Client Profile
Jess, a primary school teacher with 5 years of experience, works at a Sydney public school, earning $105,000 annually. Her income included base pay and leadership allowances. As a first home buyer, she wanted to secure a property in her preferred suburb without needing to save a 20% deposit.
The Challenge
Her bank told her she could only borrow $540,000, which wasn’t enough to purchase in her chosen area. The bank had excluded all her allowances, despite them being consistent and a regular part of her earnings. She was also concerned about the cost of Lenders Mortgage Insurance if she purchased with less than a 20% deposit.
Our Strategy
- Leveraged the First Home Guarantee so Jess could buy with just a 5% deposit and avoid LMI
- Compiled a strong application supported by employment letters, payslips, and bank statements to prove stability and reliability
- Matched her with a lender that understands education professionals and their income structures
The Result
- Increased her borrowing capacity from $540,000 to $645,000 by ensuring 100% of her income was considered
- Secured pre-approval within 5 business days, giving her confidence to act quickly
Accessed a competitive interest rate and an offset account - As a first home buyer in NSW, she also benefited from stamp duty concessions, reducing her upfront costs and making her purchase more affordable
Conclusion
Jess was able to purchase the home she truly wanted with just a 5% deposit, no LMI, and thousands saved on stamp duty. Our expertise in supporting teachers and navigating lender policies meant her full income was recognised and her buying journey was seamless. At Zenith, we specialise in helping first home buyers in professions like teachers secure their homes sooner and with confidence.
