Since my last blog post on 7th December 2024, I have been preparing for settlement day on 29th January 2025 (the same day as Chinese New Year day). For most of the period, I was waiting for my home loan to be formally approved by both the bank and the Victorian State Revenue Office (who provides the funds from the Victorian Homebuyer Fund). I received formal approval from the Victorian State Revenue Office during the New Year break and from the bank last week. I visited the bank to sign the home loan documents and set up my bank accounts to pay the loan. While I have received formal approval for my home loan, the money from the bank, the Victorian State Revenue Office and my initial deposit is not enough to fully cover the purchase price. This resulted in a shortfall of a few ten-thousand dollars that I needed to cover. Luckily, I have enough money to cover the shortfall plus establish a buffer to pay off the home loan in case I cannot work for a period of time. This was all thanks to my diligent saving over the past few years that I am able to raise enough money to buy my first home. Even though there are government schemes where one can buy a home with just a 5% deposit, saving as much money as possible gives me more options as to the property I purchase, as well as favourable home loan terms.
I am also working to get quotes for renovations that I would like to complete before I move into the apartment. Even though the renovations are minor, I would like to replace the existing carpet and wooden floors with new laminate floorboards. Last weekend, I visited a few floor shops to look at some samples and speak to a few people to get a feel of price. Apparently, laminate (printed) and hybrid (textured vinyl) floorboards are cheaper to purchase and install compared to timber floorboards while being more water and scratch resistant. I have received some quotes that fall within the budget of replacing the floors. Additionally, replacing the floors would only take about 2 days, meaning if everything goes well I will have new floors when I move in. I would also like to replace the electric wall heater with a split system air conditioner (which would providing both cooling and heating), repair the wooden windows and install fly screens. I am getting quotes to get these jobs done before I move into the apartment.
Lastly, I am starting to do some research on the electricity, gas and internet providers I will use, with the aim to minimise costs. I have found an electricity provider that seems cheap on the surface, but is not a well-known brand. I will need to do some research on them. I also found a few internet providers that are cheap for the speeds they are offering. However, as I do not know what their reputation is like, I will need to do some research as well. Water is not a worry for me at the moment as I just need to pay the water rates upon settlement, so the water will be connected by the time I move in.
Overall, things are going well at the moment as I am busily getting everything ready for settlement and moving into the apartment.