Chris from Melbourne’s land purchase settled on the 5th of this month. His loan is approved and building will commence soon. If all goes to plan, he’ll be moving in, in about five months time.
But Chris’s mortgage lending journey got off to a rocky start.
Back in 2014 Chris had singlehandedly saved every spare cent he had for a small deposit. He had done his research and engaged a broker at the time, signed the dotted line, only to be told well and truly outside the 90-day period that his loan had not been approved due to the broker miscalculating Chris’s borrowing capacity.
Devastatingly, Chris lost his deposit and had to start from scratch, “eventually, I started the journey again and that’s when I got in contact with Inovayt. Jordan came out and visited me in my home and I laid it all out on the table and told him what had happened. I was terrified about doing it all again.”
When asked how Chris was able to trust the process again, he explains it was down to Jordan’s consistent communication with him, “he instilled a lot of confidence in me. I really think it was his ability to answer the array of questions and keep in regular contact that helped me feel comfortable through that process.”
Jordan, our General Manager, states, “this isn’t an entirely uncommon scenario. People often come to us after having gone through similar situations or having been given misinformation elsewhere.”
“What was really inspiring about Chris’s story is the fact that he jumped back on the horse. Most people, if they get burnt by a particular scenario in life, they typically try and avoid it. He dusted himself off and started again with his savings. He didn’t let the situation deter him which I thought was really admirable.”
While Chris’s story ultimately became one of success the second time around, he shares some wise words stemmed from his experience, “in the past, I relied on the experts to contact me. But as a buyer, you should really push and drive that contact. It pays to explain your situation in detail like I did and let your trusted expert know your circumstances so they know how to best manage the process.”
Chris also stresses that mortgage seekers should always have a crack, “being a single person like myself, it was hard saving for a deposit, but just because you’re doing it on your own it doesn’t mean that it’s a ‘no’ for finance.
“I have been renting since 2006 so to be able to finally own is really exciting. If I want to paint a wall, I can paint a wall – it’s been quite a journey.”