Deciding which house to buy is a major decision. While many people envisage their ideal property in their mind’s eye, it can take a bit of time finding it. Our client Anita had been searching for the right house for two years.
“I was renting and knew that I should buy. I had set my heart on a rural property with a bit of land and I wanted to know that type of house was within financial reach.”
Anita came to see our mortgage adviser James Durrant when she eventually found her home - one which ticked all the boxes. The two by four was on a large block on the outskirts of Esperance in a town called Gibson.
“It’s on a plot of just under 1,500 square metres so plenty of space for my two dogs, has an impressive outdoor entertaining area and a big shed for my camping trailer.”
The property’s other appeal was the abundance of mature fruit trees. Anita had grown up on a farm and was keen to replicate her childhood in the country.
“This house is a dream for the home gardener. There are plums, figs, lemons, apples and oranges and a loquat tree. I was brought up in a rural area and love the idea of being able to grow my own fruit and vegetables.”
Choosing a home loan
Anita had heard that securing a mortgage on a house in a country location on a large block could prove tricky.
“I was aware that if a property is classed as rural, some lenders will only offer up to 80% of its value. James from TV Financial looked very carefully to see which product would be best suited.”
Anita has a full-time job as an accounts payable officer at a farm equipment firm and has a steady income, but wanted to ensure she had manageable repayments.
“I wanted a loan which had two elements, a fixed interest and a variable interest which was linked to an offset account. It’s perfect for me at this stage of my life. James was very helpful, organising these requests with the bank”.
Moving onwards and moving in
The process itself was simple and Anita was surprised to learn that there was no fee for using James’ expertise.
“I always thought you had to pay to see a mortgage broker, but James explained that he earns commission from the lender. He offered excellent advice and was extremely knowledgeable.”
Before moving in she has some minor renovation work to do. Her rented house is close to her new home, so she’s been putting in some hours painting and fixing.
“There’s a few DIY jobs to do before I settle in. Once I’m there, it will be nice to sit back and watch my dogs enjoy their new surroundings. I have a good feeling already about my new place, life is sweet.”