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Case Study: Hamish

We're interviewing some of our amazing loans.com.au customers to get to know their home and car-buying stories.

Hamish

Home loan customer

Meet Hamish, a customer of ours in his twenties who entered the property market by “rent-vesting”.

Age: 20s

Relationship status: Single

Annual household income: $75,001-$100,000

Stage of the journey: I own 1 investment property which I'm rentvesting. Living in Sydney, own in Central Coast, NSW

Hamish Hamish

We sat down with Hamish and asked him a few questions on his experience, challenges, and how he overcame them.

Background

I started working an office job part time when I started uni and from my first pay-check decided that I wanted to start saving towards a unit. I continued to save for the next 7 years while keeping an eye on property prices that seemed to just keep going up. Living in Sydney, I recognised that I'd probably need to rent-vest to afford my first property so I started looking towards regions in the greater Sydney area.

I found a particular complex on the Central Coast that I thought might have good rental return and was somewhere that I felt I could enjoy living in if I needed or wanted to in the future. Thanks to the pandemic I was able to significantly reduce my spending, save more and be in a position to buy my first investment property in mid-2021. I purchased a unit that was in a little worse condition than I would have seen myself buying but was able to get a great view and a good price. 

“My loans.com.au experience was amazing.”

Challenges

  • At the time I was ready to purchase, apartments were having one inspection on the weekend and were selling via private offers at 9am on Monday morning. The market was red hot.
  • Overcoming the disappointment of not purchasing the first place that you're set on. There may be something just as good or better around the corner.
  • Finding an apartment block that doesn't have waterproofing issues or other challenges can be a challenge. Special levies can just about wipe out your rental income for a unit.
  • Finding the best loan for your situation.

Solutions

  • Saving hard for a property is a great goal but don't forget to enjoy yourself along the way. I still took a break from my savings goals in 2017 to take a holiday around the UK for 5 weeks.
  • Loans.com.au were really helpful in approving my loan quickly and helping me figure out the best way for me to pay it back. They even gave me advice on how to split my loan between fixed and variable so it was working for me.
  • I had a few good long conversations with loans.com.au about my situation and how they could help me before jumping in with both feet. Their friendly team were a big help for a first time buyer.
  • Talking to people who know what they're doing and have played the game before is amazingly helpful. I couldn't have done this without the wise words from my mum!

How was your loans.com.au experience?

  • My loans.com.au experience was amazing. They were able to get back to me quickly, give me quick approvals and help me meet my deadlines for settlement. 
  • I was always able to speak to the same person who knew all about my situation and could give me tailored suggestions.
  • They were even able to give me tips on dealing with agents as a first time buyer.
  • Best of all they had a really competitive rate - that was perfect for me.

loans.com.au customer?

If you’re a loans.com.au customer and would like to be featured, we’d love to hear from you! Send us an email at community@loans.com.au and we’ll get in touch.