A young couple having two kids, have approached us for a purchase of their second dream house. They were already living in their own house purchased approximately FIVE years ago in the well-established Narre warren area of south eastern suburb of Melbourne. Their main point of lure to buy a investment house in a particular location was to be close as possible as to the one of the best school in Melbourne. It sounds very straight forward, right? Just buy a new house and move in, but there was a real challenge in place as they originated at the start of their property hunt.
The covid made Australian property owner rich by seeing their existing property increased by nearly $100K at least in last year.
Our investor looking in to next properties was in the starting price range of $750K to $800K reaching nearly $1M for a family home that they can only dreamt of. They almost had put down their guns to explore the options as their mortgage serviceability was not even compounding to the half of their dream investment home.
I remember them approaching me in the month of May 2022 for a social cause to the talks leading to his current struggles of finding a right mortgage and finding & securing desired investment home at the time. I ask him to send some details to get a non-obligatory quotation to our mortgage arm and some property check list of their desire.
In less than three days of providing all the required details, we came back with a scenario for him to secure a desired amount of mortgage. In the meantime, information laid out to me about their property, my acquisition team started hunting down and pulling out the right property options. During out hunt, an old contact of mine come to our mind, who had a plot in a close vicinity could be a right fit. Remember over a year ago conversation with him that wanted to sell the plot. Straight away I dialled him number and asked him about his current position of selling the plot, after few fables of sales fallen through, he was very much keen to dispose it to a right buyer who can perform in a swift manner at the last years expected price, as he was a man of his words. This land is measuring over 500 sqm and read to build on it. Currently, we are arranging the right build quote for our client.
After few months of struggle of our client in securing a mortgage and house, which was costing him over a $1M and seemed to be 1 million miles away from the reality. In sort of 3 weeks of effort, now he has over a $1.1M worth of mortgage approved and already put down the deposit of land and working on getting house price secured, in whole deal costing just over $800K in total.
We shall keep you posted about further development about our client stepping in to their dream home as it develops…
Kindly call the office to secure your next investment property.
Chirag Jani
