How Kishan’s home doubles as his first investment property

Access to friendly, practical and helpful information impressed home buyer Kishan on the very first day he visited BankVic’s Monash Medical Centre branch.

“I work as a laundry attendant at Monash Medical Centre on weekends. Passing the BankVic branch I noticed the competitive interest rates being advertised,” explains Kishan, who works in IT during the week.

Kishan and his wife were at the very beginning of their journey towards property ownership when they met one of BankVic’s lending specialists, Jay.

“Jay has helped us enormously,” Kishan says. “He outlined the steps to apply for our first home loan and provided tips to make the application process easier. Not having purchased property before, we were unaware what we would need to organise, or even that we would need a conveyancer involved and so on.”

One of the things Kishan did early on was to move his everyday banking to BankVic.

“Jay explained that this could help make our home loan approval faster when the time came.”

This piece of advice proved invaluable for Kishan and his wife, who took the unusual step of jumping in and signing a contract of sale on their first property, without having officially gained loan pre-approval first.

“Jay was surprised when I called him! Luckily, as existing BankVic members our loan application and approval processes were faster. There were some tense moments, but Jay was very supportive throughout.”

At Jay’s suggestion, Kishan and his wife negotiated a long settlement, which gave them extra time to save the additional funds they needed to push their deposit from 10% to 15%.

“As a result, we didn’t have to pay lenders mortgage insurance,” says Kishan. “We were really pleased to avoid this extra cost.”

Now, Kishan and his wife are considering their next move. Their two-bedroom apartment in popular Clayton South is well located and was used as an investment by the previous owner.

“Before we bought the property there was a tenant living in it, who was paying more in rent than our current mortgage re-payments. If we want to use the property as an investment in future years, we know it will make sense.”