Back to Inspire Home

'What are my options?' How a time-poor Perth physiotherapist bought her first home and avoided LMI

Get a free property report in seconds

Search an address for price estimates and sales history.

Search a property

When Perth-based physiotherapist Cecilia and her partner decided it was time to buy their first home they were underestimating their borrowing power but didn’t have enough time to research their options and the thousands of home loans out there.

Like so many prospective homebuyers, Cecilia’s situation wasn’t straightforward. Cecelia is a physiotherapist but her employment contract was not full-time, and her partner had been self-employed for less than two years. As a result, she didn’t think their borrowing power was strong.

“We were thinking of buying a cheaper home but then it kind of fell through because a lot of houses we looked at weren’t that great,” says Cecilia.

A home loan without the hard work

“We were time-poor. Working full-time, my hours were 9am to 6pm and it’s very hard to get into banks after that time. We thought going through a mortgage broker would help us eliminate chasing around banks.”

Upon a friend’s recommendation, Cecilia contacted Lendi. The Lendi platform and advice from Home Loan Specialist, Mike, helped Cecilia and her partner clarify their position and the pathways available to them.

“It provided us with options...it was great. Really, really great.” Mike found a home loan option for medical professionals that suited their specific needs and meant that they could buy a home with a 10% deposit and avoid paying Lenders Mortgage Insurance (LMI).

Once they found the right house, the process moved pretty fast.

“We put in an offer on the 8th of April and we chose to have a settlement day of the 28th of May. That was all done really quickly.”

Easier than expected

It turns out that when it comes to getting a home loan, the process was easier than expected for Cecilia.

“There was no complication, it was just a really smooth process. Dealing with a Lendi broker and Lendi settlement agent, was just very easy because it was really efficient and professional.”

“I thought initially that purchasing my first home would be really stressful because I was concerned about not having enough [deposit] or being ineligible income-wise, transaction-wise or savings-wise. So Mike really took that stress away and organised it all for me and gave me a lot of options."

“It was so smooth...I would definitely purchase or go through Mike again.”

Settling in to a new home

For Cecilia and her partner, they have settled into their Perth-starter home. "I think we will probably live here for the next five years or so, and then probably move on to a different area. We decided this would be a nice entry-level home, with a mortgage we can afford. For now, not to be in too much debt and then move on."

When it came to their home loan, they are happy with their deal. “We’re quite comfortable doing our repayments. It’s just been a really easy transition from renting to being in our first home. Overall, the whole process was really pleasant."

How much you could save with a lower rate?

Calculate your loan repayments

$
%
years

Got a home loan question? Just ask!

We're here to help. Get free expert advice at a time that suits you. Choose a time to chat with a Home Loan Specialist here.

Dreaming of purchasing a new home?

Find out how much you could borrow with our calculator.

Calculate now

The information in this post is general in nature and should not be considered personal or financial advice. You should always seek professional advice or assistance before making any financial decisions.

Tags: refinance, saving, low interest, interest rate

Calculate your monthly home loan repayments

Find out if you can save with a lower interest rate.

Calculate now

Looking for a better home loan?

Search over 30 major and non-bank lenders in Australia.

Compare rates now
How much is your home worth?

How much is your home worth?

Get a free online property valuation with local sale and suburb statistics.

Get your property report

Important legal stuff

Lendi is the trading name of Lendi Pty Ltd (ACN 611 161 856, Credit Representative 518849), a related body corporate of Auscred Services Pty Ltd (ACN 164 638 171, Australian Credit Licence 442372). We will never sell your email address to any third party or send you nasty spam, promise.
Lendi is a privately owned and operated Aussie business. Our mission is to provide Aussies with the right experience when choosing a home loan from our panel of lenders including ClickLoans, a related body corporate of Auscred Services. Although Lendi compares over 1600 products from over 35 lenders, we don't cover the whole market or compare all features and there may be other features or options available to you. While Lendi is 40% owned by founders and employees, we have also been supported by some great minority shareholders including Bailador, Macquarie Bank Ltd and a number of Australian sophisticated investors. We have an independent and founder led board.
WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rates are based on a loan amount of $150,000 over a loan term of 25 years.
EXAMPLE: This example is current as at 20th October 2016. A Click Loans Online Principal and Interest Loan of $150,000 over 25 years has monthly repayments of $767. This is calculated based on the interest rate of 3.69%, comparison rate of 3.69%, upfront fees of $0 and annual fees of $0.
IMPORTANT INFORMATION: Loan terms of between 1 Year and 40 Years are available subject to lender and credit criteria. Maximum comparison rate will not exceed 14.99% (see comparison rate warning above). Any calculations or estimated savings do not constitute an offer of credit or a credit quote and are only an estimate of what you may be able to achieve based on the accuracy of the information provided. It doesn't take into account any product features or any applicable fees. Our lending criteria and the basis upon which we assess what you can afford may change at any time without notice. Savings shown are based on user inputted data and a loan term of 30 years. All applications for credit are subject to lender credit approval criteria.
Made with love at Circular Quay in Sydney, Australia. © 2020. All rights reserved.