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How to buy a home with minimum savings but a good income.

How to buy a home with minimum savings but a good income.

Akshay Sharma and Vidhya Sundhararaj bought their first owner occupied home with minimal savings but good combined income.

It’s no secret first-home buyers have faced big hurdles entering the market in the past few years. HOPEFUL first-home buyers desperate to save their first deposit are considering other ways than just stashing their own pool of cash to buy a home.

But now, many are feeling more optimistic and determined. Our clients Akshay and Vidhya are one of those couples. They fell in love with a property and bit the bullet by making an offer.

The couple currently have an investment property in Adelaide. They’ve also put an offer of $800,000 for a piece of property in Sydney, which has been accepted.

More than 70 per cent of young Australians can’t get into the property market because they can’t save for a deposit or secure a loan.

Akshay says that he and his wife understand their commitment and that they earn a great combined income. Mr Sharma currently holds three jobs, earning him an attractive $120,000 while wife Vidhya earns $64,000 bringing their combined income to $184,000.

The couple currently has $50,000 in savings to put towards their new purchase but understanding the Sydney life which includes the couple currently renting and having a mortgage, like most Sydney couples they are simply struggling to set aside enough money each month to reach an attractive deposit.

After several discussion with Collins Mayaki, a strategic plan was formulated and put in motion to help Akshay and Vidhya achieve their goal in owning their family home in Sydney.

Akshay said he attributes this being possible because he had reached out to a professional. “Collins from Wealthy You was great, he really worked with us to help find us a solution.”

“He advised us if the risks and benefits, he knew our full financials and we entrusted him to advise us correctly.”

Collins Mayaki was the broker assigned to Akshay and Vidhya’s case, he had assessed the couple’s situation and concluded at this point in time, this was the most suitable approach for the couple to achieve their goal.

The trick to making this successful is to understand timing says broker Collins Mayaki.

In the end Akshay and Vidhya managed to line up their ducks and have successfully settled into their beautiful Sydney home.

Looking to buy your first home but don’t know where to start? Contact a Wealthy You broker today Email: info@wealthyyou.com.au or phone (02) 7900-3288.

About Author

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Collins Mayaki

Collins Mayaki is the Managing Director of Wealthy You – helping Everyday people, Businesses and foreign investors navigate through the competitive and ever-changing mortgage landscape to find the right loan for them. Wealthy You goes into bat and negotiate on your behalf, making the process as simple as possible for you, geared up to deliver fast results. Our Mortgage Brokers help you avoid the pitfalls, and we'll find loan features to suit your personal circumstances. Collins has more than 12 years of sales, management and marketing experience across a diverse group of companies.

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