Summary: Can I qualify for a home loan if I have a High LVR and 309 Provisional Visa in Australia?
| Details | Description |
|---|---|
| Customer | Tanka and Rojina Shakya |
| Mortgage broker | Manish Rana |
| Purpose | A married couple with 0 Dependants looking to purchase an Owner-Occupier property |
| Loan amount | $655,500 |
| Security | $690,000 |
| LVR (Term) | 95% ($568.74 Monthly LMI Premium) |
| Income | $77,657 p/a (Tanka) and $140,000 p/a (Rojina) |
The Backstory
Tanka and Rojina Shakya, a Nepalese couple living in Australia, had their hearts set on getting their dream home as first-home buyers. They wanted to build a home on vacant land to be closer to nature and create their own sanctuary. But they were also realistic about the financial aspect and understood that they would face challenges finding the right lender. Their search eventually led them to Home Loan Experts. Tanka and Rojina Shakya faced various challenges in securing a home loan in Australia, due to the combination of needing a high LVR, Rojina’s 309 Provisional Visa status, and the need for manual assessment of preapprovals.
Challenges
Tanka and Rojina Shakya faced various challenges in securing a home loan in Australia, due to the combination of needing a high LVR, Rojina’s 309 Provisional Visa status, and the need for manual assessment of preapprovals.
Obstacles:
- The Shakyas wanted to borrow 95% of the property’s value, which some lenders might view as risky. However, they had a specific requirement. They needed a lender who would allow them to pay a monthly Lenders Mortgage Insurance (LMI) premium until the LVR decreased to 80%. In the event that the property value increased over time, they would have the opportunity to pay off the LMI more quickly.
- Rojina’s status as a 309 Provisional Partner Visa holder does not accord her permanent residency in Australia. This temporary visa status often leads to apprehensions among lenders. The uncertainty surrounding the visa’s renewal or potential cancellation raises concerns about Rojina’s continued stay in Australia and, consequently, her ability to fulfil loan repayments.
- In Australia, preapproval for a home loan often involves an initial automated process where borrowers provide necessary documents like income proof, assets, and credit history. However, this automated assessment may increase the chances of denial later on. To safeguard the property they were looking for, the couple wanted a lender that offered a manual assessment, ensuring a more accurate and reliable preapproval decision.
Solutions
Finding a lender that accepts all credit exceptions is fraught with challenges and uncertainties. But there was no time to waste, for Manish and his team knew they had to find the solution as swiftly as possible; the client had other options and was actively talking to other brokers, raising the stakes even higher. The pressure was on, and failure was not an option. With determination and finesse, Manish accomplished the seemingly impossible by securing a remarkable credit exception for the couple. The lender he found was a rare gem – not only did it accept applicants with 309 visas, it also offered the flexibility of a monthly LMI Premium. The lender even accommodated the Shakya’s high LVR of 95% and provided a much-needed manual preapproval.
A Happy Ending
In a challenging quest for a suitable lender, Tanka and Rojina Shakya discovered their hero – Mortgage Broker Manish Rana. With his help, they successfully secured a $655,500 loan with a 30-year full term and an initial 1-year fixed term at a competitive interest rate of 5.29%, complete with all the necessary features and exceptions for their complex lending situation – plus an unlimited redraw account. Thrilled with the outcome, they eagerly looked forward to recommending Manish to others, confident that he could work wonders for their home loan needs as well.
We're Here to Assist!
At Home Loan Experts, we understand the complexities of the Australian mortgage and property market. With access to over 50 lenders, we can help you find the perfect loan for your needs. Your dream home is just a call or click away! Call us on 1300 889 743 or fill in our free online assessment form.