You’ve got your deposit sorted, your plans lined up, and you’re finally ready to buy your first home, and then boom… one small misstep knocks you out of the running for a scheme that could’ve saved you tens of thousands.

That’s what happened to these two first home buyers who were doing all the right things. They were organised, informed, and using the First Home Super Saver scheme to boost their deposit, they had their sights set on the First Home Guarantee to avoid lender’s mortgage insurance. But what they didn’t realise was that the timing of withdrawing those funds would impact their income assessment… and cost them their eligibility.

In this episode, we break down exactly where things went wrong and why two government schemes designed to help buyers don’t always work well together. It’s a real-life example that highlights just how tricky this space can be, and how easy it is to fall into a trap when you don’t have the right people guiding you.

If you’re planning to use any kind of grant or incentive to buy property, this is one you don’t want to miss. The right move at the wrong time can undo everything, but with the right advice, it doesn’t have to.

Episode Highlights:

00:00 - Introduction

03:14 - Sam and Joe’s story: What went wrong

04:37 - Three key takeaways for first home buyers

06:31 - What happened because they withdrew their Super Saver funds a little too early

08:39 - A quick refresher on how the super saver scheme and the first home guarantee works

11:02 - Why these two schemes weren’t designed to work together

14:20 - Solutions if you’d like to use the super saver scheme and first home guarantee

Resources:

• Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
• Visit our website https://www.homebuyeracademy.com.au/
• Join our Facebook Group to get access to free monthly live Q&A sessions https://www.facebook.com/groups/thefirsthomebuyercourse
• Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
• If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast - support@homebuyeracademy.com.au
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
• Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

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