Podcasts Business Your First Home Buyer Guide Podcast How Guarantor Loans & Government Deposit Schemes Work for First Home Buyers

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

Published: Nov. 28, 2023, 6 p.m.

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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?

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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.

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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.

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Episode Highlights:

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00:00 - Introduction

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02:15 - Meighan\\u2019s special house of the week

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03:40 - Who is Michael Nasser?

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04:28 - How does the government\\u2019s deposit guarantee scheme work?

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06:02 - How does one qualify for the government\\u2019s deposit guarantee scheme?

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09:26 - Two rules on stamp duty exemptions

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

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

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

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

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

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23:52 - Michael\\u2019s insights into the pros and cons of LMI

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25:35 - Additional legal requirements for the government\\u2019s deposit guarantee scheme

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29:29 - What is a guarantor loan?

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31:45 - Additional legal requirements for a guarantor loan

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

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

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

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About Our Guest:

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Michael Nasser is a mortgage broker and the Director of Lendstreet Mortgage Brokers \\u2013 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.

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Connect with MIchael Nasser:

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Resources mentioned in this episode:

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If you enjoyed today\\u2019s podcast, don\\u2019t forget to subscribe, rate, and share the show! There\\u2019s more to come, so we hope to have you along with us on this journey!

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