First Home Buyers Purchase on Their Own Terms
THE CLIENT:
Josh and his partner are a Sydney couple working in the film and television industry. As first home buyers, they were eager to purchase their first property together but were navigating unfamiliar territory with limited knowledge of the home loan process.
THE CHALLENGE:
The couple faced a common first home buyer dilemma.
They had the option to use partial gifted funds from family to avoid Lenders Mortgage Insurance, or use their own savings and pay some LMI.
Adding complexity, the purchase price exceeded the maximum limit for First Home Buyer Government assistance programs like the First Home Owners Grant and First Home Guarantee. However, as a NSW purchase, they qualified for stamp duty exemptions, which reduced their borrowing needs and made the LMI more manageable than initially expected.
OUR SOLUTION:
After weighing up the options, Josh and his partner decided to use their own savings and pay a smaller LMI amount rather than relying on family assistance. This approach gave them full independence in their purchase while keeping costs reasonable. Matthew Evans at Future Wealth Lending secured them a variable rate loan through Macquarie, complete with an offset account and redraw facility to give them flexibility from day one.
THE OUTCOME:
The couple successfully purchased their first home, a house valued at $760,000 with a loan of $680,000. By taking advantage of the NSW stamp duty exemption, they kept their borrowing lower and their LMI costs down. Most importantly, they achieved homeownership on their own terms without needing to lean on family support.
CLIENT QUOTE:
"Matt & Aleisha have been INCREDIBLE to deal with! We were first home buyers and knew nothing, but they made it so easy and explained everything to us that we didn't understand. Would 100% recommend them."
KEY STATS:
- Purchase price: $760,000
- Loan amount: $680,000
- Stamp duty: $0 (NSW exemption)
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