Key Points / Summary:
- Leah, who is a primary school teacher in Benalla, began researching first home ownership in 2018
- By late 2019 she signed the contract for a period cottage close to all her Victorian town’s major amenities
- Leah was eligible for the Victorian Government’s first home buyer concession scheme
- She also avoided paying lenders mortgage insurance (LMI) on her first property
“My dad is a paramedic and has banked with BankVic all his life. He opened ‘little copper’ accounts for my sisters and I as children, transferring them into our names once we turned 18. As a smaller bank, I believe BankVic offers a personal touch and I wouldn’t consider banking with anyone else.”
Leah, who is a primary school teacher in Benalla, began researching first home ownership in 2018, but it wasn’t until late 2019 that she signed the contract for a period cottage close to all this pretty country town’s major amenities.
“I was in touch with BankVic from the moment I decided to enter the property market. From understanding how much I could borrow to what I would need in terms of a deposit, the lending team were incredibly helpful from day one.”
Leah quickly developed a rapport with phone lending consultant, Sandra.
“Having the same lender all the way through was fantastic,” said Leah. “Sandra was super responsive and always came back to me quickly with the information I needed. It was especially handy having her support to work through and understand all the terms and conditions in the loan contract.”
Leah was eligible for the Victorian Government’s first home buyer concession scheme, which exempted her from paying stamp duty on her property purchase. She also avoided paying lenders mortgage insurance (LMI) on her first property through BankVic’s family guarantee.
“My dad agreed to act as guarantor on my home loan which significantly reduced my costs.”
Leah says her path to first home ownership involved both commitment and planning.
“To save the deposit I had to be very diligent and careful with my spending. I opened up a BankVic savings account that offered bonus interest each month you didn’t make any withdrawals. I found this to be a huge motivator that helped me achieve my deposit goal faster.”
“It can be hard as a single young adult to get a foot on the property ladder. With BankVic’s help I’ve managed to do it before I turned 30, which was always my dream."
The information in this article is general in nature and does not take into account your personal situation or needs. Please consider whether it is appropriate for you before acting on this information. Police Financial Services Limited ABN 33 087 651 661 – trading as BankVic AFSL 240293 Australian Credit Licence 240293.