First Home Buyer Approval Secured After Bank Declined Security Under 5% Deposit Scheme

A first home buyer came to The Brokerage after signing a contract, only to be told by their existing bank that the security was not eligible under the Australian Government 5% Deposit Scheme. With a finance clause already in place, time was critical.

We assessed multiple lenders to identify one that accepted the security, participated in the scheme to avoid lenders mortgage insurance, offered a competitive rate, and could move quickly to meet the deadline.

The result was an approval secured ahead of the finance clause, a competitive variable rate with offset, and a smooth settlement.

Outcome

Navigating lender eligibility criteria under the 5% Deposit Scheme can be the difference between a first home buyer getting the keys or losing their contract. Our ability to move quickly across multiple lenders ensured our client avoided LMI, met their finance deadline, and settled without complication.

Key Details

• Purpose: Owner-occupied purchase
• Location: Sydney, NSW
• Loan Amount: $855,000
• Scheme: Australian Government 5% Deposit Scheme
• Rate: Competitive variable with offset
• LMI: Nil

To find out more about how we can help, contact our team today.