Sometimes big life decisions like buying a car, booking that overseas holiday or, even better, investing in your first home can happen faster than you think.
This was certainly the case for 20-something couple Kriselle, an accountant, and her partner Elliot, a nurse. With their beloved rescue dog Harley in tow, the couple ventured across town to check out a HomeSolution by Metricon display home in Truganina, a growing suburb located just over 20 kms west of Melbourne’s CBD.
While Kriselle and Elliot had no real intention of buying, the stars aligned while they were at the display home; they both fell in love with the double-storey Alka and its floorplan, and consequently locked it in there and then.
Kriselle was kind enough to take some time out of her busy day to answer a few questions of ours.
What were your perceived barriers to buying your first home?
Just like every first home buyer, we worried a lot about saving enough for a home deposit and staying within our budget/borrowing power. We were initially planning on saving $40,000 first, enough for a 5% deposit and any additional costs, before browsing for a home. House prices keep rising year on year and by the time we have saved that $40,000, it would no longer cover the 5% deposit that we need.
How did our HomeSolution team help? And how did you find the experience so far?
I was actually browsing on Google quite a bit looking for low home deposit schemes and came across Metricon's HomeSolution ad where you can own your home for as little as a $5,000 deposit.* My partner and I visited one of the display homes in Clyde to enquire about it. Initially, our plan was just to browse display homes and list down our wants/needs in a floor plan as we had noticed that the homes that we liked werealready in the $800-900k range and we would like to stay under $750k in order to apply for government incentives. I wanted a big kitchen with a walk-in pantry, a home office, a walk-in linen space and a walk-in wardrobe/closet. These features seemed impossible to get for under $750k, so it's either we compromise the floorplan that we want or lose the government incentives.
On the day we visited the display home in Clyde, a house and land package with all the features that we wanted was available. We were very undecided at first as we weren't looking to buy in the first place. We drove all the way to Truganina from Clyde to see the display home in person and just fell in love with the Alka floor plan. It was the perfect first home for us. We called our New Home Advisor and locked it in right away. Within a month, we paid the $5,000 deposit, signed the purchase contract and paid the 5% balance of the land. We were so glad we visited Metricon, our New Home Advisor has been really nice to us and answered all our queries.
What area are you building in?
Clyde North, Melbourne.
What government grants are you going to apply for?
I work in Business Services and Tax so I’m well aware of the government incentives we’re eligible for. We have stayed below the $750k threshold in order to apply for the following:
- First Home Owner Grant - $10,000 grant available for new homes valued at $750,000 or less
- First Home Guarantee – no LMI payable for 5% deposit
- Off-the-plan Concession – no stamp duty payable for house and land packages with dutiable value of $750,000 for first home buyers
(Editor's note: remember, as a first time homeowner in Victoria, you may also be eligible for the First Home Owner Grant as well as a stamp duty exemption.)
What are you looking forward to most about your new home?
Having my own home office and a bigger kitchen! I work from home 3 times a week and it would be nice to finally have my own space to work. I also love cooking & baking and we were given a free upgrade to our kitchen stove and oven (as incentives for reaching our savings plan milestones), so I’m really looking forward to this the most! As for Elliot, he’s just happy to get a room for his shoe collection!
To find out more about we can help you own your own home sooner, claim your free consultation here, or learn more about government grants for first home buyers.
*To be eligible, customers must (a) qualify for Victorian Government’s First Home Owner Grant (FHOG); (b) pay $5,000 with the balance of 5% deposit funded through the FHOG plus a savings plan, applied to land and build contract deposits, government charges and lending costs; (c) qualify for the HomeSaver program provided by Phoenix Mortgage Management Pty Ltd (Australian Credit Licence 393868) which assists customers save the funds needed to obtain a home loan & (d) qualify for a home loan. Lender’s mortgage insurance will apply & is incorporated into the home loan repayments. Other lending costs, fees and other terms and conditions will apply. In Victoria, credit assistance is arranged through Loan Gallery Finance Pty Ltd ACN 163 825 670, Australian Credit Licence Number 475302, 4/60-70 Mahoneys Road Thomastown 3074. Lender’s mortgage insurance may be required, incorporated into home loan repayments. Lender’s terms, conditions, fees, charges and lending criteria apply. All loan applications are subject to lender’s approval. Metricon may vary this offer at any time & does not supply finance or land. Newfield Real Estate Pty Ltd ACN 159 312 722, Licence number 028051L. Victorian Builders License CDB-U 52967. Victorian Builders License CDB-U 52967.
