In this episode of the First Property Buyer Show, host Emilie Lauer sits down with Dr Diaswati Mardiasmo, chief economist at PRD, to unpack all the first home buyer’s schemes available in Australia.

The conversation begins with Mardiasmo sharing her property journey, stressing the importance for first property buyers to understand their financial limits and avoid buying above their means.

The duo then outlines the federal and state schemes available, including the First Home Guarantee Scheme, which allows buyers to purchase with just a 5 per cent deposit and no lender’s mortgage insurance, and the Help to Buy Scheme, where the government can co-purchase up to 40 per cent of the property for a 2 per cent deposit.

Another option is the First Home Super Saver Scheme, which allows buyers to use voluntary super contributions towards a deposit, provided they have made additional voluntary super contributions.

Additionally, individual states offer specific grants, each with varying amounts, price caps, and occupancy requirements.

While Australia’s first home buyer landscape is filled with schemes aimed at easing the path to ownership, Mardiasmo urges buyers to align their property choices with lifestyle goals and long-term plans and to seek professional guidance when navigating complex financial decisions.

In this episode of the First Property Buyer Show, host Emilie Lauer sits down with mortgage broker Eva Loisance from Finni Mortgages to debunk common financial myths around buying your first property.

The duo starts by breaking down all the associated costs related to buying your first property.

A key focus of the episode is the commonly believed 20 per cent deposit myth, which Eva explains is no longer a strict requirement. Many first home buyers can purchase with as little as 5 per cent, especially with the assistance of government grants and schemes.

Eva emphasises the importance of understanding your borrowing capacity, which varies based on income, expenses, and debt. She also discusses the trade-off between waiting to save a larger deposit and entering the market sooner, noting that rising prices can outpace savings.

As hidden costs – such as stamp duty, conveyancing, lender’s mortgage insurance, and strata fees – can surprise first-time buyers, Eva advises thorough budgeting based on their current finances, rather than relying on future interest rate cuts to lower their spending.

In this episode of the First Property Buyer Show, host Emilie Lauer chats with property journalist Liam Garman, who shares his journey as a first-time buyer, reflecting on the confusion he faced and offering tips to help listeners make their own experience as smooth as possible.

The duo begins by exploring Liam’s property journey in July 2023, when he purchased a unit in Neutral Bay for $860,000, a decision influenced by his wife’s area preference.

Although the couple initially considered rentvesting by buying an investment property in Brisbane while renting in Sydney, they ultimately opted to buy a home to live in.

Liam explained that the Brisbane property would have been negatively geared, leading to high out-of-pocket costs, making their Sydney purchase the more financially sensible choice.

Recognising the overwhelming nature of purchasing a first property, Liam emphasises the importance of thorough research and due diligence, advising listeners to engage deeply with mortgage brokers and make informed financial decisions.

The conversation shares insights on pre-approval, administrative tasks, and selecting properties that align with personal goals, emphasising that the journey, although complex, is manageable with the right knowledge and support.