🎧 Episode 227: The Grant Trap – How One Mistake Cost Us the First Home Guarantee

You've got your deposit sorted, your plans lined up, and you're finally ready to buy your first home, and then boom... one small misstep knocks you out of the running for a scheme that could've saved you tens of thousands.

That's what happened to these two first home buyers who were doing all the right things. They were organised, informed, and using the First Home Super Saver scheme to boost their deposit, they had their sights set on the First Home Guarantee to avoid lender's mortgage insurance. But what they didn't realise was that the timing of withdrawing those funds would impact their income assessment... and cost them their eligibility.

In this episode, we break down exactly where things went wrong and why two government schemes designed to help buyers don't always work well together. It's a real-life example that highlights just how tricky this space can be, and how easy it is to fall into a trap when you don't have the right people guiding you.

If you're planning to use any kind of grant or incentive to buy property, this is one you don't want to miss. The right move at the wrong time can undo everything, but with the right advice, it doesn't have to.

Subscribe: Omny Apple Podcasts Spotify Youtube RSS

Episode Highlights:

00:00 - Introduction
03:14 - Sam and Joe's story: What went wrong
04:37 - Three key takeaways for first home buyers
06:31 - What happened because they withdrew their Super Saver funds a little too early
08:39 - A quick refresher on how the super saver scheme and the first home guarantee works
11:02 - Why these two schemes weren't designed to work together
14:20 - Solutions if you'd like to use the super saver scheme and first home guarantee

Resources:

➼ FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse

➼ Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers

➼ Visit our website https://www.homebuyeracademy.com.au/

➼ Join our Facebook Group to get access to free monthly live Q&A sessions
https://www.facebook.com/groups/thefirsthomebuyercourse

➼ Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG

If you enjoyed today's podcast, don't forget to subscribe, rate, and share the show! There's more to come, so we hope to have you along with us on this journey!

➼ Subscribe on YouTube

➼ Subscribe on Apple Podcasts

➼ Subscribe on Spotify

Learn how to buy your first home without making avoidable mistakes.

Find out more

Co-Founders

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.