Last week, another lucky BOQ first home buyer won a massive $25K! Michael and his wife Yuk Yi, from Queensland, won the money just for taking out their first home loan with BOQ. We chatted to Michael about his experience, the home buying process and what he and his wife are planning to do with the money.
Michael and Yuk Yi took out the home loan with BOQ Sunnybank Hills back in March to buy a block of land in Brisbane. It was as the perfect time to buy land in South East Queensland as property group Oliver Hume recently released research that found the cost of land has dropped by a whopping 25% in the last year.
What motivated you to buy your own place?
My wife and I wanted to have something of our own. So we can be more comfortable and start a family further down the track.
Had you always thought about taking your Home Loan out with BOQ or were you considering other banks?
We did consider other banks to see what was on offer. But we were persuaded by my family – my dad – as he has the family business accounts through BOQ, so we opted to come to BOQ too, and we were happy with what BOQ had to offer.
Did you already have any products with BOQ or was your home loan the first product?
I didn’t have any products with BOQ, but now we have our home loan, a Day2Day Plus Account and a mortgage offset account.
How was your experience end to end with BOQ and your lending manager?
It’s been a good experience – we got through it. I wasn’t sure what to expect and Cheryl (Lending Specialist at BOQ Sunnybank Hills) was very helpful.
Was the home buying process stressful?
It wasn’t as stressful as I thought it would be, I did a bit of research beforehand so I felt more prepared, plus we did get pre-approval.
What were the easiest and hardest parts of the process?
The easiest part was just following what was explained to us, and the hardest was actually making the decisions.
Do you value the personal service with your branch manager and lending manager over online communication and automated machines?
Yes, I value personal service because I find it much easier to talk to someone face-to-face so they can help me with any questions I have.
Did you meet face to face with other banks or did you do online research prior to meeting with BOQ?
We did a little bit of research to see what was out there in terms of different home loan rates. But, then we decided to go with BOQ, because my dad has a home loan through BOQ as well.
What’s your advice for other first home buyers?
Do your research and prepare before making any decisions, just so you have a better understanding of the process and what is out there.
What are you going to do with the money?
Some of it will go towards the repayments for the loan and to any bills while we’re currently building and moving into our new home. We will also buy a new car!
Would you recommend BOQ to your friends if they were taking out a home loan? Is there anything else you’d like to say?
Yes, I would recommend BOQ to my friends. I just want to say that I’m extremely happy – everything has worked out very well. I don’t think any other bank would’ve given me a competition to win $25K.
Michael and Yuk Yi are currently planning their dream home and hope to have it built before Christmas. We wish them all the best for the future!
If you’d like to find out more about buying your first home with BOQ, contact your local BOQ branch today.