Client Profile
Leo, a solicitor with 5 years of post-admission experience, works full-time at a mid-sized law firm in Sydney. He earned $220,000 annually, made up of base salary and consistent performance bonuses tied to billable hours. As a first home buyer, he wanted to secure a premium apartment in an inner-city suburb.
The Challenge
Leo’s bank assessed him conservatively, only counting his base salary and ignoring his regular bonuses. This limited his borrowing power to $900,000, well short of what he needed to buy in his preferred area. He also thought he would need a 20% deposit to avoid Lenders Mortgage Insurance, adding unnecessary pressure to his savings goal.
Our Strategy
- Leveraged the First Home Guarantee so Leo could buy with just a 5% deposit and avoid LMI
- Used a 6-month income history to demonstrate the consistency of his bonuses alongside his base salary
- Presented a strong application with payslips and an employment letter confirming his income breakdown and stability
- Matched him with a lender experienced in assessing legal professionals’ income structures, ensuring his full financial capacity was recognised
The Result
- Boosted his borrowing capacity from $900,000 to $1.15 million by getting 100% of his income counted
- Pre-approved within 5 business days, giving him confidence to act fast in a highly competitive market
- Secured a sharp interest rate with an offset account for smarter money management
- As a first home buyer in NSW, Leo also qualified for stamp duty exemptions which significantly reduced his upfront costs
Conclusion
Leo secured the apartment he really wanted without compromise. By structuring his application correctly and aligning him with the right lender, we unlocked his full borrowing power and maximised his first home buyer benefits.
At Zenith, we specialise in guiding first home buyers in professional industries like law through the entire process, ensuring they don’t leave money or borrowing capacity on the table.
