First Home Buyers - How We Helped

Written by Lisa Bridgett on April 14, 2024

First Home Buyers - How We Helped

Client's Challenge

Our clients, Joseph and Genevieve (the Parkers), were aspiring first home buyers eager to enter the Sydney property market. Despite diligent saving, reaching the 20% deposit threshold seemed daunting given the inflated market conditions in Sydney. Additionally, navigating the array of available grants for first home buyers proved to be overwhelming.

How We Helped

Financial Assessment: We began by assessing the Parkers’ financial situation, including their serviceability and available deposit. Understanding their borrowing power was crucial for tailoring our approach.

Grant Research: Our team diligently researched all available grants for first home buyers that fit their financial situation. We identified and successfully applied for two key grants: the First Home Guarantee Scheme and the First Home Buyers Assistance Scheme.

Outcome

Dream Property Acquisition: With our assistance, the Parkers found their dream property and were able to purchase it with just a 5% deposit, bypassing the need for lenders mortgage insurance and the associated premium required.

Financial Flexibility: By leveraging the grants and securing the property with a lower deposit, the Parkers freed up a significant portion of their saved deposit. This allowed them to allocate these funds towards minor cosmetic improvements to enhance their new home and tailor it to their needs.

Client Feedback

“Joseph and I want to express our sincere gratitude to Lisa, our broker, Ju, the loan support manager, and the rest of the team for their unwavering support throughout our home-buying journey. Their expertise and dedication made the process smooth, and we're thankful for their exceptional service. Highly recommended!”

Are you struggling to save for a deposit? Do you know how much saving you really need for your first home? Contact us today for a chat.

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