Mother and daughter team up to buy investment property.
After successfully bidding over the phone at auction, Kellie had purchased her dream investment property in Labrador, Queensland. She then faced her biggest hurdle – getting finance in 22 days.
In an attempt to help out, her mother Jan offered to act as guarantor on a loan for Kellie and they approached Jan’s Bank. Ten days later the Bank rejected their loan application. Despite her stable employment and income, Kellie didn’t have the deposit or the savings history to qualify for an investment loan with Jan’s Bank.
"I thought to myself - where am I going to get the money?’ says Kellie. "But then I contacted Smartline Mortgage Broker Terri Unwin. My brief was that I needed approval for 110 per cent finance on a guaranteed home loan in 12 days." The extra ten per cent was required for the lender’s mortgage insurance, legal fees and other costs.
"I didn’t want Mum to have a lot of exposure on the loan," says Kellie. "While she was happy to support me as much as possible, I wanted to be comfortable with the structure. With such a short time frame this was going to be a difficult process, but my Smartline Mortgage Broker Terri rose to the challenge."
Following Kellie’s brief it took less than two weeks to settle on a loan. Now that Kellie has a foot in the property market, she plans to reduce her mortgage as much as possible in the next five years, using her investment as a springboard to owning her own home. "After five years I will re-evaluate things and find something for myself to live in,"’ says Kellie.
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buying my first home
