What if we told you there are two powerful tools at your disposal, capable of turning your homeownership dreams into reality sooner than you think? Imagine achieving that goal without having to save for years to get a 20% deposit?

Today, we're joined by Michael Nasser - Director of Lendstreet Mortgage Brokers, and he's here to break down the options for you; guarantor loans and the government's deposit guarantee scheme, so you can see how these options can make buying a house less scary and more doable, especially if you don't have a ton of money.

Tune in for a must-listen guide for first home buyers in Australia, and turn your homeownership dream into a reality sooner than you think.

Episode Highlights:

00:00 - Introduction

02:15 - Meighan’s special house of the week

03:40 - Who is Michael Nasser?

04:28 - How does the government’s deposit guarantee scheme work?

06:02 - How does one qualify for the government’s deposit guarantee scheme?

09:26 - Two rules on stamp duty exemptions

10:57 - How many places are currently available for the program?

12:29 - Is securing a spot for pre-approval early in the financial year advantageous?

16:21 - How can buyers assess a broker's knowledge in the housing program space?

17:33 - Considerations for clients who have saved more than 5% for a home purchase

20:03 - Is the housing scheme strictly 5%, or can you contribute more, like 8% or 10%?

23:52 - Michael’s insights into the pros and cons of LMI

25:35 - Additional legal requirements for the government’s deposit guarantee scheme

29:29 - What is a guarantor loan?

31:45 - Additional legal requirements for a guarantor loan

38:46 - Instances where guarantor loans have faced complications or negative outcomes

39:55 - How is the guarantor's portion of a loan calculated in a property purchase scenario?

44:04 - One thing Michael wishes he knew as a first home buyer

About Our Guest:

Michael Nasser is a mortgage broker and the Director of Lendstreet Mortgage Brokers – a platform that offers everything you need to make informed decisions about your financial future. Michael has almost ten years in the mortgage brokering industry and he extends his mission in helping borrowers and home buyers understand and experience lending better in the articles that he writes.

Connect with MIchael Nasser:

• Connect with MIchael on LinkedIn: https://www.linkedin.com/in/michael-nasser-ls/
• Visit their website: https://lendstreet.com.au/

Resources mentioned in this episode:

• Check out The National Housing Finance and Investment Corporation website https://www.housingaustralia.gov.au/
• Episode 141: Why Lender’s Mortgage Insurance isn’t Always a Bad Choice: https://homebuyeracademy.com.au/podcasts/141
• Episode 60: Why It's Important for Home Owners to Insure Themselves https://homebuyeracademy.com.au/podcasts/060
• Episode 49: What Can Go Wrong When Borrowing from the Bank of Mum & Dad? https://homebuyeracademy.com.au/podcasts/049

Resources:

• FREE TRAINING: How to make an educated decision so you buy your first home with the right amount of debt https://homebuyeracademy.com.au/webinar
• Visit our website https://www.homebuyeracademy.com.au/
• Learn how to buy property without making a mistake with our 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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