Working with Hatch – An interview with Varzavand and Bianca
Hatch Financial Services recently caught up with two of our clients, Varzavand and Bianca, to chat about their first home buying experience, and how working with a broker made everything easier when a baby came into the picture. We helped them buy their first home back in 2014, and in 2016 we met again when they were looking to buy a second property.
Tim: Not so long ago, back in 2014, you were a first home buyer. What was your biggest challenge when attempting to find a property?
Varzavand: Breaking into the housing market as a first home buyer is quite a challenge – particularly having to come up with a 20% deposit to avoid paying LMI (Lenders Mortgage Insurance). You’ve also got to take into account other fees associated with moving home, and the costs that come with property ownership. Once I worked out my budget, I began looking for a place closer to my wife’s parents’ home.
Tim: And you ended up in Essendon, didn’t you?
Varzavand: Yes, we ended up finding a cosy two bedroom villa in Essendon North.
Tim: A lovely spot! Did your expectations change over the period of your search? Were you looking for a particular kind of property in a certain area at the beginning of your search? Did your mindset change after putting in offers and seeing what was out there?
Varzavand: I went to a few auctions before my first purchase and to be honest, the majority of them slipped away as they flew past my purchase limit. It was quite disheartening – but we got there eventually!
Tim: You sure did! So, how do you think working with Hatch helped make your property purchase easier?
Varzavand: Having been recommended to you through a mutual friend, we met for our first coffee all that time ago – remember? After our chat, I felt so much more comfortable and ready to tackle the market. From obtaining our pre-approval, to choosing the right home loan and getting all the paperwork and contracts signed – I couldn’t have done it without you.
Tim: Thanks, Varz! What do you think the biggest challenge is for first home buyers today?
Varzavand: By far the biggest challenge is trying to get that deposit saved while you’re still renting. It’s so tough these days.
Tim: Do you have any words of wisdom you’d offer a first home buyer?
Varzavand: Get saving savvy. One thing that helped me was opening a separate bank account, and depositing a fixed percentage of my income into it. That way, you don’t see the funds in your expenses account, and you know exactly what you have to spend. Anything that’s left at the end of the month, transfer it into the savings. It’s tough but it must be done to get that deposit saved.
Tim: How valuable has it been working with a broker in terms your success in property investment?
Varzavand: It’s been great. We had little knowledge of what we were doing at first. We found our previous home with Hatch, so it was quite natural for us to work with you guys again as we’d had such a great, seamless experience the first time around.
Tim: So, now you’re on your second property – what was the biggest challenge in buying for the second time?
Varzavand: Once we found out that we were having a baby, we immediately started looking for a new place and managed to find our second home in a matter of a few days. Because of this quick turnaround, we hadn’t got our pre-approval in place. That was a challenge. Luckily, we were able to score a meeting with you super fast, allowing us to get everything sorted and to secure our new home.
Tim: Did you find working with a broker valuable in terms of your strategy?
Varzavand: Your help in working out what our first year with our newborn would be like in terms of our finances was very helpful – and eye opening!
Tim: Last one, Varz! In your opinion, how important is working with a trusted broker when investing in property?
Varzavand: Very important. We needed so many things explained to us, and we benefited directly by having a trustworthy relationship with our broker.
To find out how Hatch Financial Services can assist your property purchase, get in touch with Tim Gaspar today.