In this episode of the Home Buyers Australia podcast, Jack Corbett and Damien Walker unpack one of the most crucial aspects of buying a home: the deposit. If you’re confused about the schemes out there, and want to find out just how much deposit you’ll need to get onto the property ladder, this episode is for you.

You’ll hear about the advantages and disadvantages of different deposit sizes, the implications of lenders' mortgage insurance (LMI), and strategies for both first-home buyers and families upgrading their homes. They discuss why banks require deposits and explain the various options out there, from the standard 20% to the government-backed schemes that allow you to enter the market with as little as 5%.

Jack and Damo will get you to up to speed with the jargon you’ll encounter, and give hope for first time buyers that their starter home may be more achievable than they think.

Timestamps:
00:00 Intro
00:38 Why banks require deposits and how they minimise risk
02:06 What you need to know about Lenders Mortgage Insurance (LMI)
08:26 Overview of the Home Guarantee Scheme and its benefits for first-home buyers
04:21 Saving for your deposit as a first-time buyer
16:17 LMI waivers for nurses, doctors, and other professions
17:31 Parental guarantees: how family equity can help you buy with no deposit

ABOUT THE PODCAST:

Are you dreaming of owning your own home? Home Buyers Australia is your ultimate guide to navigating the Australian property market. Join mortgage broker Damien Walker and buyer's agent Jack Corbett as they break down the home buying process into easy-to-understand steps.

Damien Walker, a mortgage broker at Atelier Wealth, specialises in helping Australians navigate the complexities of property finance. With years of experience in the industry, Damien’s insights are invaluable for those looking to build a robust property portfolio.

Jack Corbett, a buyer's agent at Corbett Property Buyers, brings a wealth of knowledge in identifying and securing high-potential properties. Jack's expertise ensures clients make informed decisions that align with their long-term goals.

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