Muhu & Harini
Married in India, Muhu moved to Australia in 2008 and his wife Harini followed six years later. Employed as a factory worker and a dental assistant respectively, the couple were renting an apartment in Westmead when they started researching their options on how they could buy their first home in the future. But with limited savings at the time, they weren’t planning to buy for a long time. While online, Muhu came across the AffordAssist website and did not hesitate to call, curious to learn more about the program.
AffordAssist assessed Muhu & Harini’s financial position and helped them understand their budget. With a budget of $530,000, AffordAssist arranged inspections of apartments that met their lifestyle needs and were in their Buying Range. Next, AffordAssist’s solicitors arranged an agreement with both parties – Muhu/Harini and The Seller – where the deposit of $5,000 was transferred into a trust account, and the balance of the deposit would be repayed in five years. Finally, AffordAssist took this agreement to The Lender and secured a home loan – just three weeks after they had chosen their property.
Assessed & Qualified for AffordAssist Program
Approved For Home Loan
Settled & Received Keys
Their Fast Track
With Deposit Savings of $5,000, Muhu & Harini entered the home market 48 months earlier than their original plan. This has saved them up to $96,000 in Rental Payments and has set them on the Fast-Track for Potential Future Wealth.
3 Bedroom Apartment purchased for $530,000
Original plan was to save 10% deposit. While paying rent, it would have taken 48 months to save the balance of the $53,000
Rental Payments Saved
Based on monthly rent of $2,000
Potential Future Wealth
Growth estimates are based on a compound rate of 3%
*A word of caution: Future predictions cannot be determined by past performance, for any asset class.
We urge you to always do your own research before you make any financial decisions.
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AffordAssist is an affordable housing program specifically designed to meet the needs of first-home buyers. It is a corporate solution offered alongside government initiatives with a single purpose to increase first-home ownership in Australia.