Real client stories
Home loan guarantee for first home buyer
Adam
After graduating and landing his first full-time job, Adam decided the time was right to purchase his first property. But having studied full-time, Adam had built up debts that made securing a loan difficult.
So when his parents suggested he contact Smartline Personal Mortgage Adviser, Cathy Anderson, he was excited to hear he could secure a loan with a savings plan and some help from his parents.
"Like many students, Adam had accumulated several small debts on his credit cards and was also paying off a car loan. Without a structured plan it would have been at least another five years before he could buy a property,” said Cathy.
Cathy recommended Adam apply for a home loan which was offering a special deal with no application fees, no ongoing fees and a honeymoon interest rate.
She also suggested he consolidate his car loan and credit card debts with his new home loan to cut down the overall interest he was being charged.
"By combining his debts, Adam’s monthly repayments are only slightly higher than they were before he purchased a property – so consolidating really does make good financial sense,” said Cathy.
With Adam able to service the majority of his mortgage, his parents acted as guarantors on the remaining 20 per cent of the loan.
This provided Adam with some room to move and also meant he was able to avoid paying mortgage insurance.
With a loan under his belt, and a financial plan from Cathy to manage his mortgage repayments and his day-to-day debts, Adam has purchased a two-bedroom villa on the beautiful Yorke Peninsula in South Australia.
“It was a great opportunity to buy in a small coastal town in a great location that has good potential for strong growth. The apartment is very modern and versatile which means it could make a good rental property down the track. I couldn’t be happier with Cathy’s advice,” said Adam.
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