How we assisted a Customer to purchase a home in rural Australia
Recently one of our clients approached us to purchase a home in rural Australia.
Firstly the purchase of a property in any rural area can be more difficult to finance, as some Lenders can be reluctant to lend outside of major populated post code areas.
Secondly, it is also important to understand whether the property itself is “income producing” (e.g. farming), as a standard home loan cannot be used to purchase an income producing property.
Thirdly, our customer had a 15% deposit rather than the preferred 20%, which meant that ordinarily the Lender would charge the customer an additional Lenders Mortgage Insurance premium, which can be very expensive.
Our experienced Brokers were able to navigate the home loan market and narrow down the options to a specific Lender who offered a niche policy whereby they would lend against the property (even in a rural postcode area), and to enhance the customer’s experience even more, we were also able to negotiate with the Lender to waive the normal cost of Lenders Mortgage Insurance, saving the customer thousands of dollars.
We secured a highly competitive interest rate in the process, and our customer was absolutely delighted with the outcome!