Mr. Karma, a dedicated Accountant at 24Care Australia based in Phillip, Canberra ACT, encountered significant challenges in his quest to locate a suitable residence for his family of four and their two pets, a Dalmatian and a Persian cat. Since his arrival in Australia, he has been residing in a rental unit at 719/15 Bowes Street, ACT. The continuous escalation of rent (from $380 initially to $650 at present, per week), often without prior notification, coupled with complaints from the property owner regarding his pets—particularly emphasizing the purported danger posed by his dog—contributed to his growing frustration.
“In pursuit of a new apartment, I recognized that this predicament would likely recur with numerous landlords, necessitating repeated relocations that would adversely affect my family, particularly my children,” Mr. Karma explained.
Unexpectedly, a solution emerged through a conversation with his wife, who mused, “If only we owned our home, we wouldn’t be subjected to anyone else’s rules.” This revelation sparked a realization in Mr. Karma that homeownership might indeed be within their reach.
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Despite an annual income of approximately $97,000, accumulating sufficient savings for a home purchase proved difficult for Mr. Karma. The financial demands of raising two children, one of whom attended a Blue Gum Community, a pricey private school, significantly strained the family’s budget. The prospect of achieving his homeownership dream began to dim until a serendipitous encounter with a broker of Bhutanese descent introduced him to the first home guarantee scheme. This program, for which he discovered he was qualified, promised a new horizon.
“The introduction to this scheme illuminated the path to homeownership, relieving me from the heavy burden of financial constraints. The requirement of a mere 5% deposit under the scheme was particularly astonishing,” Mr. Karma expressed.
Thanks to the first home guarantee scheme and the guidance of his advisor, Mr. Karma navigated the home buying process with newfound confidence and ease, moving significantly closer to securing a permanent dwelling for his family, free from the uncertainties of renting.
