David Bonaddio, Real Estate Reporter
First published 27 Oct 2026, 12:00pm
First-home buyers Jeyakaran Karnan and Shree Harini Vinothkumar with their son Yaalan outside their new $720,000 Clyde North home, bought $80,000 under budget.
A Melbourne family has taken the keys to a new home that cost $80,000 less than their budget after giving up on the auction circuit.
Jeyakaran Karnan and Shree Harini Vinothkumar planned to spend $800,000 on their first home, before choosing a $720,000 house-and-land package in Clyde North.
They had attended inspections and auctions for established homes but found the prospect of competing with other buyers overwhelming.
RELATED: Global beer boss’ Vic home seeks $3.2m deal
‘Poor’: Huge Albo snub after 44pc crash
‘Horrible’: Block legend calls out ugly backlash
“It was kind of like a race to get the house. We weren’t in that mindset at that time,” Ms Vinothkumar said.
The couple opted to build at Orana estate, where they hoped their 18-month-old son, Yaalan, could grow up among other young families.
Parks and schooling choices were drawcards, particularly the option of Christian education alongside local public schools.
And keeping some savings in reserve for their son was as important as securing the home itself, they said.
Jeyakaran Karnan and Shree Harini Vinothkumar celebrate getting the keys to their new home at Orana estate after construction took just four months.
Using the Albanese government’s 5 per cent deposit scheme meant they didn’t have to find a conventional 20 per cent deposit.
On their $720,000 purchase, that’s the difference between a $36,000 deposit and $144,000, though making a smaller deposit means taking on a larger mortgage.
The couple said they had gained a buffer for unexpected family expenses, though they haven’t escaping sacrifices, as holidays were put on hold and they became more careful with spending.
But after their experience at auctions, the building process was a welcome surprise.
The Clyde North couple turned their backs on Melbourne’s auction circuit and used the federal government’s 5 per cent deposit scheme to buy their first home.
“We didn’t think that it’d be this quick,” Mr Karnan said.
Construction took about four months without delays, with the keys arriving roughly 10 months after they signed up.
“Buying our first home was a huge step for us, so receiving the keys is something we’ve been looking forward to for a long time.”
Their home was also the 100,000th completed by ABN Group, the parent company of Homebuyers Centre.
Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.
MORE: ‘Challenging’: Vic buyers face tough spring market Tones and I star’s huge secret money blow Sad blow for Block stars in Ch9’s failed act [email protected]
Help us improve your reading experience
Got a minute? Your feedback will help us build a better experience for you.
