The great Australian dream of property ownership is one many share, but for one middle-aged couple they were losing hope of ever being able to achieve it.
They approached Cane Financial mortgage consultant Kyle Weltman about purchasing a house, a dream they had always longed for as the husband, an immigrant from Chile, had never experienced living in one in Australia.
With the couple already owning a unit, Weltman and his team had to go above and beyond by forecasting what the couple’s estimated budget would be after the sale, while considering other costs such as the real estate agent’s commission, stamp duty and legal fees.
“I realised they needed a good team around them because they didn’t have a lot of connections in the property and finance world,” Weltman told MPA. “I put them in touch with a trusted real estate agent and conveyancer. As a team, we tried to find the best outcome for the clients.”
Since the couple were self-employed and most lenders impose different policies around measuring the income and expenses of independent professionals, Weltman’s team had to be very particular in selecting a lender for the couple.
It took Weltman’s team months to develop a strategy. But eventually, they worked out a price range that put the couple in a comfortable repayment position once the loan settled.
When a property was found, Weltman requested to extend the settlement period to give the couple time to sell their current unit. The couple had a prearranged a trip to Chile weeks before settlement; but despite the small obstacle, Weltman’s team, with their well-organised plan and some use of savvy technology, remained in contact with the couple during their entire vacation and the loan “settled extremely smoothly”.
Weltman considers the experience his most memorable settlement because he was able to help a couple own a home in Australia, a dream they never thought they’d achieve at their age. It’s exactly the kind of challenging and rewarding experience that reminds him why he loves being a mortgage broker.
“As mortgage brokers — if we are clever and determined, and we care about our clients — we have the power to change people’s lives for the better and to put them in situations that make their dreams come true,” Weltman said.
“That, along with the friendship and connections we make, are extremely rewarding.”
In MPA’s happiest client short story series we showcase stand out ‘client success stories’ from brokers and discover what they learnt along the way. Leaving aside the details of the deal, we explore the human side of the story and how brokers really make an impact in people’s lives. If you have a client story you would like to share, please email firstname.lastname@example.org.