Heartfelt Journeys to Homeownership and Exciting Mortgage Updates!

Meet our client, a determined 45-year-old single woman who had rented since arriving in Australia 15 years ago. As a first home buyer, she had accumulated genuine savings of $60,000; however, she had lent those funds to a friend, presenting a challenge. Unbeknownst to our client, a credit check revealed an unpaid default of approximately $900 from AGL dating back to October 2022, from a recent rental move.

With the goal of securing a spot on the Government First Home Guarantee scheme, which would save her thousands by avoiding Lenders Mortgage Insurance, our client faced several obstacles. As a first home buyer with a low deposit, she needed to demonstrate 5% genuine savings in her account over a six-month period. Furthermore, her income was tight, making it difficult to service a purchase of $490,000 in the Melbourne metro area, compounded by a limited number of participating lenders.

The primary challenge emerged from the lender’s use of an automated system to assess applications with certain profiles, where raw numbers often dictated approval outcomes. This posed a significant barrier, as our client’s application required a human assessor’s review to consider the unique circumstances surrounding her credit history and savings.

Despite these challenges, our dedicated broker, Nick Davies, believed in our client’s dream of homeownership and was determined to help her achieve it. With his expertise and persistent approach, he worked closely with the lender to navigate the complexities of the lending system, ensuring that our client’s application reached a human credit team for a thorough review. This effort led to a timely approval and secured her a spot on the First Home Guarantee scheme. Our client’s success story highlights the crucial role that knowledgeable mortgage professionals play in overcoming obstacles, making homeownership dreams a reality.

CBA has launched its ‘Digital-Only’ loan, encouraging you to bypass the trusted mortgage broker — promising lower rates and zero fees. Tempting, right? But before diving in, let’s take a moment to consider what you might be giving up.

While a digital-only approach may appear simple and straightforward, it often comes at the cost of losing expert guidance tailored specifically to your needs. At Heart Financial, we go beyond just finding a lower rate; we invest time in understanding your unique financial situation, goals, and future aspirations. Our dedicated brokers help you navigate the complexities of mortgage options, steer clear of costly pitfalls, and structure your loan in a way that can save you thousands over time.

Here’s the real insight: we frequently access better home loan rates through our broker channel than those advertised directly by the big banks, including CBA’s digital-only offering. Plus, we can secure exclusive features like 100% offset accounts and cashback deals that significantly reduce your borrowing costs.

While CBA emphasises their digital option, Macquarie Bank is choosing a different path — promoting billboard campaigns that encourage you to connect with trusted advisers. This is because experienced brokers offer much more than competitive rates. We provide empathy, personalised advice, and ongoing support — qualities that foster strong relationships and peace of mind.

Our clients appreciate this partnership, reflected in our high retention rate and over 200 glowing reviews. Currently, the lowest owner-occupied variable home loan rate is 5.39%*, complete with no ongoing fees and a $1,000* cashback. And as we eagerly await the next RBA meeting, fixed rates are even starting to dip into the 4% range.

So, as you think about your next move in the home loan market — don’t overlook the value of working with a broker. Trust Heart Financial, where your best interests are always at the forefront.

*eligibility criteria applies

Photo by Dmitry Tomashek on Unsplash