Drs Sophie Chatterton and Imants Rubenis were surprised at how difficult it is for young professionals to obtain a first home loan. Thankfully, they found a solution and are ready to move in.
Drs Sophie Chatterton and Imants Rubenis agree that attending University of New South Wales medical school was the best decision they ever made. They started dating during the second week of their studies and recently became engaged. The young professionals graduated in 2015 and have just purchased a home in Port Macquarie, NSW—but not without facing a few hurdles.
Drs Chatterton and Rubenis work at Port Macquarie Base Hospital in NSW, though they are presently doing a stint at the Royal North Shore Hospital in Sydney. When they started looking at the property market in Port Macquarie, they approached several financial institutions about a home loan.
“They all told us to go away and spend a couple of years saving for a deposit, then they would talk to us,” says Dr Chatterton.
Finding the One
The couple were keen to establish themselves and decided to approach BOQ Specialist. They already had a relationship with the bank as they had both organised overdraft facilities with BOQ Specialist upon graduation.
Now, with a few ‘Open For Inspections’ under their belt, Drs Chatterton and Rubenis had one particular house with which they had fallen in love—though it was a little expensive.
BOQ Specialist calculated the couple's borrowing capacity based on their income and 100 per cent of their overtime. This enabled them to provide a home loan to 100 per cent of the home’s value with no Lender’s Mortgage Insurance.
The two doctors could finally make an offer on their dream home. They thought the house was perfect despite a few issues they were willing to overlook. In retrospect, maybe they were a little over enthusiastic.
“We listened to the real estate agent and made an offer we thought was reasonable,” says Dr Rubenis. “Then two different valuations came in at way under the selling price.”
Any attempt at renegotiating the price on the overvalued house was rejected. It soured the whole deal with the doctors feeling like the real estate agent was taking advantage of them.
Saved by the bank
“BOQ Specialist explained we were about to pay more for a property than what it was worth and backed our decision to pull the plug,” says Dr Rubenis. “We were new to the whole process so it was great to have them in our corner. Two days later, we had an offer accepted on another house that was correctly valued.”
The excited couple can’t wait for their stint in Sydney to end so they can finally move into their three-bedroom, free-standing home in Port Macquarie.
“Purchasing your first home is one of life’s great moments,” says Dr Chatterton. “When you get to put the key in the lock, open the door, walk through the rooms and think, ‘This is mine!’, it really is a great feeling.”
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