It’s the scenario no home buyer wants to encounter – getting an offer accepted on the perfect property and then struggling to get finance approved before the finance clause expires.

That was the position one Loanscope client found themselves in recently, and we thought we’d share her story to demonstrate how a good mortgage broker really can make a difference.

Medical professional Dianne (not her real name for privacy reasons) had been looking for her dream home for a while and had finally seen the place that ticked all the boxes – a stunning old Sunday school hall (pictured above) with historic architecture.

Not only was the property exactly what she wanted externally, but the previous owners had secured planning permission for an internal renovation, which is very rare on a building of that type.

Tricky Finance

Having made an offer and been delighted to have it conditionally accepted (subject to a 21-day finance clause), Dianne set out to get a loan to fund the purchase.

She was aware that getting finance to buy such a property could be tricky, as many of them aren’t yet liveable. The benefit of this place was it already had an extension that was habitable, which would also be handy while the planned internal renovations were carried out.

One factor working against her was her recent employment, which had been very stable up until taking a secondment up in the Northern Territory nine months prior (on a lower salary).  Dianne’s primary employer had held her permanent role open, and she was planning on returning to it once her new home had (hopefully) been secured.

To complicate matters further, Dianne also earned income from her own private practice – earnings that would be crucial to securing the loan.

Clock ticking

When deciding who to approach for finance, Dianne was reluctant to use a mortgage broker – she’d had a bad experience when she bought her existing home a few years back – and decided to go directly to the bank which held her existing mortgage.

Having filled out the forms with her bank, Dianne waited expectantly for an answer. And waited.

The clock was ticking and the real estate agent who was handling the sale of the property on which she had a conditional offer accepted was calling to find out what the delay was.

Her bank wasn’t saying no, but they weren’t giving Dianne a straight answer either way. They were now asking for her most recent tax return to confirm her income from her private practice, and this was still being finalised by her accountant.

At this point there was just 10 days to go until the finance clause expired, and Dianne was getting stressed.

At a Friday afternoon appointment with her Accountant to conclude her tax return, the partner of the firm suggested using a mortgage broker he knew who was very experienced in dealing with complex lending proposals.

That person just happened to be Loanscope Director & Founder Emmanuel Guignard.

Going the extra mile

Despite her reservations about getting another party involved at this late stage, Dianne decided to call Emmanuel that evening. She wasn’t expecting a lot after her previous dealings with mortgage brokers, but it was worth a try.

What she encountered on that call surprised her. Emmanuel was in the car on his way home, and first of all listened to her plight diligently and sympathetically.

He then suggested she fill out some online forms that evening and arranged to speak with her again on Saturday morning – time was of the essence, and he recognised the need to move quickly.

What comforted Dianne in the subsequent phone call the next day was Emmanuel’s in-depth knowledge of the mortgage industry and his understanding of the options available for medical professionals in particular.

This guy was also giving up his Saturday morning at short notice, and Dianne immediately felt he was invested in the outcome and prepared to go the extra mile to help.

Over the next few days, she was advised by Loanscope to ask for a finance clause extension to buy herself some time – and was amazed when a one week extension was granted.

Dianne was then advised by Emmanuel’s colleague Jurad Blanusa that a number of lenders would consider her application, and she may even qualify for Lenders Mortgage Insurance (LMI) relief under the “medical professionals exemption”.

The irony was that the banking group she had originally applied for finance with claimed on their website to be specialists in LMI exemptions for medical professionals, but the contact she dealt with never mentioned it!

A Happy Ending

 Emmanuel and Jurad worked diligently to find a suitable lender based on Dianne’s circumstances, managing to turn the documentation around in a matter of days and submit an application with their recommended lender (who Dianne had no previous relationship with).

They even dealt directly with her tax accountant when there was a discrepancy on her tax return, and then used their relationship with the lender to request a quick decision given the circumstances.

Just ten days after Dianne’s original call to Loanscope, her loan was finally approved – a mere four days after submission and in time to meet the original deadline rather than the extended one!

Dianne was understandably delighted and was now a convert to the benefits of using a mortgage broker. She moved into her new home just prior to Christmas and is now enjoying the delights of her unique home before commencing on renovations.

Here’s some of what she had to say on the service she received from Loanscope:

Emmanuel and his team were absolutely delightful to deal with. They went above and beyond to support my complex home loan application in an incredibly tight time-frame. The Loanscope team were incredibly patient, supportive, helpful and responsive. They achieved an excellent result for me, and I could not be happier with their service and support.”

 While we can’t guarantee every loan application ends up with such a happy outcome, we can affirm that your choice of mortgage broker can make a difference.

And as you can see from the picture below, Dianne’s dog Baxter is glad his owner made that choice too!

Loanscope have supported many medical practitioners secure funding for  buying and investing in property, and have a an in-depth understanding of this specialist market. For more information on our services in this area, click here 

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.

Emmanuel Guignard (MBA)
Director & Principal Mortgage Broker
With over 15 years’ experience in the finance industry and a recently completed MBA in Financial Planning, Emmanuel leads the broking team at Loanscope. His experience includes working with a wide range of property investors, from first time buyers to investors with large property portfolios. This includes handling complex applications involving trusts, company structures and self-managed super funds. He also operates as a qualified mentor to other mortgage brokers via the FBBA mentor program.
Emmanuel Guignard