Case Study: Baburaj
We had a chat with Baburaj and asked him a few questions about his experience, what challenges he faced, and how he overcame them.
We had a chat with Baburaj and asked him a few questions about his experience, what challenges he faced, and how he overcame them.
Background
Baburaj has been building or buying and renovating investment properties for more than a decade. When he isn’t working his day job, he can be found renovating an investment property, scanning realestate.com.au, or attending open homes looking for his next project. Because Baburaj is regularly buying and selling properties, he needs a lender who can process loans quickly, both at the approval and discharge stages.
Challenges
- Buying a suitable property
- Getting timely finance
- Increasing the market value of the property by more than the cost of refurbishment
- Avoiding excessive travel
“It's so easy. I'm happy with the way they deal with me and you know, things move at a pace that's suitable for me.”
Solutions
- It’s all about persistence. I may attend hundreds of open homes to find three or four properties that I really like. When I negotiate price, only one of them will ultimately meet the requirements to be a feasible refurbishment project.
- You need to keep yourself up to date about what is in the market.
- Try to have an impeccable credit record. I have never missed a payment in 18 years in Australia.
- I work to satisfy my own high standards. It is not like I’m convincing somebody else. I want to satisfy myself when I do a job and if I am satisfied, buyers will be willing to pay a premium.
- Concentrate on properties which are within a ten kilometre radius of your home because it's easier to work on them while holding down your day job.
How was your loans.com.au experience?
I have been with loans.com.au for about five years. Over that period, I’ve had five or six loans. I like to stick with loans.com.au because they know my history. I don't keep one property for a long time, so when I sell it, I want to realise my money quickly. I have been with other lenders, but they started asking for a settlement period that went from two weeks to four weeks. Even when I sold, they needed three weeks plus 21 days at least, to act upon a discharge note! It wasn’t right for me. So that's when I moved to loans.com.au. With my current loan, I got approval in probably four days from the date of application. It was excellent. Very fast and smooth. I do know the process and what loans.com.au needs. So I keep those documents always handy with me. It's so easy. I'm happy with the way they deal with me and you know, things move at a pace that's suitable for me.
loans.com.au customer?
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"it was so much easier just to call loans.com.au directly and ask what's going on and they'd actually be able to tell me."
It was never a hassle, never a problem, he always had the right answers and just made it so, so easy. It was a good experience and then I put it through. Got the approval done. Got a great rate.
"I used comparison websites to find out which lenders have the best rates and products, which turned out to be loans.com.au."
"loans.com.au has been excellent all the way through. Everyone has been so helpful and friendly that I felt treated like family."