In this episode of the Homebuyers Australia Podcast, hosts Jack Corbett and Damien Walker dive into the crucial role of family support in the Australian property market, focusing on the ever-growing trend of the "bank of mum and dad." As property prices continue to rise, many first-time buyers are turning to their families for financial assistance. From gifting funds to acting as guarantors, this episode provides valuable insights into how family support can be a game-changer in securing your dream home.

You’ll hear all about:

• The growing trend of family assistance in home buying and its impact on the market
• The pros and cons of gifting funds and guarantor loans
• Why legal advice is crucial in protecting both parents and children
• Strategies to mitigate risks and ensure financial stability in family-assisted purchases

TIMESTAMPS:

00:00 - Explaining the Bank of Mum and Dad

03:17 - The Benefits of the Bank of Mum and Dad

05:22 - Deposits, Banks and Lender’s Mortgage Insurance

08:34 - Demonstrating Financial Responsibility and Good Financial Habits

11:00 - Tips for educating parents about the risks and responsibilities of being a guarantor

13:57 - Strategies to Reduce the Risks Associated with Guarantor Loans

17:05 - Avoiding Lender's Mortgage Insurance

19:00 - The Importance of Maintaining Open Communication

21:00 - Balancing Family Involvement and Setting Boundaries

23:00 - Real-Life Examples and Final Thoughts

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 Home Buyers Australia, Damien Walker from Atelier Wealth discusses the various schemes in place to support buyers on their quest for home ownership. He covers the First Home Guarantee scheme, the eligibility criteria, and income caps. He then turns his attention to stamp duty, sharing must-know info on the various State schemes in place and the relevant property price caps.
Damien’s top tip is to stop scrolling and take action. Listen to this episode for all the information and motivation you need to make a plan and get that property

In this episode you’ll hear about:

• What is the First Home Guarantee Scheme & how it can benefit you
• Income and Eligibility Requirements for the Scheme
• State-by-State Stamp Duty Exemptions for First-Time Buyers
• Goal setting and getting advice from your mortgage broker

TIMESTAMPS:
00:02 Introduction to the First Home Guarantee Scheme
05:05 Income caps for First Home Guarantee scheme
10:20 Breaking Down State-Based Stamp Duty Exemptions
14:00 Why Early Mortgage Broker Consultations Make a Difference

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, host Damien Walker shares his broker know-how, addressing the real questions that first-time buyers need answered. As regular listeners will know, Damien tells it how it is, giving up-to-the-minute intel on topics such as the steps to securing a home loan, borrowing power, and explaining why obtaining pre-approval should be high up on your to-do list.

Listen to this episode to get up to speed on offset accounts, lender requirements, and what you need to know about interest rates. If you’re navigating the home-buying journey, this episode is designed to help you with some of the niggling questions and confusing aspects of the process.

In this episode:

• The importance of knowing your borrowing power
• When and why to get pre-approved
• Understanding interest rate policies
• Offset accounts and whether you need one
• What to expect when working with a mortgage broker
• Unique property risks and navigating bank approvals

TIMESTAMPS:

01:07 Understanding Borrowing Power vs. Buying Power
04:08 Why Pre-Approval Should Be Your First Step
06:14 Interest Rate Depends on Bank Policy
08:10 How Offset Accounts Work
11:28 What is the process of engaging with a Mortgage Broker
17:25 The Next Step After Pre-Approval

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