Ditch the wedding, marry the house: Why the new 5% deposit scheme is a game changer for first-home buyers.

Picture this. Rose petals, a designer gown, engraved cufflinks, a waterfront view. 80 of your closest family and friends all gathered to celebrate you, your love, and the future you’re imagining together. Beautiful, fun, expensive. An investment in a day you’ll remember forever. An investment for your future together? Not so much…

The other side of the coin. You’ve worked hard to save up that pot of cash. It could be spent on a big, memorable wedding. But it could also be used as a deposit on your first home together. A true, concrete step toward building a life together. And the bonus if you do it now - you can take advantage of government incentives for first home buyers through the Home Guarantee Scheme. It’s like a welcome home gift from the Prime Minister.

It’s never been easier to get into that first home.

Previously, a wedding was often the default first step for a couple wanting to solidify their joint foundations. Couples often felt they had enough saved for a beautiful wedding, but not quite enough to take that first real step of a first home together. These days though, with the support of the government (we know..), that barrier is no longer there.

The average Australian wedding costs approximately $36,000. With the Home Guarantee Scheme, that’s now enough to get you through the door and over the threshold of your first home together. With as little as $23,000 first home buyers can access brand new, architecturally designed townhouses in up-and-coming suburbs like Cranbourne East, Mount Duneed, Sunbury, Wydnham Vale and Tarneit.

How does the Home Guarantee Scheme actually work?

The 5 percent deposit scheme opens the door for first home buyers to get onto the property ladder with as little as a 5 percent deposit.

With that 5 percent deposit in your back pocket, The Federal Government then provides a Guarantee to your participating lender to let you borrow up to 95 percent of the property value.

On top of that, as Housing Australia are providing the Guarantee to your lender, this removes the need for Lenders Mortgage Insurance (LMI) that is usually required for home buyers who have a deposit of less than 20 percent.

Take your first step together, with home ownership.

Building a true foundation together, with a view to a comfortable, financially secure life doesn’t start with spending $50,000 on, let’s face it, a massive party for your friends and family. Choosing to put your hard-earned cash toward your first home will give you that step up onto the property ladder, securing you a future together that you can control.

Not sure where to begin? We’ve made it easy and pulled together the top 20 Australian suburbs for first home buyers to give you some inspiration.

So, how does your story start? With a great party, or with a beautiful home and financial freedom?

Say “I do” to your first home

Chat with the Olli Property team today and start your homeownership journey.

This marketing material and its contents is provided for general information purposes only. No part of this marketing material constitutes any advice (financial, tax or otherwise), recommendation or representation to you as to any decision which you should make. You should not use any part of this marketing material to form the basis of any investment decision made by you. Before making any investment decision, you should take independent advice from a professional adviser which takes into account your individual needs and circumstances. All information, opinions and estimates contained in this marketing material are subject to change without notice. We disclaim to the greatest extent possible all liability whatsoever for any loss howsoever arising directly or indirectly from this marketing material or its contents.