Don’t get a home loan without one: Why mortgage brokers are essential when purchasing property

Getting a home loan is a laborious job these days. So when Perth family of four, the Johnsons were looking to upgrade into a larger property to cater for their growing family’s needs, they looked to Mortgage Choice to make their great Australian dream come true.

Simon and Patricia have two children and together the Johnson family wanted to upgrade from their existing family home, to a place with more space and a nice garden to entertain, while giving the kids extra room to play in.

Broker as a financial coach

The Johnsons enlisted the help of Mortgage Choice broker, Vaios Toutountzis who took them through their home loan options and gave Simon and Patricia a clear idea of their borrowing power, so they knew how much they could afford to spend when looking for their next home.

After submitting their application, the Johnsons were excited to hear their broker helped them secure the lender’s conditional approval for a home loan. However, after setting their hearts on the perfect property; and having their offer accepted by the seller; sadly the valuation came in under the contract price and the lender did not approve the purchase.

It seemed like the Johnsons had to go back to square one. Had the Johnsons gone straight to a lender, they would have walked out of the bank empty handed and had to start the home loan process all over again with an alternate lender.

Brokers do all the legwork

However, because Simon and Patricia were speaking to a mortgage broker, he did all the legwork to find other home loan options for the Johnsons. Fortunately, the couple found another property that was similarly priced and their broker recommended they speak to a lender whose policies and preferences were more aligned to the couple’s financial needs.  The alternate lender was happy to accept the contract of sale as valuation and approved the loan.

Finally, a place called home

The Johnsons purchased their dream family home in Success, a southern suburb of Perth Western Australia complete with large open plan kitchen and living room, four bedrooms, two bathrooms, a garage with two car spaces. What drew the couple in was the great family centric area, located near schools and amenities such as the Cockburn Shopping Centre, train station and freeway access.  

The Johnsons have been in their new home for over a year now and although their property upgrade journey was a rocky, they say it was made so much easier having a mortgage broker in their corner helping direct their next moves.  

Don’t get a home loan without a broker

Patricia Johnson says, “I’m so grateful we had Mortgage Choice helping us secure our new family home. 

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