Read more about Jem and Ai’s story below in their own words.
How long were you on the market looking for a property?
We started looking in 2015 and we purchased the block of land in 2016 so we were in the market for about a year.
Where did you buy? Why?
We purchased in Rockbank, west of Melbourne. We chose to purchase in Rockbank because we wanted a big block of land at a relatively affordable price. We also wanted to live at a reasonable distance from the CBD, not too close but also not too far.
There is also an existing train station which is very close to the property we purchased, and at the time we also knew there was planned infrastructure development in the area.
How long did you save in order to build?
It took us about 2 years in total to save up the 20% deposit required for the land and the construction.
Why did you decide to build instead of buy an existing property?
The main reason we decided to build is because we wanted to decide exactly how our house will look. We know we were going to live there for at least 5 years so we wanted to make sure we would enjoy living in it.
Were you able to access any first home owners grants/stamp duty concessions?
Yes we were able to access the First Home Owner Grant and stamp duty concessions. Nandini, our broker also assisted us in accessing these government grants.
How long will the construction take?
Construction started in June and is on-going as of writing. The builder estimates construction to take around 6 months.
How did your broker Nandini help you?
Nandini and her team helped us significantly through our land and construction loan, and she is continuing to assist us as the house construction progresses. Our land title has been delayed for four years but Nadini and her team worked with us patiently through that time. They communicated regularly and consistently making sure we understood the process and the requirements.
As you know the economy and interest rates have been volatile the past few years but Nandini made sure we got a good deal in the current market conditions. Nandini takes her job and her duty to clients seriously. She is a superstar. I would recommend her team to anyone who is looking for a broker!
Any advice you would give to first time builders?
First, know what you want. And second, research is key. Research the area, the existing and planned infrastructures. Research different builders and look for different layouts. Join forums and groups so you can learn from people who have built and are currently building.
If you’re a first home buyer, give your local Mortgage Choice broker a call today, they can provide you with the answers you need and identify the home loan that is best suited to your needs and budget.
For more information about becoming a First Home Buyer check out our Information Centre.
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