First Home Buyers: Jay and Hinaben
Jay and his family, are permanent residents who purchased their home through the First Home Guarantee.
They were living in Tasmania and wanted to move to Melbourne where they were keen to buy a home but didn’t have the 20% deposit they needed.
Jay had been saving for a home deposit for over a year. ‘We did a lot of research about suburbs and other housing factors, and where we could work, before buying a new house,’ Jay says.
‘It’s a brand-new house in one of the most livable cities in the world – Melbourne. It’s been our goal to move from Tasmania to Melbourne, so we are grateful that we secured this property after having looked at many others. This house ticked all our boxes.’
The recent changes to the Home Guarantee Scheme meant that as permanent residents, Jay and his wife could apply for the First Home Guarantee and access home finance with a 5% deposit.
‘We were lucky that we could secure our spot quickly and get all our documents and paperwork submitted in a timely manner, as there are always a limited number of places for the guarantees.’
Thanks to a loan from Westpac and accessing the First Home Guarantee, Jay says ‘the Scheme has made a significant difference in terms of us being able to buy this house and move in quickly. Without the Scheme, we would have had to wait and save a lot more to be able to afford a home.’
Having grown up in India, Jay valued being able to find a comfortable and affordable place to call home for his young family. The ability to build equity through home ownership as well as contributing to sustainable and inclusive communities were also important to Jay.
‘We are enjoying being in our new home and getting to know our new city, Melbourne. Owning our own home gives us security including physical, emotional and psychological security. It’s a place where you can truly be yourself and create a life that aligns with your values and aspirations.'