Are you a first home buyer in Australia? If so, you've probably heard the mantra: "Save up 20% for a deposit to avoid the dreaded lender's mortgage insurance." But here's the thing – lender's mortgage insurance, or LMI, might not be the enemy it's made out to be.

Contrary to popular belief, LMI isn't a dirty term. Join us as we sit down with Strachan Taylor, a respected expert from Helia, to explore the lesser-known side of LMI that could actually expand your horizons when it comes to purchasing your dream home.

It's easy to be skeptical about paying more money for insurance that seemingly doesn't directly benefit you. However, as we unravel the layers of LMI, you'll discover how it can be a strategic tool rather than an unnecessary burden.

Join us for an insightful conversation that might just change the way you think about lender's mortgage insurance. Your path to homeownership doesn't have to be limited – it could be more accessible than you ever imagined.

Episode Highlights:

00:00 - Introduction

02:33 - Meighan’s special house of the week

03:48 - What is LMI (Lender’s Mortgage Insurance)?

08:18 - What role does LMI play in rapidly rising property markets?

10:23 - How has the role of lenders and mortgage insurance providers changed?

12:58 - What is the cost of the lender’s mortgage insurance?

14:33 - 3 alternative options for first home buyers to enter the market with less than 20%

17:26 - What is the cost of LMI for a $900,000 property with a 5% deposit?

21:20 - Why is a long-term perspective required when entering the property market?

24:24 - The importance of surrounding yourself with property experts

28:46 - Capital growth vs equity

31:21 - Advice for first time buyers looking to buy a property

38:02 - What Strachan wishes he knew as a first home buyer

About Our Guest:

Strachan Taylor serves as Helia's Strategic Partnership Leader, where he spearheads a dynamic partnership team dedicated to collaborating closely with lender customers in pursuit of helping more Australians achieve financial security through home ownership, expedited by LMI solutions. With a comprehensive skill set encompassing team leadership, communication, and business development, Strachan brings tertiary-level qualifications and extensive expertise in sales, marketing, distribution, and risk management to the helm, constantly striving to enhance risk and capital management solutions and provide valuable market insights for Helia's customers to bolster their risk-writing capabilities.

Connect with Strachan Taylor:

• Visit their company website: https://helia.com.au/
• Follow Strachan on LinkedIn: https://www.linkedin.com/in/strachantaylor/

Resources mentioned in this episode:

• Deposit Comparison Estimator https://helia.com.au/the-hub/calculators-estimators/deposit-comparison-estimator
• The long game … 30 years of housing values https://bit.ly/3ReJBJt

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!

• Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
• Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
• Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f

See omnystudio.com/listener for privacy information.