A young couple shared how they bought their first home for less than expected, just three weeks after getting loan approval.
Couple bought first home for a lower price,
Josh Dufficy and Melanie Cook explained that buying conditions were surprisingly favorable.
In fact, they found purchasing a home easier than searching for a rental.
Recent data shows improvements for Sydney buyers, with more listings available and banks lowering fixed-term rates.
Mr. Dufficy and Ms. Cook noted that they purchased their property for less than their original budget.
“We are thrilled with the price we paid,” Mr. Dufficy said.
“It was significantly lower than what we initially considered, and we are so glad we made that choice.”
Now, they are carefully reviewing their repayment plans.
In hindsight, had they gone for their original budget, it would have been financially tight.
A rate increase would have negatively impacted them.
However, by choosing a lower price, they feel much more comfortable financially.
Surprisingly, they found there was less competition than they had expected.
“We prepared ourselves for intense competition, but it wasn’t as overwhelming as we thought,” he mentioned.
“During our rental search, the competition was incredibly fierce every time we looked at a property.”
This prior experience had led them to anticipate a much tougher home-buying process.
Interestingly, Mr. Dufficy admitted they almost skipped viewing the property they eventually bought due to its lower price.
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“We initially believed there might be something amiss with that price. However, we immediately fell in love with it. Additionally, it met all our requirements,” he explained.
“I advise others not to overlook properties priced around $50,000 below their budget. You may find hidden gems,” he added.
The couple ultimately chose a home in Gladesville. They viewed it as a compromise between affordability and their preferred lifestyle.
“We felt reassured knowing we could enjoy the things we love. Furthermore, we wouldn’t be overwhelmed by our mortgage repayments,” he mentioned.
Initially, the experience of becoming first-time homebuyers felt “overwhelming” for the couple. “There’s so much information out there,” Mr. Dufficy stated.
“Everyone has strong opinions about the process. Many say to be strategic and tough it out for years. However, we questioned if we wanted to sacrifice our lifestyle entirely.”
“Currently, we reside in Lane Cove, a place we adore. We wanted to purchase a similar lifestyle, but quickly realized it was unaffordable,” he explained.
Mr. Dufficy noted that they discovered numerous helpful online resources. Additionally, their broker, Leanne Johnston from Mortgage Choice Lane Cove, proved to be invaluable.
Ms. Johnston commented on the growing optimism among buyers. Nonetheless, she acknowledged that first homebuyers in Sydney still face challenges.
“Various schemes are now accessible for first homebuyers. Indeed, there are better options available compared to two years ago,” she observed.
“Consequently, this allows first-time buyers to benefit and ultimately enter the housing market,” she emphasized.
“My focus is primarily on mortgage repayments. I also encourage buyers to start searching early for properties that suit their needs,” she explained.
“There’s a general sense of optimism among buyers. Additionally, there’s an increased supply compared to six months ago,” she stated.
“People are noticing that more properties are becoming available within their budget,” she concluded.
