Property story: first home buyer who used the Government 5% first home guarantee

The First Home Guidebook

Today we’re hearing from a 27 year old who bought her first home in 2021 with her partner for $606,000.00 in East Corrimal, New South Wales. They stumbled across the Government 5% first home guarantee scheme which allowed them to purchase their home with only a 5% deposit.

We hear about the two-year journey she and her partner embarked on to save for a deposit. While they eventually saved a decent amount of money to put towards a purchase, the change in the property market in 2021 saw prices skyrocketing and becoming unattainable for them. She talks about how they had to change their expectations and create a more realistic brief for what they wanted.

Working with their mortgage broker for 18 months before searching for a property helped them put things into motion quickly when the time came. However, she shares how she came across the 5% home guarantee scheme herself, and how her mortgage broker had actually been unaware of its existence. She emphasises that while it’s important to engage professionals, you should still do your own research without relying solely on them.

They only had put an offer on one other property prior to the one they now own, and she puts it down to being extremely prepared when visiting open homes. Knowing exactly what you’re looking for and what you value will mitigate a lot of the stress that can come with hunting for the ideal property.

She shares words of wisdom around trusting your instinct, being flexible when circumstances change and the power of educating yourself in order to make well-informed decisions.Enjoy!

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Website: www.thefirsthomeguidebook.com.au

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