What happens when your dream of buying your first home collides with the realities of changing jobs, working overseas, or stretching your budget? In this episode, we’re joined by Chris Bates, one of Australia’s top mortgage brokers and co-founder at Blusk, to tackle these challenges head-on with practical advice and real-world examples to guide you through some of the common challenges of first-home buying.

We start by addressing a common concern: how job changes impact your loan eligibility. Chris explains how banks assess different employment situations, including probation periods, career shifts, and even casual or part-time roles.

Next, we dive into expat lending, a topic many Australians working abroad grapple with. We then explore the trade-offs between using first-home buyer grants and maximising borrowing power by purchasing an investment property.

Finally, we talk about budget-stretching tips, including buying unrenovated properties, considering nearby suburbs, and keeping financial buffers. Chris also dives into the benefits of lender’s mortgage insurance, showing how it can be a valuable tool for first-home buyers when used strategically.

Tune in to get clear, practical answers and build the knowledge you need to approach your first home purchase with peace of mind!

Episode Highlights:

00:00 - Introduction

01:21 - How long should I work at my new job to qualify for a first-time home loan?

05:58 - How much of a disadvantage is it to apply for a mortgage as an expat?

10:51 - What’s the smarter choice: higher borrowing power or first-home incentives?

16:09 - Does renting out spare rooms help increase loan capacity?

22:32 - Is it better to buy a house now or after finishing my career change?

36:42 - Chris Bates’ first home buyer property dumbo

Resources:

• FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse

• Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers

• Visit our website https://www.homebuyeracademy.com.au/

• Join our Facebook Group to get access to free monthly live Q&A sessions

• https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia

• Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG

• If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast [email protected]

• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au

• Work with Veronica: https://www.veronicamorgan.com.au

• Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/

• Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

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