Most people just celebrate their birthday with cake and a party. For Michael, his 28th birthday celebration involved buying his very first home.
“As a single income, first home buyer, it was very challenging to get on the property ladder,” Michael says.
“I had been saving for about two or three years with a view to possibly purchasing in a few more years, but when I learned about the First Home Loan Deposit Scheme, I was keen to get involved.”
He wasn’t able to secure a place with one of the major banks but when he saw Bendigo Bank was one of the participating lenders, he approached the team at his local Picton & District Community Bank Branch.
“As a new customer to the Bank, being offered a place on the Scheme felt like winning the lottery as it gave me a great opportunity to finally break into the market on my own, affordable terms. Once I was accepted onto the Scheme, I quickly found a two-bedroom unit in the heart of Campbelltown (NSW) that I really liked and put in an offer. Luckily, the vendor was after a quick sale, so it all fell into place really quickly. I’ve been here about three months and I’m loving it - it’s a great feeling to finally own your own place.”
Michael says that prospective first home buyers should be wary about well-meaning advice from family and friends, explaining that it’s crucial to ‘do your own research’ when it comes to purchasing your first home.
My advice for other first home buyers out there is to do your due diligence. Get advice from a whole host of different property professionals such as mortgage brokers, wealth management coaches, property accountants, buyer’s agents and real estate agents. Once you settle on your mortgage provider, be sure they know what you want and what you don’t want.
“The team at the Picton & District Community Bank helped me so much from beginning to end and always kept me in the loop. I was very happy with the customer service provided and I’ll definitely be sticking around as a Bendigo Bank customer.”
The First Home Loan Deposit Scheme is open to single (individual) borrowers with a taxable income of no more than $125,000 a year, and married or de facto couples with a combined taxable income of no more than $200,000 a year.
See the eligibility tool on our website for more information.