Our clients, Joseph and Genevieve (the Parkers), were aspiring first home buyers eager to enter the Sydney property market. Despite diligent saving, reaching the 20% deposit threshold seemed daunting given the inflated market conditions in Sydney. Additionally, navigating the array of available grants for first home buyers proved to be overwhelming.
Financial Assessment: We began by assessing the Parkers’ financial situation, including their serviceability and available deposit. Understanding their borrowing power was crucial for tailoring our approach.
Grant Research: Our team diligently researched all available grants for first home buyers that fit their financial situation. We identified and successfully applied for two key grants: the First Home Guarantee Scheme and the First Home Buyers Assistance Scheme.
Dream Property Acquisition: With our assistance, the Parkers found their dream property and were able to purchase it with just a 5% deposit, bypassing the need for lenders mortgage insurance and the associated premium required.
Financial Flexibility: By leveraging the grants and securing the property with a lower deposit, the Parkers freed up a significant portion of their saved deposit. This allowed them to allocate these funds towards minor cosmetic improvements to enhance their new home and tailor it to their needs.
“Joseph and I want to express our sincere gratitude to Lisa, our broker, Ju, the loan support manager, and the rest of the team for their unwavering support throughout our home-buying journey. Their expertise and dedication made the process smooth, and we're thankful for their exceptional service. Highly recommended!”
Are you struggling to save for a deposit? Do you know how much saving you really need for your first home? Contact us today for a chat.
