan rate
Get $200K cash out

Challenges:

Two banks already said “no” to $200k cash out

Solutions:

Identified two lenders that would give them the cash and also offer a low interest rate.

Get A Glimpse Of Neil’s Process

“I first did a proper pre assessment to verify their income and liabilities to make sure they are eligible for refinancing.”

“I then did a property report on their home to get an estimate of the house value, so I had a good idea of their equity, and the LVR (whether it’s above or under 70%, 80%).”

“After that, I was able to narrow down 2 lenders, with one lender offering multiple offset accounts while the other didn’t.”

“I explained the benefits of having multiple offsets (i.e: husband and wife and children, each can open separate offset accounts if needed, all within one bank, with no extra fees, any money sitting in any of the offset accounts will reduce the interest on the home loan). “

“Clients chose the lender that offered the multiple offset option.”

Results:

✅ Loan was approved within a month

✅ Interest rate was reduced significantly

✅ Got the $200,000 they really needed!

✅ Neil also put buffers in place so they had enough money in the bank for emergencies.

All of these were done remotely during this special time.

Not All Mortgage Brokers Are The Same

Wondering why the other two banks couldn’t give them the $200k cashout after 3 months of back and forth, while Neil got it within a month, especially under the current challenging situation where most loans are significantly delayed or declined due to smaller number of bank staff working (remotely) and outsourced overseas call centre shut down

This is where experience comes in.

With over 15 years of mortgage experience and hundreds of millions in successfully settled loans, Neil knows each lenders’ products, policies and people intimately to get things done effectively and efficiently.

In addition, he also makes things easy for the bank credit managers when he submits applications.

Since everything is there in the right order, the bank credit manager only needs to go, “tick tick tick, stamp, approved”!

Plan And Prepare For The Unexpected

To find out how to not only save money but also get prepared for the economic uncertainty, and plan for future investment opportunities when they arise.

With over 15 years of mortgage experience and hundreds of millions of successfully settled loans, Neil knows the lenders’ products, policies and people intimately to get things done effectively and efficiently.

Book A Free Mortgage Review and Planning Consultation With Elite Mortgage Broker Neil Carstairs

Home Loan Application -What To Expect During This Usual Time

1️⃣ With the unprecedented rate drops and coronavirus pandemic , you need to make sure you have all the docs in the right place otherwise, you’ll have major delays that can take months or worse case, your loan gets declined.

As you may know, a lot of banks have outsource to the Philippines, now they’re in lockdown, a lot of pressure is now put back on the Australian staff, which as we know, banks have cut down on staff over the years, they’re working from home under pressure.

Applications can take up to 30 days before they even get assessed. Valuations can get dragged out too.

We’ve had many clients coming to us because their loans got delayed for months due to docs not supplied in full at the start.

2️⃣During this unusual time, banks will scrutinise borrowers more to make sure you’re still employed. They may ask you to supply bank statements or ask your employer to supply a letter. If you’re a property investor, this means banks will need to see that your rental income hasn’t changed.

3️⃣ If you’re looking at buying an investment property, you need to make sure you look for investment properties that you’re going to get tenants in and make sure the tenants will have his or her job and will be able to pay rent because under the current law, you can’t evict them if they can’t pay rent. You’ll still need to pay your mortgage.

Not fair, we know but new laws are coming out everyday, so things can change any day anyway, just need to keep on top of it, or work with someone like Neil, who’s on top of all the changes.

To make sure you get everything right the first time without suffering from the loss of money, time, opportunities, sleep … we invite you to book an Obligation Free Loan Strategy Consultation with Neil today.

Book A Free Loan Strategy Consultation

About Neil Carstairs

Neil Carstairs is a multi-award winning Hall of Fame Elite Mortgage Broker with consistent 5 star client reviews.

✅Neil has been helping property buyers achieve their dreams over the last 10 years with hundreds of millions of successfully settled loans

✅Neil is known for his strategic approach to complex lending and ability to reach fast, successful outcomes for property buyers where other mortgage brokers and lenders could not.

✍Here is just a small sample of what property investors and home buyers have said about Neil Carstairs 😇😇

👍👍HE KNOWS HIS STUFF👍👍

“We had the pleasure of meeting with Neil & his team who made the purchase of our first home so easy.

Despite working with a large financial institution and receiving staff perks, I went to Neil because he knows what he’s doing. He cleared all the irrelevant information we were given previously and showed us how we can purchase now. Something that a number of lenders failed to do. On top of that, he picks up his phone. Thank you Neil, Doug and the team for helping us get our foot in the door. We appreciate your awesome work!” GIANG

💕HAVE MY BEST INTEREST AT HEART💕

“Neil made the idea of an investment property purchase easy. He guided me through the whole process and made it clear that if it is not in my best interest or financially possible to look at a property he would not push the issue. Now I have the opportunity to purchase one, it gives me confidence to continue to look at different areas to start my portfolio.Thanks to everyone at Mortgage Corp.” MATT

👍👍TOP NOTCH 👍👍

“My partner and I bought our first property through Neil at Mortgage Corp. His service was top notch and virtually pulled a rabbit out of a hat to help us secure our first loan. He responded extremely quickly to emails and calls and was generous with his time for our endless questions! I can’t recommend Neil and Mortgage Corp enough, we will definitely come back for our next loan. Also, thanks for the picnic backpack, we’ve used it heaps”. Carly

👍👍TRUSTWORTHY 👍👍

“Neil at Mortgage Corp is reliable and efficient. He has been our broker for a few years and we continue to rely on him and would highly recommend him. Neil is trustworthy and he makes the process seamless, always contactable and professional. Always happy to deal with him.” Diana

👍👍💯Best Broker in the business👍👍

“I first contacted Neil July last year after being turned down by a few mortgage brokers as my name was on another mortgage which I co buy with my brother as the house was only a few months old and I’ve been told that no bank would lend me any money. I filled out the form at mortgage Corp and Neil made contact with me the next day. I explain my situation and Neil told me that I’m screwed but he can help me remove my name from the other loan even though it was only a few months old so I can buy a property. Almost 7 months later and I moved in to my property last Friday and also Neil refinance my brother and sister in laws loan and got the A even better deal so win win situation. If it wasn’t for Neil I wouldn’t be able to buy any time soon. I can’t recommend Neil and Doug at mortgage Corp enough. The service was next to none thank you Neil you’re a legend.” Maui

💝FANTASTIC MORTGAGE BROKER WHO GOES ABOVE AND BEYOND💝

“We cannot thank Neil enough for the service that he provided when we were purchasing our property. Neil was absolutely amazing throughout the whole process. Neil went above and beyond to provide us with exceptional advice, always making us feel like we were his only client. We would highly recommend Neil to anyone wanting professional advice when choosing a Mortgage. Thank you Neil it was an absolute pleasure working with you.” Molly