Success story: Dr Nick Rennick on buying a new home 4000 kms away

When Dr Nick Rennick decided to move house to the other side of the country, BOQ Specialist was there to help him find his feet and fund his first home.

 5 minutes


When GP Dr Nick Rennick, his wife and two children were ready to settle down, Perth seemed like the perfect escape. Housing prices seemed lower than Sydney, and Perth had a reputation as a great choice for a young, growing family. However, “travelling all the way across the country just to inspect a few houses each Saturday seemed like a bit much”, says Dr Rennick.

“Most people end up renting a place for the first six months while they decide on a place, but moving house with kids was such a massive undertaking that we didn’t want to do it twice.”

That’s why Dr Rennick and his family packed their bags in hopes of finding a family-friendly starter home in the city.

During their house-hunting, the family were living out of their suitcases in a local Airbnb rental until they could find a move-in ready home.

Luckily, they quickly found the perfect home, situated near a great school and for an excellent listing price. “It was cheaper than a garden shed in Sydney!” Dr Rennick jokes. However, problems arose once Dr Rennick and his wife began searching for a home loan to purchase their new home.

Take a number

First, they sought out mortgage brokers, hoping that they would have connections in the finance industry to secure the family a better deal. But Dr Rennick was surprised by their high interest rates and lack of personal connection.

“I never thought we would have finance issues, but everyone told us it just wasn’t possible,” Dr Rennick says. “They claimed that my borrowing capacity was well below the price of the house. Everyone was the same and told us to give up and wait. I was disappointed that I may lose the perfect home: a home that my wife and children had already fell in love with for a great price.”

Then the family turned to online brokers, searching for easy approval for their dream home. “Most banks were saying, ‘We’ll get back to you in 10 days’, but that was too long. I needed finance within the next 21 days to get the house, so I couldn’t wait. I was being endlessly directed through call centres and talking to random people,” he recalls.

Then he remembered BOQ Specialist from his time as a medical student. “I remember that they were always at events, so I thought they obviously were interested in banking with doctors and could better understand my situation and help me. Once I made that call, everything changed,”Dr Rennick says.

Enter BOQ Specialist

“BOQ Specialist’s Karyn Bailey met with me personally to discuss my situation. She was always available; she really went the extra mile as my financial specialist and got me the assistance I needed,” Dr Rennick says now.

“BOQ Specialist were different to the other banks and recognised my previous, current and future earning potential as a doctor.”

Dr Rennick and Karyn worked together to secure his family’s dream home, and also established a savings fund so that Nick could live financially stress-free before he began his fellowship program. Now, Dr Rennick spends his days off with his family, enjoying their new home.

“If it weren’t for BOQ Specialist, we would probably be in a cramped apartment right now. I am so grateful for Karyn and the team at BOQ Specialist for helping me begin this new chapter in my life.”

 

Thinking about buying a property? Click on the link to find out more about our tailored financial solutions for funding your home. Ready to take the next step? Contact us to find out how we can tailor a practice finance solution for you, or call us on 1300 131 141.

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