Young couple find first time perfect home in Phegans Bay
After taking a weekend getaway to the magnificent Central Coast of NSW in December 2019, young Penrith-based renters Brianna Macinante and Beau Wellington have now landed a fantastic first home for $615,000 with the help of Community First.
For Brianna (26) who grew up in the exotically named Copacabana on the Central Coast, ownership of the three-bedroom house on a 1,737sqm block in nearby Phegans Bay is something of a homecoming. Likewise, Beau (27) who hails from Queensland’s Gold Coast felt an instant affinity with the region’s intoxicating mix of beach lifestyle and proximity to his construction job as a foreman on a building site at Mona Vale on Sydney’s Northern Beaches.
Also employed in the construction industry, Brianna works as an administration manager with Western Sydney-based OPH Services. However, because of COVID-19 social distancing measures at OPH Services, Brianna now works mostly from home.
The pending NorthConnex tunnel linking the M1 motorway from the Central Coast to the M2, which connects workers with Western Sydney was another factor in the couple’s decision making. “The NorthConnex will shave around 20 minutes from the commute from Phegans Bay to Western Sydney,” Brianna said. “Beau’s commute is about an hour to Mona Vale from Penrith anyway.
“We worked out that we get much better bang for buck buying a house in scenic Phegans Bay than in a tiny home on a tiny block in Western Sydney.”
Brianna continued, “We never thought that the Central Coast was an option. However, then I bought Beau home to meet the family and while we were here, we ducked into an open home to have a look to see what we’d be buying in 20 years.
“We couldn’t believe what we could buy and were hooked.” Beau chimed in, “We’ve hit the jackpot.” Already the enthusiastic first-timers are planning to upgrade into another Central Coast home.
Government benefits helped
The young couple decided to take advantage of the First Home Loan Deposit Scheme to get into a property sooner. This scheme allows first home buyers with a deposit as little as 5% to buy a first home and also avoid Lenders Mortgage Insurance.
First home buyers can also consider other government programs such as the First Home Super Saver Scheme, HomeBuilder grant or state and territory first homeowner grants and stamp duty concessions. Brianna commented, “Because the house was under $650,000, the NSW Government doesn’t charge us stamp duty, which was another bonus for us as first home buyers.”
For those who are not eligible for the above government programs, there are other support channels available to you. With the help of Community First, you can still borrow up to 95% of a property’s value with most of our home loan choices. While you will pay LMI, the Accelerator loan for example, comes with a low 2.29% p.a.* variable or fixed interest rate for the first two years (3.90% p.a. comparison rate**).
Also, buyers working in community professions such as nurses, firefighters, police force employees, ambulance officers and teachers can borrow up to 90% of the value of a home without LMI. The Community Support Employees home loan feature is available on mortgages up to $1 million and is available to borrowers as well as refinancers or next purchasers on owner occupied properties^.
Another strategy younger buyers might consider involves talking to their parents about whether they can use the equity in their family home to help guarantee the mortgage for their first property. By guaranteeing the loan, parents can assist first-timers access the market sooner, avoid LMI completely and reduce the size of the mortgage held against the property.
Community First points of difference
The young couple only decided to push the green light on a first home in March and are ecstatic. With the help of Community First they moved into their Phegans Bay pad just five months later. Beau declared, “Words can’t explain how brilliant Community First was. Our loan manager, Tanya Mulhall from the Erina Fair store, was incredible in helping us get across the line with everything.
“Tanya took us through the home loan process and encouraged us to get our paperwork together and even looked up the details of the house with us.”
Brianna said Tanya was particularly vital in helping the real estate tyros negotiate any loan approval speedbumps. “Because Beau is from the Gold Coast, we needed a copy of his Queensland driver’s licence and a copy of his birth certificate, which we couldn’t get initially.
“There were a lot of little hoops we needed to jump through as well as scraping together every little dollar to get through the convoluted home buying process, which is trickier than we expected.
“But Tanya was with us every step of the way and made us feel so comfortable. If there were ever a hiccup, she’d sort it out for us. She was great and stopped us freaking out.”
For more information about how we can help you into a first home, just call us on 1300 13 22 77.
*Credit eligibility criteria, terms and conditions, fees and charges apply. Rate for new loans is current as at 4/08/20 and subject to change without notice. Offer is for eligible applications submitted from 04/08/20 and funded by 30/11/20 and can be withdrawn at anytime. Offer is available on Accelerator Package home loans for new loans with a minimum balance of $100,000 or for internal loan increases of at least $50,000. Additional upfront fees apply for construction loans. Your interest rate and repayments may increase at the end of the 2 year term as a lower discount applies for the remaining term. Maximum LVR of 95%.
** The comparison rate is calculated on a loan amount of $150,000 over a loan term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
^For a full list of eligible occupations visit - https://info.communityfirst.com.au/community-support/
This information is general advice only and does not take into account your objectives, financial situation or needs (your "personal circumstances"). Before deciding whether to buy any product you should consider your personal circumstances. You should read and consider the Terms and Conditions when deciding to use any product (terms and conditions, fees and charges may apply). Our product Conditions of Use are available at communityfirst.com.au.
Community First Credit Union Limited ABN 80 087 649 938 AFSL/Australian credit licence 231204.
Last updated: 09 October 2020
The information contained in this article is only correct at the point of time of publication. It is general information and has been prepared without taking into account your personal circumstances, objectives or needs. Please consider if this information is right for you before making a decision to acquire any product.