Your First Home. It Can Be Yours. A 5% Deposit Home Loan Story.

Do you want a home in Sydney? I did. I thought it was a dream. But it can be real. A 5% deposit home loan helped me. When John Citizen was a kid, his parents were so proud. They bought a house. It had a big yard. It cost so little. They called themselves “lucky.” I thought I could be lucky too.

As an adult, that dream went away. Sydney home prices got too high. Saving for a 20% deposit was hard. He spent my money on travel and fun. His savings were almost zero.

A Great Discovery

Then, he met his partner. They started to save. He works with money. He found a new plan. It was called the Home Guarantee Scheme. He was not sure about it and thought it was not for him. He was wrong. This plan was great. It lets us buy with just a 5% deposit home loan. We did not have to pay LMI (Lender’s Mortgage Insurance). This was a big help. It meant the bank would lend us money with a smaller payment.

How to Get a 5% Deposit Home Loan

The process was simple. We spoke to a mortgage broker. They said the government would help. The government would back our loan. There were a few rules. We had to meet a money cap. The home price had a limit. We also had to be first-time buyers. We met all the rules.

Our search took about a year. We made an offer on an apartment. We were so happy when it was accepted!

Good Advice

A money expert says you should talk to a mortgage broker early. Brokers know about schemes you might not. People think you need a 20% deposit. But a broker can show you how to buy with a small deposit. Your monthly payments can be like rent. Saving for the deposit was the hardest part. Our mortgage payments are now like our old rent.

Saving Tips

You can be smart with saving. Melissa says to make it a game. Walk dogs. Housesit. Find ways to make extra money. Set a goal to save each month. Tell your friends. They will support you.

Our home is not the same as my parents’ big house. But it is ours. We worked hard to make it ours. We even did some work ourselves. We pulled up the carpet. You can learn from YouTube.

I almost gave up. But this plan helped. It showed me that regular people can still get the Australian dream.

If you are a first-time buyer in Melbourne or anywhere in Victoria, don’t give up! Contact EZ Mortgage Broker for advice on 1300 050 099. We can help you explore a 5% deposit home loan and other options. We want to help you take that first step. Learn more about what we do at our blog: https://ezmortgagebroker.com.au/rba-rate-cut-which-lenders-moved-first/.