#firsthomebuyer |Uncover ways to enter the property market

ATTENTION #firsthomebuyer explore different ways to purchase property. Using #firsthomeguarantee using family guarantor(s) and busting myths of needing 20% deposit to enter the property market.

I personally have purchase property and I share my personal experience of how I entered the property market. Grab a tea and watch full video - 5 minutes and 10 seconds!

My name is Laura Moya and I am a #localmortgagebroker based in Melbourne.

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/ @lauramoyalocalmortgagebroker

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0:00 Intro
Attention first home buyers Millennials and Gen Z this one's particularly for you. I'm a mortgage broker based in Melbourne and this particular video is to address the massive myths and I'm telling you it's biggest [ __ ] I've ever heard in my life of that you're needing to have 20% deposit plus costs to enter the property market me personally obviously this is what I do for a living and I have been first home buyer myself personally. I did not have 20% deposit on the table when I first purchased my property.
20% plus costs will wave your lender mortgage insurance premium. Subject to also your profession some professions you only need to have 90% to waive that lender mortgage insurance. Generally it's dentists, doctors, lawyers as these professions have fairly high-end income earners and it's their income is quite stable and it's an industry which is generally speaking earning quite a high income and the banks tend to see them as a lower risk.

01:14 Another tip I tell my clients who are in this position trying to figure out how to enter the property market is have you got somebody in the family whether it's your sibling parents or grandparents who have got property and that they're willing to go as guarantors for you that can actually expedite your entry into the property Market a lot sooner than what you anticipate as the banks don't need to have a physical cash deposit because the properties that are being put down
and it's not just one there is two properties.

Being put onto what I call is hurt money down then that basically waves the cash deposit to enter the property Market. The other thing that I personally used to enter the property Market.

02:06 How I entered the property market I heavily relied upon government schemes at the time it was first home buyer grants being given out to first home people like myself at the time when you're ready to enter the property market Market you can have a look at
what government grants are available.

02:34 first home buyers in Victoria

02:36 as I said this video has been done December 2023 the government has got first home buyer schemes where basically you subject to your borrowing capacity passing and you're meeting that participating lender at that particular time 5% deposit plus costs as the balance of the funds are basically guaranteed by the government instead of being a family guarantor so it's almost like cut and
Paste scenarios one is backed by family but if you do not have access to that particular wealth transferred down from generations to another the other.

03:20 entry point is so long as I said you meet that minimum criteria at the time of your loan being assessed then you can rely upon those governments’ schemes.
The big misconception that I do get across is that the first home buyer Grant is the same as that first home guarantee scheme completely different give me a call if you're wanting to clarify what they are.

03:53 The last one is with the lenders they do not assess your borrowing capacities the same across the board just because you've gone into your branch or your bank or whatever the case might be and they've said that you do not qualify for a particular loan because mortgage brokers we've got database that we push a few little things in and out .

04:09 once we sit down and assess your scenarios you might find that a particular lender over here a qualifies you much higher lending capacities than over here and it might mean you know you are entering the property market now opposed to having to wait 6 to 12 months later down the track. This is because the bank you approached first said no so with mortgage brokers we tend to workshop your deals a little bit more because we're not just working with the one bank's policies we've got access to multiple lenders so if you're a first home buyer Millennial and gen Z or even a little bit older don't be disheartened and do get your options on the table. That way you can make an educated decision to see if something will actually allow you to get into the property Market rent-vesting is another one and that's for a different topic.

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