Real Accounts: Find Out How Shivani Financed Her First House

Name: Shivani
Location: Melbourne
Occupation: Media Sales
Age: 30

When it comes to saving, spending and lending, everyone’s got a story to tell. In our new series Real Accounts, we talk to different millennials about their (very) personal finance experiences and some of the key lessons they’ve learned along the way.

This week we chat to Shivani, who took out a loan to buy a house and found it surprisingly simple and straightforward.

I wanted to buy a house so I simply approached a mortgage broker. I didn’t have much experience of finance, but it was really pretty easy and I got the home loan reasonably quickly. Despite what I’d been told, it wasn’t at all stressful.

I didn’t get a lot of advice from people. But to be honest I didn’t need it. There was a clear path to follow via my financial institution.

You need to check interest rates, and that you can afford repayments even if something unexpected comes along. It’s been tight at times, but I’ve always made my payments.

It was exciting when the money was available. I wasn’t going to splurge though, I had a definite plan for what I was after and I bought the house I wanted.

I’m still paying off my mortgage. But I have a plan and I’m following that to the letter. I’m so glad that I have my own place.

Here are three things I learned:
  • Make sure you can afford the repayments even if something unexpected comes along
  • It’s much easier than you imagine, so don’t be scared
  • Check interest rates before you take out your loan.