What happens when your dream of buying your first home collides with the realities of changing jobs, working overseas, or stretching your budget? In this episode, we're joined by Chris Bates, one of Australia's top mortgage brokers and co-founder at Blusk, to tackle these challenges head-on with practical advice and real-world examples to guide you through some of the common challenges of first-home buying.

 

We start by addressing a common concern: how job changes impact your loan eligibility. Chris explains how banks assess different employment situations, including probation periods, career shifts, and even casual or part-time roles.

Next, we dive into expat lending, a topic many Australians working abroad grapple with. We then explore the trade-offs between using first-home buyer grants and maximising borrowing power by purchasing an investment property.

Finally, we talk about budget-stretching tips, including buying unrenovated properties, considering nearby suburbs, and keeping financial buffers. Chris also dives into the benefits of lender's mortgage insurance, showing how it can be a valuable tool for first-home buyers when used strategically.

Tune in to get clear, practical answers and build the knowledge you need to approach your first home purchase with peace of mind!

00:00 - Introduction
01:21 - How long should I work at my new job to qualify for a first-time home loan?
05:58 - How much of a disadvantage is it to apply for a mortgage as an expat?
10:51 - What's the smarter choice: higher borrowing power or first-home incentives?
16:09 - Does renting out spare rooms help increase loan capacity?
22:32 - Is it better to buy a house now or after finishing my career change?
36:42 - Chris Bates' first home buyer property dumbo

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