Getting a home loan approved has been tougher these days especially when you got yourself on quite a different situation like Dan and his wife.
Dan and his wife live with their parents. They were expecting their first child, so he wants to buy a home. They have a ten per cent deposit saved and don’t need a fancy home loan, just something basic.
Dan is a self-employed painter/decorator, and his wife is a nurse at the local hospital.
They went to a bank that turned them down as Dan’s wife was going on maternity leave for six months. Although she was getting paid during the maternity leave, the lender would only accept 50% of this income, therefore they couldn’t show enough income to support the loan. Also, Dan is self-employed and had been receiving Jobkeeper payments.
I looked for various options best suited for Dan’s situation and also worked with the lenders in getting specific documentation for the loan. We kept Dan updated throughout the loan process which he appreciated.
The result – his loan was approved and they were able to buy their new home.
Dan and his wife are excited to start afresh in their new home and with their new family member.
Note: Client’s name intentionally changed for privacy reasons. Image is for illustration purposes only.