Omid Amin is a first home buyers looking to build his dream first home. He purchased a block of land in Sydney’s south west & will build a new four bedroom home with an attached 2 bedroom granny flat.
Omid has been a strong saver & purchased his land a year before registration. This gave him the opportunity to save additional deposit funds while the land was getting ready for registration.
- Land price: $390,000, Construction: $450,000. Total: $840,000
- Purchase date: July 2016
- Registration date: June 2017
- Omid works as a sales consultant and earns over 50% of his income as commissions.
- While Omid had a 20% deposit available, he was looking to keep as much of his funds as possible in an offset account to be able to negotiate & reduce his build costs.
- The value of the land has increased over the course of the year.
- Omid and his partner were also looking to set themselves up with a 10 year wealth accumulation plan. He was looking for direction to help build a sustainable future for his wife & future family.
- Working around Omid short & long term plans, it was important to find a lender that would:
- Allow financing with a smaller deposit as much as possible without incurring any additional fees.
- A lender that accepts a high reliance on commission income; &
- A lender with good interest rates & fees to help manage costs of a larger mortgage.
- Noting these requirements, we found a lender that:
- Allows 100% of commission income to be used for borrowing power. This allowed an additional $80,000 in borrowing power.
- A lender that accepts the market valuation of the land, not the contract price.
- Market leading rates & no annual fees.
Here’s what Omid had to say about dealing with Confidence Finance
Curtis & the team at Confidence could not have been more supportive in helping my family build our new home and granny flat. He was professional & clearly passionate about what he does. He worked tirelessly to find us a solution that suited our unique requirements & came up with a plan to help us start the foundations for a long-term wealth creation strategy. The result is great, by keeping a little more of our saved funds available to us, we’ll be able to reduce our ancillary construction costs by negotiating with parties directly.
Thank you Curtis & the team at Confidence Finance.