Looking to buy your first home? We can help! Here’s 2 recent case studies of first home buyers we have worked with.
Case Study 1
Jennifer, at 22 years of age had just started in her first job a month ago, straight out of 4 years at university. She was looking to buy her first home but didn’t know where to start.
Very few options exist for a first home buyer with just a few weeks in a job and Jennifer had her heart set on a specific new home. She didn’t want to lose it to another buyer and didn’t have weeks to search to find a lender that might help her.
Jennifer didn’t drive so we met a coffee shop to go through home loan options. We knew which lender would help her, even with such a short time in her new job.
We completed the loan application with her and helped her with signing the paperwork for the mortgage once the loan was approved.
We assisted in co-ordinating the Real Estate agent, building inspection and settlement agent (from whom we obtained a discounted of 33.33%, savings her an additional $491.00). Additionally we managed her First Home Owners Grant application of $3,000 and a REBA rebate of $2,000 (which she didn’t even know existed).
We further assisted her in opening new bank accounts and even provided a letter to her employer to have her pay put directly into the new 100% Offset Account for maximum interest savings ……..
We stayed in constant contact with Jennifer throughout the process so she knew what was happening and didn’t get stressed. I’m happy to report she has now moved in and is very happy with her first home.
Case Study 2
Phil was a First Home Buyer looking to build a home with a decent shed for his ‘boy’s toys’ – a boat and camper trailer.
He is single and works on a Queensland mine site, Fly-in Fly-out from Cairns earning around $105,000 p.a.
Phil had $32,500 in savings and we identified that he was eligible for both the Qld Stamp Duty Concession and the $15,000 Great Start Grant.
Phil found land that he wanted and applied with a well-known bank. However the bank valued the new property at $370,000 –$23,000 less than the cost of the land, house construction and the shed.
Phil, along with the builder and real estate agent were all convinced the bank was being far too conservative and valuing the property way too low. As the bank only lends against the valuation, he had to look for another lender and hope for a different valuer.
I ordered a valuation with a secondary lender. This valuation came in at $385,000, – still slightly lower than the full cost of $393,000 but enough though for the loan to proceed as Phil now had only a $10,000 shortfall (not $23,000) which he was able to cover (along with the grant). The loan ended up being $354,000 and construction began on Phil’s first home (and his new shed).