First Home Buyers- Case Studies II

mother, father and child

Sarita’s Story

As a first home buyer, Sarita was looking for a mortgage she could afford with a reputable lender. She is a nurse by profession and has worked in the health sector for many years. She receives tax-free income as a part of the salary package, as is the case with most of the health sector and non-profit organization jobs. That is paid separately and deposited to her bank account with the information included in her payslip. When assessing borrowing capacity, the group certificate can be misleading, and one can be easily confused in determining her overall income.

She was referred to Capkon by a family relative when she was turned down by another broker due to her not meeting their policy. That was because of her unclear income.

At Capkon, we have experience dealing with such payslips, so her situation did not pose any confusion. We were able to find her a lender who understood her tax-free income structure and could offer her the loan amount she wanted. Our selection of suitable lender led Sarita’s borrowing capacity to expand by $65,000 more than other lenders with the same level of income and the same payslip.

Not so long ago, Sarita picked up the keys to her new home in South-Western Sydney.

Biraj’s Story

Biraj was a first home buyer working as a software developer with a few years of experience in the field. He moved to Sydney a few years ago and was actively looking for a placement in his profession. Finally, he found a well-paid position in the North Sydney office. Having secured a job, he was looking to buy his first home to raise his family. The salary was great, but the employment contract lasts only for a brief time which is the case with most early-stage high flying IT jobs.

Though Biraj was supported by his wife, who had a stable income, he was having difficulties finding a lender willing to accept his income structure given the short term nature of his employment. After being turned down and given the run around for a mortgage by his previous lender, he contacted us, and we immediately arranged for a meeting.

Things started moving pretty fast right away. We did policy research for him alongside a workshop regarding the potential application with one of our credit managers. He was considered a suitable candidate and received a positive response from the lenders. He was pleased by the ease, and speed the process ended up taking after the difficulties he faced before coming to Capkon and was able to get the property he wanted. As of now, he owns vacant land in Bardia and is in the process of building a house there.

Author:

Kiran Thapa

Seema Lama

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