In this episode of the First Property Buyer Show, host Emilie Lauer sits down with mortgage broker Eva Loisance from Finni Mortgages to dissect the mortgage maze for first property buyers.

The duo starts by outlining the key loan options for first-time buyers in three main categories: basic versus package loans, variable versus fixed rates, and principal and interest versus interest-only repayments.

Eva explains that basic loans offer lower rates with fewer features, while package loans include extras like offset accounts, which can reduce the interest paid. Variable rates fluctuate with the market, while fixed rates offer stable repayments over a period.

She emphasises that being well-prepared with documentation and transparent about financial history are crucial when applying for a loan, as even a modest credit history, like responsibly managing a small credit card, can enhance borrowing opportunities.

To avoid mortgage stress, Eva encourages buyers to make small extra repayments to save on interest over the loan’s life, as being proactive with repayments can shorten the 30-year loan significantly.

In this episode of the First Property Buyer Show, host Emilie Lauer sits down with seasoned buyer’s agent from Advocate Property Services, Jo Vadillo, to discuss the pivotal role of a buyer’s agent and how they can assist first home buyers in making informed decisions.

The duo starts by exploring Jo’s career as she became a buyer’s agent in 2012, when the role was still relatively unknown to the general public. Since then, she has seen a shift in perception, from clients questioning the need for a buyer’s agent to later regretting not using one.

Jo said that a buyer’s agent helps clients navigate the purchase process, offering access to listed and off-market properties, coordinates with brokers and solicitors, arranges inspections, and negotiates deals.

She stresses that first home buyers should start by sorting their finances, then work with an agent to build a personalised strategy based on market trends and budget.

While buying a home is emotionally taxing – similar to having a baby – and full of unknowns, a buyer’s agent can help you stay focused and informed, making decisions rationally.

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.