In this episode of the Home Buyers Australia podcast, Jack Corbett and Damien Walker unpack one of the most crucial aspects of buying a home: the deposit. If you’re confused about the schemes out there, and want to find out just how much deposit you’ll need to get onto the property ladder, this episode is for you.

You’ll hear about the advantages and disadvantages of different deposit sizes, the implications of lenders' mortgage insurance (LMI), and strategies for both first-home buyers and families upgrading their homes. They discuss why banks require deposits and explain the various options out there, from the standard 20% to the government-backed schemes that allow you to enter the market with as little as 5%.

Jack and Damo will get you to up to speed with the jargon you’ll encounter, and give hope for first time buyers that their starter home may be more achievable than they think.

Timestamps:
00:00 Intro
00:38 Why banks require deposits and how they minimise risk
02:06 What you need to know about Lenders Mortgage Insurance (LMI)
08:26 Overview of the Home Guarantee Scheme and its benefits for first-home buyers
04:21 Saving for your deposit as a first-time buyer
16:17 LMI waivers for nurses, doctors, and other professions
17:31 Parental guarantees: how family equity can help you buy with no deposit

ABOUT THE PODCAST:

Are you dreaming of owning your own home? Home Buyers Australia is your ultimate guide to navigating the Australian property market. Join mortgage broker Damien Walker and buyer's agent Jack Corbett as they break down the home buying process into easy-to-understand steps.

Damien Walker, a mortgage broker at Atelier Wealth, specialises in helping Australians navigate the complexities of property finance. With years of experience in the industry, Damien’s insights are invaluable for those looking to build a robust property portfolio.

Jack Corbett, a buyer's agent at Corbett Property Buyers, brings a wealth of knowledge in identifying and securing high-potential properties. Jack's expertise ensures clients make informed decisions that align with their long-term goals.

CONNECT WITH US:

Don’t forget to follow along on:

• Facebook: https://www.facebook.com/homebuyersaustralia
• Instagram: https://www.instagram.com/homebuyersaustralia
• TikTok: https://www.tiktok.com/@homebuyersaus
• YouTube: www.youtube.com/@HomeBuyersAus

In this episode of the Home Buyers Australia podcast, Jack Corbett and Damien Walker break down one of the most critical aspects of buying a home: borrowing capacity. If you want to maximise your home loan, this episode will give you the inside track with insights into how borrowing power is calculated.

From discussing liabilities like credit cards and car loans to offering insight into the nuances of self-employment and business income, this episode is packed with actionable tips to help you navigate the loan process with confidence.

In their usual straight talking style, Jack and Damien outline some of the big no-nos when it comes to boosting your borrowing and bust some myths along the way. They run through how banks assess your income and liabilities, and offer practical advice for increasing your borrowing potential, like managing credit card limits, tackling HECS debt, and improving your income.

In this episode you’ll learn:

• How borrowing capacity is calculated by banks
• Tips to increase borrowing power, including reducing credit card limits
• The impact of student debt (HECS) on borrowing capacity
• Advice for small business owners navigating the lending process
• Why planning early with a mortgage broker can make a big difference

Timestamps:

00:35 - Understanding Borrowing Capacity
03:02 - Boosting Borrowing Power by Managing Credit Card Limits
06:31 - Running Borrowing Scenarios for Clients
10:58 - Reducing HECS Debt to Enhance Borrowing Capacity
13:48 - Increasing Salary to Maximise Borrowing Power
18:52 - Special Loan Considerations for Small Business Owners
24:32 - How Banks Assess Business Income and Profit

ABOUT THE PODCAST:

Are you dreaming of owning your own home? Home Buyers Australia is your ultimate guide to navigating the Australian property market. Join mortgage broker Damien Walker and buyer's agent Jack Corbett as they break down the home buying process into easy-to-understand steps.

Damien Walker, a mortgage broker at Atelier Wealth, specialises in helping Australians navigate the complexities of property finance. With years of experience in the industry, Damien’s insights are invaluable for those looking to build a robust property portfolio.

Jack Corbett, a buyer's agent at Corbett Property Buyers, brings a wealth of knowledge in identifying and securing high-potential properties. Jack's expertise ensures clients make informed decisions that align with their long-term goals.

CONNECT WITH US:

Don’t forget to follow along on:

• Facebook: https://www.facebook.com/homebuyersaustralia
• Instagram: https://www.instagram.com/homebuyersaustralia
• TikTok: https://www.tiktok.com/@homebuyersaus
• YouTube: www.youtube.com/@HomeBuyersAus

In this episode of the Home Buyers Australia Podcast, Jack Corbett and Damien Walker discuss the hot topic of interest rates and their impact on the property market. With central banks worldwide starting to cut rates, Jack and Damien explore what this could mean for Australian homeowners, particularly those with variable-rate mortgages. They also touch on the importance of borrowing within one’s means and offer some practical advice for buyers navigating the current property market.

This episode covers everything from inflation trends to predictions on rate cuts, providing listeners with valuable insights and relatable real-life examples. Jack and Damien If you are keen to understand the potential impact of interest rates on your home buying journey, this one’s for you.

In this episode:

• How global economic trends impact Australia’s interest rates.
• Predictions for rate cuts in 2024 and beyond.
• The potential impact of interest rate changes on the Australian property market.
• Practical advice for buyers: when is the right time to buy?
• Why borrowing power may increase as rates decrease.
• Why it's crucial to buy within your means, and how the long game matters in real estate.

TIMESTAMPS:

00:00 - Introduction: Interest Rates and Their Future Impact

01:16 - The Cash Rate Explained: What It Means for Borrowers

02:00 - Global Trends: How Other Central Banks Are Responding to Inflation

02:43 - Australia’s Position: Why We're Last to Cut Rates

04:00 - Timeline for Rate Cuts: When to Expect the First Drop

05:53 - Will There Be Another Rate Increase Before Cuts?

06:43 - Borrowing Power and Its Link to Rate Cuts: What Buyers Can Expect

08:00 - Impact of Interest Rate Drops on the Housing Market

09:14 - Investor Activity: Factoring in Future Rate Cuts

11:06 - Advice for First Home Buyers: Why You Shouldn’t Wait to Buy

13:49 - Supply and Demand: How Rate Changes Affect Property Prices

16:00 - A Case Study: Navigating High Interest Rates as a First-Time Buyer

17:33 - Borrowing Strategies for Buyers in a High-Rate Environment

19:11 - Potential Changes to the Assessment Rate System in the Future

20:23 - The Relationship Between Housing Affordability and Interest Rates

21:00 - Conclusion: Key Takeaways on Rate Cuts and Property Prices

ABOUT THE PODCAST:

Are you dreaming of owning your own home? Home Buyers Australia is your ultimate guide to navigating the Australian property market. Join mortgage broker Damien Walker and buyer's agent Jack Corbett as they break down the home buying process into easy-to-understand steps.

Damien Walker, a mortgage broker at Atelier Wealth, specialises in helping Australians navigate the complexities of property finance. With years of experience in the industry, Damien’s insights are invaluable for those looking to build a robust property portfolio.

Jack Corbett, a buyer's agent at Corbett Property Buyers, brings a wealth of knowledge in identifying and securing high-potential properties. Jack's expertise ensures clients make informed decisions that align with their long-term goals.

CONNECT WITH US:

Don’t forget to follow along on:

• Facebook: https://www.facebook.com/homebuyersaustralia
• Instagram: https://www.instagram.com/homebuyersaustralia
• TikTok: https://www.tiktok.com/@homebuyersaus
• YouTube: www.youtube.com/@HomeBuyersAus