How Guarantor Loans & Government Deposit Schemes Work for First Home Buyers

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 -
support@homebuyeracademy.com.au



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.