LEARN HOW SAURABH BOUGHT HIS FIRST HOME WITH A DEPOSIT OF JUST $15K
THE JOURNEY OF HUMBLE BEGINNINGS TO HOMEOWERNSHIP
If you are dreaming of owning your own home, then this inspiring success story of Saurabh is for you.
A migrant, who achieved his dream of owning a home in the heart of Melbourne CBD with a deposit of just $15K.
For Saurabh, this was more than just a dream; it was a sense of achievement, belonging and security.
However, the journey to homeownership wasn’t easy for him. He had to make sacrifices, save diligently, and overcome numerous challenges, but he never gave up.
His journey reflects determination, strategic planning, and the invaluable support of Team SONI.
So, how did we make it happen? Let’s hear from Saurabh as he takes us through his journey in his new abode!
Q: HOW DO YOU FEEL ABOUT ACHIEVING THIS MAJOR MILESTONE IN YOUR LIFE?
Saurabh: I feel over the moon! Owning my own place in a foreign country as a migrant fills me with immense pride and security.
This journey from changing jobs to saving diligently for the deposit, has been long but incredibly rewarding. This place is more than an apartment, it’s my home.
It’s beyond anything I could have imagined, and I’m so thankful to Team SONI for their support at every step.
Q: CAN YOU SHARE A BIT ABOUT THE FINANCIAL DETAILS OF YOUR PROPERTY PURCHASE, AND THE GOVERNMENT GRANTS YOU WERE ELIGIBLE FOR?
Saurabh: Certainly! The purchase price of my property was $527,000. With Team SONI’s guidance, I was able to secure the property and borrow 95% of the purchase price, without paying lender mortgage insurance (LMI). They facilitated me with the first home guarantee scheme, saving me almost $15,000 in LMI fees.
Being a first home buyer, I was also able to save over $26,000 in stamp duty and secure a $10,000 first home buyers grant because I bought a brand-new property.
Overall, I paid about $15,000 from my savings and received benefits worth over $50,000.
I honestly had no idea about all these grants before, but Team SONI made sure I got every bit of help available!
Q: WHAT IS YOUR FAVOURITE THING ABOUT YOUR NEW HOME?
Saurabh: It is super spacious! I have been living in city apartments for the past few years, but I feel my 1 bedroom + study apartment has one of the best layouts, ever! And the location is outstanding – so close to the train station and shopping centre, it’s such a blessing!
Also, the world-class amenities, like the indoor pool, cinema, and well-equipped gym, make it feel like a luxurious retreat right at home. All my friends love visiting my place, as I get to entertain them with virtual golf, billiards, karaoke and even use the amazing private dining rooms to host them for dinners.
Q: WHAT WERE SOME OF THE CHALLENGES YOU FACED AS A FIRST-TIME HOMEBUYER, AND HOW DID TEAM SONI HELP YOU OVERCOME THEM?
Saurabh: It was absolutely a ride!! Becoming a first-time homeowner is indeed a complex journey.
There was a lot to consider, what type of property, which location, how much deposit I needed, how much can I borrow, if I needed pre-approval, and what government grants am I eligible for, it was all so overwhelming!
Team SONI played a key role in guiding me through this intricate process, providing me with valuable advice, peace of mind and a truly stress-free experience.
The main challenge on my homeownership journey was twofold: little savings for deposit and my limited borrowing capacity.
Initially, like many of my friends, I wanted to buy a bigger house with a backyard. However, the reality of finding something in my budget within 50 to 60 kilometres of Melbourne CBD was too overwhelming.
Thanks to Chirag! He didn’t just throw options at me; he took the time to educate me and crafted an exclusive and tailored strategy for my situation. Recognizing the importance of my financial capacity, one of his initial recommendations was to focus on increasing my income.
Following this advice, I started looking for avenues to increase my income, and soon I was successful in securing a higher-paying job and commenced part-time work over the weekends.
This helped to improve my borrowing power and boost my savings. A month after securing my new job, Chirag and the Team facilitated the entire process, from securing the property and getting my loan approved along with government grants and incentives through to settlement and having my property fully furnished and ready for me to move in.
Q: WHAT ADVICE WOULD YOU GIVE TO OTHERS CONSIDERING HOMEOWNERSHIP?
Saurabh: Definitely, the advice from Chirag I shared. And I would say don’t limit yourself. Explore all your options by seeking an expert advice. The real estate market is full of opportunities, and with the right team by your side, you can secure your first or next property sooner than you think.
Attend SONI Wealth’s property investment workshop – it was an eye opener for me and equipped me with a comprehensive understanding of the Australian property market and gave me confidence to start my journey.
