Client Case Study – Milly and Linc x MoneyQuest Orange

Are you interested in buying land and building your dream home? MoneyQuest Orange can help! The case study below outlines how Amanda and her team assisted a couple of first home buyers to secure a land and construction loan, with lots of learning and laughter along the way.

Amanda and Milly first met in October 2020 to discuss Milly’s finance goals. Milly explained that she and her partner Linc wanted to purchase their first home and that they were after a clear plan to help them achieve this goal.

Milly: “I needed a definitive figure, an actual dollar amount to save for. No one else had been able to provide me with a specific number to work towards, whereas Amanda explained the process really clearly. She specified exactly how much we needed to save, which was 5% of our borrowing power, and advised us to come and see her again once we had saved that amount. She also explained the various government grants available, what lenders look for in terms of living expenses, and she reassured me that my car lease would not affect our chances of gaining loan approval. She was warm and personable and exactly what we needed.”

Amanda: “We discussed Milly’s savings plan and worked backward to determine a realistic timeframe in which she and her partner Linc could achieve a deposit. We covered off all of the first home buyer grants that they might be eligible for, as well as their borrowing capacity. It was an education session on becoming ready to achieve their goals.”

At the end of March 2021, Milly and Linc were on track to reach their goal. They had saved half of their 5% deposit, Linc had secured a full-time role, their genuine savings had been set up in a separate account and they were utilising the tools that Amanda had armed them within their initial meeting.

 

 

By August 2021, Milly and Linc reached their 5% deposit goal, and they decided that buying land and building a home was the right option for them. To qualify for the first home buyer grants on offer, they needed to secure the land and have a building contract in place. Amanda helped them to choose a lender and loan product that suited their needs, and Milly and Linc were able to communicate clearly and effectively with their builder to ensure that they came in on budget. Their savings enabled them to secure the land with a deposit, and they then navigated the requirements for construction finance e.g. building plans, contracts, soil testing, etc.

Milly: “I knew buying something established wasn’t for us, and we quickly decided to go with a custom build. Amanda was fantastic throughout the process and her connections proved invaluable. She knew the real estate agent we went through, she knew the builder, and she knew that the agent and the builder had previously worked together and was able to leverage that relationship to benefit us. If we didn’t have access to Amanda’s connections, I don’t know how successful we would have been or if we would have achieved things as quickly as we did.”

Amanda then lodged the loan application and continued to manage the finance and government grant process. As a result of Amanda’s hard work and Milly and Linc’s dedication to their goals, they received unconditional approval for their loan and the government grants they applied for. Their land settled in December 2021, and construction of their first home is due to begin in March – which is also when they are getting married!

 

Milly: “Amanda went above and beyond to gain access to the lender we wanted and liaised directly with our builder regarding a number of issues. Tiffany at MoneyQuest Orange was also instrumental in the success of our loan application. She checked every document meticulously and both her and Amanda made the entire process seamless and fun. Amanda was incredibly encouraging throughout, and it was so refreshing working with someone that understood where we were coming from, and was also willing to fill any knowledge gaps that we had. I can definitely see myself going back to Amanda when we are ready to make our next finance move. I told her to keep an appointment free for us in 12 months’ time – we’ll be back!”