Dont give up on the Dream of buying your own home!
There are many paths to successfully financing a property purchase.
A Zobel Credit Adviser will keep asking questions
Recently, an MFAA-accredited Zobel credit adviser 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 the motto of the Zobel credit adviser, who doesn’t let a history of refusals stand in the way of securing the right loan.
Recently, Robert and Sarah*, who were keen to buy their first home but had had their loan application rejected twice already, were referred to their local Zobel Office.
“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 the credit adviser.
“It’s not enough to gather only the information required to submit an application; it’s important for us as credit advisers to know what borrowers’ plans for the future are, whether they plan to renovate or rebuild, for example, and what their background is. We like to see the whole picture”
Through thorough work it was discovered that Sarah’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 Robert and Sarah get the loan they required,” the credit adviser 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 Robert and Sarah and Sarah’s parents got the results they wanted.
Any potential borrowers considering this kind of arrangement should speak to an MFAA Approved Zobel Credit Adviser. With extensive knowledge of the industry and access to a wide range of lenders and products, Robert and Sarah’s property dreams were realised, and Sarah’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.
Zobel Mortgage Brokers are MFAA Accredited Credit Advisers and can help you overcome hurdles to realise your property dreams.
*Client names have been changed