Case Study:

Saving Vivek $70k on his deposit

After nearly losing $70K on his deposit we helped Vivek put the money back to existence in his deposit.

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Vivek wanted to purchase his first home for his family and he put a deposit down for $70K before getting an approval for his home loan. He got an assessment from his bank and it was rejected because of a small default, which should not have been on his credit file. He was nervous he would lose his deposit and as a result of going to many banks his credit score was affected because of numerous applications and no bank wanted to help him out. 


Client Name: Vivek Shrestha
Location: Sydney NSW

Vivek has been wanting to purchase his first home with his wife. They understand that this could potentially be the beginning of their journey together as a husband and wife.

"I have never been so appreciative for someone turning my dream house to a dream home." 

Vivek Shrestha Home Owner

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Services Leveraged


The Challenge

The challenge Vivek faced was getting his home loan approved making for a difficult task for Vik where he faced the challenge in finding a bank which would support his needs. It had taken Vivek over 7 years to save up this $70K deposit for his house and wanted to create a home for his family giving Vik a harder challenge in terms of having the legacy of Vivek's family on his shoulders.

  • Potentially losing $70K

  • Credit file got rejected with no help from previous broker

  • Potential to lose the first home buyer grant

The Approach

Vivek came straight to Vik here at Oysterhub to find out a last minute solution. He had a 60 day period to find a loan to cover the rest of the mortgage or he was in threat of losing his deposit on his home. Vik had to go to other smaller banks other than the big 4 and was very surprised with the results he was able to attain for Vivek securing overall lower rates. Vik looked into his defaults and scenarios and found that it was a very complex situation to fix his credit rating.

  • Credit Check and Fix

  • Apply for loans with second tier banks

  • Look at solutions

Vik Naidu portrait image

"It is our privilege to put people in their homes and ensure they can start their lives out on the right foot."

Vikash Naidu
Co-Founder Oyster Hub, Mortgage Broker

The Results

finding the pearl

Vik had to work closely with Vivek in order to help him throughout his predicament. We were able to secure a loan with a second tier bank at a much better rate. By doing this we were able to ensure his deposit of $70K didn't go down the drain. 

In conjunction with this we had 20 days in order to ensure we secure the loan otherwise the period to attain the home would no longer be in availability and hence could lead Vivek to lose his home he put a deposit down for. After getting the loan approved within 10 days, Vik was able to provide Vivek with good news. 

Therefore, Vik and the team were able to secure Vivek a loan in 10 days time before the end of the 60 day period and saved his $70K deposit too and provided him with his dream home.

  • Saved $70K on the deposit

  • Vik was able to get Vivek a loan within 10 days

  • Saved Vivek his dream home

  • Acquired a great interest rate the big 4 couldn't offer

  • TIME




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