First Home Buyers Grant
They Thought Investing Required Years of Saving — Until They Used Their Equity
Key Takeaways
- Buying Sooner Than Expected: Many first-home buyers can purchase with a smaller deposit than they realise.
- Government Assistance: Grants and guarantee schemes may reduce upfront costs and help eligible buyers enter the market sooner.
- Personalised Lending: Choosing the right lender and loan structure can make a significant difference to borrowing capacity and ongoing repayments.
- Understanding the Process: Having expert guidance from pre-approval through to settlement helps make the journey less overwhelming.
- Planning for the Future: Buying your first home can be the foundation for building long-term financial security and wealth.
Meet Emily
Emily is a 28-year-old teacher from Queensland earning $92,000 per year. She had spent years renting while saving what she could, but rising property prices made her believe she was constantly falling behind. She assumed she needed a 20% deposit before she could even think about speaking to a lender.
After reaching out for advice, Emily discovered that wasn't the case.
Finding the Right Path
After reviewing her financial position, we found Emily was eligible to purchase with a 5% deposit under an Australian Government home guarantee program, significantly reducing the amount she needed to save. Because she was purchasing a brand-new townhouse, she was also able to access Queensland's first home buyer benefits, including potential stamp duty concessions and, if eligible at the time of purchase, the First Home Owner Grant.
We worked with Emily to obtain pre-approval, explained every step of the buying process, and compared lenders to find a loan that suited both her budget and future goals. Rather than stretching her finances to the limit, we structured her loan so she could comfortably manage her repayments while still maintaining a healthy savings buffer for unexpected expenses.
With a clear budget and confidence in her borrowing capacity, Emily was able to make an offer on a newly built townhouse close to work. Her offer was accepted, and within a few weeks she was preparing to move into her very first home.
Outcome
Emily achieved something she thought was still years away. By understanding the government assistance available and receiving the right lending advice from the beginning, she entered the property market sooner than expected and stopped paying rent toward someone else's mortgage.
If you're saving for your first home and aren't sure where to start, you may be closer than you think. A simple conversation could help you understand your borrowing power, the government assistance you may qualify for, and the steps to make home ownership a reality.
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At Market Brokers, we take the time to understand your situation and goals before recommending a loan structure that works for you.
