How A First Home Buyer Saved $20,000, Got Loan Approved Within One Week And Recovered $4500 Fee

Mortgage Corp Helped A First Home Buyer Get His Home Loan In 1 Week [When His Previous Broker Couldn’t In 3 Months]

Summary

Mortgage Corp helped a first home buyer, a young doctor

save $20,000 in lenders mortgage insurance with a family guarantee loan,
get the home loan approved within one week after submission,
recover $4500 paid to the other mortgage broker

and we didn’t charge this home buyer a thing for getting the loan.

Objectives

Fulfil the Great Australian dream of homeownership

Challenges

This first home buyer had a lot of debt including car loans, credit cards, and store cards that cost him roughly $4,000 each month in interest
The previous mortgage broker he used couldn’t get a loan in 3 months

Solutions:

Use the $80K savings this home buyer has in the bank to pay off the credit cards, car loans, and store cards.
Use a family guarantee to borrow 100%, no deposit required. This alone saved Tim nearly $20,000 in lenders mortgage insurance fees.

Results

The loan was approved within a week once we submitted all the documents
Saved $20,000 in mortgage insurance thanks to a family guarantee

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First Home Loan Success With Family Guarantee

First Home Buyer’s Heartbroken Story

A young, busy doctor, let’s call him Tim for privacy reasons.

As a first home buyer, Tim had saved diligently and had $80,000 ready for a deposit. However, he also had a lot of debt including car loans, credit cards, and store cards that cost him roughly more than $4,000 each month, and that was only paying the interest on the credit cards.

You may be wondering “Why would he have $80K sitting in the bank, while paying $4K interest and repayments?”

Well, like most first-time buyers, Tim was under the impression that to buy a house, you needed a 20% deposit. Don’t laugh, we’ve come across a lot of first time home buyers who don’t have the correct information when it comes to purchasing a property.

As a busy doctor, Tim didn’t spend a lot of time researching or shopping around. We can guarantee that Tim isn’t the only Australian jumping into the market unprepared either!

Now, Tim spoke to a mortgage broker and asked how much it would cost to get a loan. The broker said $5,000 and Tim paid for it, trusting that the broker would be able to get a loan for him.

Soon Tim found the house he’d been dreaming of. He signed the contract and paid the deposit. Three months later, Tim unfortunately realised that mortgage broker couldn’t get him the loan.

Tim was forced to extend the settlement a few times as the mortgage broker fumbled. The broker kept asking Tim to send him more documents and Tim was frustrated each time he received another request for paperwork. “Why wouldn’t you ask me to send them all in one go,” he thought.

In the end, after a few finance extensions, the vendor finally had enough and the sale fell through.

Tim lost his dream home and was absolutely shattered.

Despite this heart-breaking loss, Tim still wanted to have his own home.

The Turning Point

Finally, Tim’s luck changed as his colleague, a surgeon, suggested he talk to Neil Carstairs, a Mortgage Corp loan strategist, a Hall of Fame, elite mortgage broker.

“The most comforting call I’ve ever had,” said Tim. After that call, he instantly booked a face-to-face loan strategy session with Neil.

During the loan strategy session, Neil discovered that Tim’s situation was actually very complicated, which explained why the other mortgage broker couldn’t get him a loan after three months and wanted to charge him $5000.

But Neil is always up for a challenge. After carefully reviewing Tim’s situation and exploring all possibilities, Neil found out Tim’s parents owned a couple properties and was keen to help him get a foot into the property market.

The Strategic Home Loan Plan

After confirming with Tim’s mum, Neil came up with a plan:

Use the $80K savings to pay off the credit cards, car loans, and store cards.
Use a family guarantee to borrow 100%, no deposit required. This alone saved Tim nearly $20,000 in lenders mortgage insurance fees. If you don’t know how family guarantee works, check out this video.
Neil packaged the loan to show the bank that Tim now had no loans or debts to service, just the new proposed home loan.

The Results

Tim did what Neil asked him to do, and followed our processes, giving us all the documents Neil requested. We then submitted the application and within a week, the loan was approved with a reduced interest rate, thanks to the family guarantee.

Now you may say, “I haven’t got parents who will be my guarantor” or “I’m not a doctor”.

Well, the truth is that everyone’s situation is different. You might have more or less savings, you might have more or less debts, the point is with Neil you can find a solution. With 15 years of helping property buyers with millions of successfully settled loans, Neil has helped many property buyers with a wide variety of circumstances and he always finds a way.

P.S. With Tim’s previous liabilities (the $4,000 per month debt repayments), he wouldn’t be able to get a loan.

Happy Ending

Once Tim paid off his bad debts, he rang Neil and said “I can actually save more than $4000 a month now, such a big relief.”

After that, Neil used his software and found out the previous mortgage broker hadn’t even done any credit enquiries and hadn’t submitted the loan to any lender. He told Tim what he should say to the other broker in order to get his $5000 back.

In the end, the other broker agreed to pay back $4500 to Tim but wanted to keep $500 as he did spend time trying to get the loan application prepared. Tim was happy to get $4500 back and didn’t want to pursue it further.

Now, to recap.

Neil helped this home buyer:

Get back a $4500 fee from his first broker.
Get his loan approved within a week, when the other broker couldn’t after 3 months.
Saved him time (remember time is very valuable to Tim with his profession).
Saved him the stress of not being able to settle or buy a property.

Note: Sometimes, things may not happen straight away, but we’ll always have a solution and plan for you to succeed. As long as you’re willing to follow our process, then we can help get you the property of your dreams.

Looking to invest, refinance, or just want to know how much money, stress, and time we can save you?

Request A Free Loan Strategy Session

We’ll customise a solution, and explain why and how it’ll work for you STEP BY STEP!

About Neil Carstairs

Neil Carstairs is a multi-award winning Hall of Fame Elite Mortgage Broker

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

MORTGAGE BROKER WITH A DIFFERENCE

“Neil Carstairs of Mortgage Corp is not only a first class mortgage broker, they are also a business well up with the modern times & can easily say that their service, knowledge, expertise & genuine ‘time for you’ attitude is second to none.

Myself & my wife have been on the hunt for a decent mortgage broker for 5 years after being through a few. We hold multiple properties so obtaining the right finance & a broker that 100% understands our financial setup is crucial to us.

We felt Neil never tried to sell us anything, gave us great advice, communicated A1 & worked with us in making the right decisions.

We are now not only in a better cash flow position but as well able to make some dream additions to our family home.

Highly recommend Neil & can confidently say that he exceeded our expectations. ” LEE

THANK YOU NEIL FOR HELPING WITH OUR COMPLICATED LOANS

“As multiple properties investors and self-employed business owners, we knew our loans were sophisticated. Neil Carstairs from Mortgage Corp has deep knowledge and many years’ experience to accommodate the complexity of our loans. In order to optimise the outcome for us, he patiently considered many factors and compared multiple options for us. His service was professional and highly ethical. Highly recommend Neil and Mortgage Corp! ” – CONG

INFORMATIVE, PROMPT AND HAPPY TO HELP

“In the aggressive real estate market where new buyers are often lost and unsure, Neil was a breath of fresh air. He was generous with his time in explaining our options as well as keeping us informed of the process once things were underway. Neil’s experience meant we could rely on him to find the best product as well as let us know what to expect at each step. He was able to anticipate all the needs of the banks and the legal teams meaning our mortgage was perfectly teed up going into settlement. Bravo and thank you!” K van Leest

FANTASTIC MORTGAGE BROKER, HIGHLY RECOMMEND

“Fantastic service from Neil and his Mortgage Corp team.

As an investor and having used other mortgage brokering services previously I have found Neil’s service to be exemplary, the communication and honesty from the very start has made our latest purchase and refinance a satisfying experience.

Neil’s knowledge allowed us with multiple mortgages to secure another investment property and reduce all of our mortgages to save us money across all our loans.

What seemed to be too hard for other brokers was right in Neil’s wheelhouse and we got exactly what we were after.

Thanks again Neil for the great work, look forward to dealing with you again on our next venture”. JEREMY

PROBLEM SOLVERS

“The team at Mortgage Corp are fabulous problem solvers. Their support, service and expertise is second to none. I cannot recommend them highly enough. We would not be where we are today without them. Both myself and my family cannot thank them enough. Special thanks to Neil and Doug who pulled out all the stops to ensure we were happy.” RACHEL

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

Neil’s Da man!

“Right from the onset, Neil was engaging and straight forward with his knowledge sharing and recommendations. Neil has the right contacts to make things happen quickly and seamlessly. Very responsive and to the point when you require assistance. We look forward to partnering with him again.”

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