After being turned away by their bank and denied assistance by a number of other mortgage brokers, a couple approached the team at Mint Equity, who successfully helped them to secure a $38,400 home loan.
Zac Peteh, Director of Mint Equity, said that the couple had been struggling to make ends meet following a serious workplace accident which saw the wife become a full-time carer to her husband.
“With three young children and a very limited income, they were determined to build a future for their family and made the decision to move inland just west of Dubbo, where they found a home valued at $48,000,” said Zac.
“After being declined by their bank, they then approached a few big name mortgage brokers but it was clear that they didn’t have the skillset or desire to place a niche, low-income deal of this nature.
“That’s when they came to us,” he added.
With the New South Wales property market currently experiencing a steady boom, more and more aspiring home owners are being driven out of the buyer’s market, with first-home buyers making up just 10.2 per cent of all home loans in May 2016.
As a result, many lower income families have considered relocating to regions with lower property prices in an effort to fulfil their dreams of owning a home.
“From our perspective, it doesn’t matter what the loan amount is, our focus is helping our clients to achieve their dreams, however big or small they may be,” added Zac.
“Now, with home loan repayments of just $49.90 per week, the family is saving upward of $300 on rent each week and can call themselves proud home owners.
“The real lesson here is, even if one bank declines a home loan application, it doesn’t mean that all chances of approval are lost. Many well recognised alternative lenders have more flexible credit policies than the big banks so there are always options, it’s just a matter of thinking outside the box, investing time and energy into investigating them,” he concluded.