Uncover the Options for Buying a Home Without a Full 20% Deposit

Wondering if you can buy a home without a full 20% deposit?
You’re not alone. As property prices climb, saving that much can
feel impossible, but there are other ways to get your foot in the
door sooner. In this episode, we explore the range of options
available to first-home buyers who are looking for alternatives
to the traditional deposit size.


Cara Haynes, a seasoned mortgage broker, joins us to shed light
on strategies that could work for different situations. From
family guarantees to lenders mortgage insurance (LMI), and even
some government schemes—there’s more out there than you might
think. These aren’t one-size-fits-all solutions, but they might
be worth considering depending on your circumstances.


We break down the potential benefits and trade-offs of these
paths without making it complicated. Cara shares real-world
examples and tips, giving you insights that could help you make
sense of your options with more confidence. You’ll also hear
about some banks offering perks like waived LMI for certain
professions—a game changer for those eligible.


This episode is packed with eye-opening details, designed to help
you explore what could work for you. It’s not about quick fixes,
but about understanding the landscape and weighing up what’s
right for your home-buying journey.


Episode Highlights:


00:00 - Introduction


02:33 - Who is Cara Haynes?


05:56 - Why banks typically require a 20% deposit from home
buyers


10:32 - Key factors financiers consider when assessing a client's
borrowing potential


12:42 - How can high earners prove their loan eligibility without
sufficient savings?


13:48 - What alternatives exist for high-income buyers with
insufficient savings?


17:37 - Bank of mum and dad


20:37 - Shared equity schemes


29:51 - Lender’s mortgage insurance


35:45 - Is pre-approval necessary?


37:31 - What do first home buyers need to know about pre-approval
when buying at auction?


42:17 - Key takeaways from the conversation


44:45 - What Cara wishes she knew as a first home buyer


About Our Guest:


Cara Haynes is a seasoned mortgage broker at
Loan Market, based in Northgate, Queensland. With over a decade
of experience, Cara transitioned into mortgage broking from a
background in legal administration and marketing, bringing a
unique perspective to her role. Known for her clear communication
and dedication to helping clients navigate the property market,
she frequently receives high praise from clients for her
professionalism and attentiveness. Her approach focuses on
offering customized support, making her a popular choice for
first-time home buyers and investors alike.


Connect with Cara Haynes:




Facebook https://www.facebook.com/CaraHaynesAtLoanMarket/




LinkedIn https://www.linkedin.com/in/cara-haynes-b59b1737/




Instagram https://www.instagram.com/carahaynes_loanmarket/




Website https://www.loanmarket.com.au/




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




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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 support@homebuyeracademy.com.au




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




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




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




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