First Home Buyers Loan Mackay QLD

Brokering a First Home Loan

Case Study: First Home Buyer Loan – Mackay, Queensland

Client Overview and Objectives

Mortar Finance was engaged by a first home buyer couple seeking to purchase their first property in Mackay, Queensland, with a target purchase price of approximately $600,000. As first-time purchasers, the clients required a structured finance solution that would provide certainty during negotiations, while also maximising borrowing capacity and maintaining flexibility for future income growth.

A key priority for the couple was obtaining a pre-approval prior to actively making offers, ensuring they could confidently compete in a competitive regional property market. They also required a lending solution with competitive interest rates, offset and redraw features, and access to a lender that actively supported First Home Buyer Government Schemes.

A further complexity in their application was the presence of secondary employment income, which had been held across multiple roles for less than three months. This required careful lender selection due to varying policy requirements regarding probationary income and employment stability.

Client Requirements Summary

• Purchase price funding of approximately $600,000
• First home buyer pre-approval for purchase confidence
• Competitive variable interest rate loan structure
• Access to offset account and redraw facilities
• Lender participation in First Home Buyer Schemes
• Acceptance of secondary employment income across multiple roles (<3 months tenure)
• Flexible structure allowing future additional repayments

Strategy and Lending Solution

Mortar Finance conducted a detailed assessment of the clients’ financial position, income structure, and employment history. Given the variability in secondary employment tenure, the primary challenge was identifying lenders with flexible policy frameworks that would accept blended income sources without penalising recent role changes.

To maximise approval success and long-term flexibility, Mortar Finance recommended a variable rate home loan structure. This allowed the clients to:

• Benefit from competitive market-linked interest rates
• Make additional repayments without penalty
• Utilise redraw facilities for future financial flexibility
• Position themselves to reduce interest costs as income increased

This structure was also aligned with the clients’ expectation that their combined income would increase over time, particularly as secondary employment stabilised beyond the initial 3-month period.

Lender Selection and Policy Strategy

A critical component of the strategy involved presenting three suitable lenders who met both pricing and policy requirements. Each lender was assessed on:

• Acceptance of secondary income from multiple roles
• Flexibility around short employment tenure (<3 months)
• Competitive variable interest rates
• Compatibility with First Home Buyer Schemes
• Availability of offset accounts and redraw facilities

Through detailed policy research and direct lender engagement, Mortar Finance was able to identify lenders willing to consider policy exceptions for strong applicants with demonstrated earning capacity, despite short secondary employment history.

This approach ensured the clients were not restricted to standard credit policy interpretations and were instead assessed on overall serviceability strength.

Importantly, all recommended lenders offered:

• No upfront application fees
• No ongoing monthly account-keeping fees
• Full access to offset and redraw features

Pre-Approval and Documentation Process

To ensure speed and certainty, Mortar Finance took a proactive approach in validating income acceptability with preferred lenders prior to formal submission. This reduced the risk of delays or rework during assessment.

A streamlined documentation package was prepared, including:

• Proof of income from primary and secondary employment
• Employment verification details
• Identification and standard application documentation
• Supporting evidence for First Home Buyer Scheme eligibility

As a result of this preparation, the clients were granted formal pre-approval within 3 business days, providing immediate confidence to begin property negotiations.

First Home Buyer Scheme Integration

Mortar Finance also facilitated successful approval under applicable First Home Buyer Government Schemes, ensuring the clients maximised available benefits, including potential stamp duty concessions and deposit assistance eligibility where applicable.

This was coordinated alongside lender pre-approval to ensure seamless alignment between government requirements and lender policy conditions.

Contract and Unconditional Approval

Once the clients secured a suitable property and executed a contract of sale, Mortar Finance immediately progressed the application to full assessment.

Due to the accuracy and completeness of the pre-approval file, the lender required minimal additional information. This allowed the application to proceed rapidly through credit assessment.

• Unconditional approval obtained within 5 business days of contract signing
• Final lender approval issued within 4 business days of submission
• No additional lender-imposed conditions outside standard requirements

Outcome

The clients successfully secured their first home in Mackay with a tailored home loan structure designed to support both current financial circumstances and future income growth.

Key outcomes included:

• Competitive variable interest rate loan
• Offset and redraw flexibility for long-term savings
• Acceptance of complex secondary income structure
• Fast-tracked pre-approval within 3 business days
• Full unconditional approval within 5 business days of contract execution
• Zero upfront and ongoing lender fees

Conclusion

This case demonstrates Mortar Finance’s ability to navigate complex income scenarios and secure fast, structured finance outcomes for first home buyers. Through strategic lender selection, policy expertise, and proactive documentation management, the clients were able to enter the property market with confidence and financial flexibility, achieving a successful and timely home purchase in Mackay, Queensland.

Contact Mortar Finance for any Home Loan enquiries.