Monday, May 19, 2025

Advice to first home buyers




As a Dad , finance professional and a mortgage broker - this is some advice that I have given to my children on how to start building a property portfolio.


Scenario 

homebuyer has a $30k deposit and earning a combined $180k 


Use the 5% deposit scheme to buy your first home now.


The scheme offers no LMI, no stamp duty in most states, and suits their income (they’re under the $200K cap).


With their $30K, they could buy up to $600K .


They could rent out rooms to help cover the mortgage, reduce their debt, and add value through cosmetic renos.


Once their loan-to-value ratio hits 80% -  refinance, rent it out fully, and use the equity to buy again.


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