Buyers Month: The difference between property & the gym

People seek personal trainers to encourage, guide and support their goals in the gym. Minus the gym itself, a Mortgage Adviser is no different. 

Like a personal trainer, Mortgage Advisers spend the first session asking questions about your unique situation, what your goals really are and then put a plan together unique to you.

Before you know it, you are on the treadmill of property purchase running at a confident pace. You tell yourself, “I should have done this years ago”. 

What are the concerns?

No matter what background our clients have, the first conversation with us always seems like it is going to be overwhelming. Couple with the pressures of COVID-19, buyers really struggle navigating this tough landscape. 

The fear is always the same:

  • What information do I need to gather for the banks?
  • What questions will they ask me when we apply for the loan?
  • How long is the wait for the loan approval? 

The banks are tough today, there is no doubt about that. With the pandemic and recession in full swing, buyers need their numbers and plans in check.
The first week at the gym is always the hardest. Getting up early, eating well and getting there on time for your trainer to put you through a tough session – it is daunting. But the sweat and effort makes you feel good, you are achieving results and you begin to see it. 

This is key to remember in purchasing a home. The preparation (getting up early and eating well), the work involved initially (getting your body used to working out), the understanding of where you fit in the bank policies (figuring out your personal trainer). It’s all the same.

Good news stories

October marks Buyers Month here at Loan Market. It is a short and sweet campaign we are putting together with our clients that have successful bought a home this year, despite COVID.
We are pausing our case studies and replacing them with people like you who have been there and done that. Almost unanimously, they all agreed that it was the Mortgage Adviser that put it all into plain English and simplified the steps, allowing them to see how possible it actually is. 

Those simple conversations right at the start provided us with enough to get them in the best position for a pre-approval. Loan Market understands the lending landscape well. When we understand the individual’s unique needs, we look at the best solution to fit with it – this starts by deep diving into the list of banks and lenders we have and pulling out one we know works.

Consider your options

We’ve touched on this many times before. The option of looking at renting out a room in your new property with a friend to cover repayments. The option of being lucky enough to get money from family for the deposit. 

The move to cut back living expenses like Netflix that you probably do not need. All of these are such simple steps but have helped many get the property they were after.
We will prove this over October and showcase those individuals. 

It doesn’t have to be hard or scary, in fact, many agree now that it was quicker and smoother than they’d thought, and they would “do it again”.

With some deposits only needing to be as little as 5%, interest rates at historic lows and those repayments on a mortgage lower or similar to your average renting costs, maybe now is the time to make a move?

Take away the misconceptions

Here are three reasons most people do not go to the gym:

1) It’s too hard and people will judge me there.
2) I can’t afford it / I can’t find time.
3) I am pretty fit anyway.

Here are three reasons people do not get on the property ladder:

1) It’s too hard and family/friends/people will judge me.
2) I can’t afford it / it’s going to take too much time.
3) I am happy renting.

Like a personal trainer, you need to know that we are here to support you and rid those toxic misconceptions. Afterall, getting on the property ladder is one of the best investments you will ever make. 

Surround yourself with us. We are here and we are the experts. Deliver the information that we need, tell us what you want to achieve, and we will put tools in place to achieve that.

And by the end of this year, you will smash your home loan goals!