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How a busy Perth healthcare professional bought her first home and avoided LMI

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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 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."

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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.

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Important legal stuff

Lendi is the trading name of Lendi Pty Ltd (ACN 611 161 856), 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.
# Quoted rate applies only to PAYG loans with LVR of 80% or less with security in non-remote areas. All applications are subject to assessment and lender approval.
Lendi is a privately owned and operated Australian business. Our mission is to change the way Australians get home loans by providing a faster, smarter and more secure home loan experience designed around the customer’s convenience and needs. Although Lendi compares over 1600 products (2,500+ products including feature and pricing variations) from more than 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 35% 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.
*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. Fees and charges apply. All applications are subject to assessment and lender approval. Quoted rate applies only to PAYG loans with LVR of 80% or less with security in non-remote areas. All applications are subject to assessment and lender approval.
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.
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