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.
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
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
➼ 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
➼ 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/
Veronica Morgan & Meighan Wells
Veronica & Meighan are both licensed real estate agents who exclusively help buyers. Together they have nearly 40 years experience as property professionals.
Veronica is principal of Sydney based Good Deeds Property Buyers and is also co-host of The Elephant in the Room property podcast as well as Location Location Location Australia on Foxtel and author of Auction Ready: how to buy property at auction even though you're scared s#!tless!
Meighan is the multi award winning principal of Brisbane based Property Pursuit, chairperson of the REIQ Buyers Agent Chapter & a regular media commentator.
