For a self-employed tiler and busy school teacher*, the process of buying and selling a house was not something that they had been through before. Having found their dream house in Murrumbateman real estate prior to selling their own home in Dunlop, time was not on their side. Throw into the mix two children under 4, and the process quickly became a significant undertaking.
With that in mind the couple had assumed they would just go with their existing bank to fund their new home, and approached them directly. That bank confirmed they would support the purchase, but also advised that there would be a significant amount of lenders mortgage insurance (LMI) payable – approximately $40,000 – which would eat into the couple’s equity and limit their ability to obtain bridging finance. This ultimately almost cost them the purchase of their new house.
That was when the pair met Loanmarket mortgage broker Robyn Bates.
Robyn, who has a background in real estate and customer service industries was able to offer the couple a service they had not experienced before. Often visiting them at home at 7.30am in the morning before the work and school day started, Robyn was able to access a wide range of lending options, and ultimately found a non-major lender who was offering $1 LMI. You can imagine how happy the client was to find out that they would keep the $40,000 in their pocket!
“It’s part of what I really enjoy about my job” said Robyn. “The ability to save someone $40,000 isn’t something that most people can offer their clients, but in this instance it was a great example of why it is so important to shop around mortgage providers to ensure you are getting the best deal in the market”
“When providing finance for self-employed clients, it’s also important to know the policies of the different banks. That’s part of why I would always suggest that people check with a mortgage broker to ensure that they have a low interest rate on their home loan.”
Said the client*:
“Robyn’s service was unparalleled. She stayed in touch without pressuring us even when we told her we would probably stay with our existing bank, and kept us informed every step of the way once we decided to use her services. It was one of the best customer experiences we have ever had and we wouldn’t hesitate to recommend her services to other people trying to navigate the maze of buying and selling real estate.”
*Name withheld due to nature of commentary on personal finance position