Wondering if you can buy a home without a full 20% deposit? You’re not alone. As property prices climb, saving that much can feel impossible, but there are other ways to get your foot in the door sooner. In this episode, we explore the range of options available to first-home buyers who are looking for alternatives to the traditional deposit size.

Cara Haynes, a seasoned mortgage broker, joins us to shed light on strategies that could work for different situations. From family guarantees to lenders mortgage insurance (LMI), and even some government schemes—there’s more out there than you might think. These aren’t one-size-fits-all solutions, but they might be worth considering depending on your circumstances.

We break down the potential benefits and trade-offs of these paths without making it complicated. Cara shares real-world examples and tips, giving you insights that could help you make sense of your options with more confidence. You’ll also hear about some banks offering perks like waived LMI for certain professions—a game changer for those eligible.

This episode is packed with eye-opening details, designed to help you explore what could work for you. It’s not about quick fixes, but about understanding the landscape and weighing up what’s right for your home-buying journey.

Episode Highlights:

00:00 - Introduction

02:33 - Who is Cara Haynes?

05:56 - Why banks typically require a 20% deposit from home buyers

10:32 - Key factors financiers consider when assessing a client's borrowing potential

12:42 - How can high earners prove their loan eligibility without sufficient savings?

13:48 - What alternatives exist for high-income buyers with insufficient savings?

17:37 - Bank of mum and dad

20:37 - Shared equity schemes

29:51 - Lender’s mortgage insurance

35:45 - Is pre-approval necessary?

37:31 - What do first home buyers need to know about pre-approval when buying at auction?

42:17 - Key takeaways from the conversation

44:45 - What Cara wishes she knew as a first home buyer

About Our Guest:

Cara Haynes is a seasoned mortgage broker at Loan Market, based in Northgate, Queensland. With over a decade of experience, Cara transitioned into mortgage broking from a background in legal administration and marketing, bringing a unique perspective to her role. Known for her clear communication and dedication to helping clients navigate the property market, she frequently receives high praise from clients for her professionalism and attentiveness. Her approach focuses on offering customized support, making her a popular choice for first-time home buyers and investors alike.

Connect with Cara Haynes:


Facebook https://www.facebook.com/CaraHaynesAtLoanMarket/


LinkedIn https://www.linkedin.com/in/cara-haynes-b59b1737/


Instagram https://www.instagram.com/carahaynes_loanmarket/


Website https://www.loanmarket.com.au/

Resources:


FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse


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/yourfirsthomebuyerguideaustralia


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!


Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast


Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825


Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f

Wondering if you can buy a home without a full 20% deposit? You’re not alone. As property prices climb, saving that much can feel impossible, but there are other ways to get your foot in the door sooner. In this episode, we explore the range of options available to first-home buyers who are looking for alternatives to the traditional deposit size.
Cara Haynes, a seasoned mortgage broker, joins us to shed light on strategies that could work for different situations. From family guarantees to lenders mortgage insurance (LMI), and even some government schemes—there’s more out there than you might think. These aren’t one-size-fits-all solutions, but they might be worth considering depending on your circumstances.
We break down the potential benefits and trade-offs of these paths without making it complicated. Cara shares real-world examples and tips, giving you insights that could help you make sense of your options with more confidence. You’ll also hear about some banks offering perks like waived LMI for certain professions—a game changer for those eligible.
This episode is packed with eye-opening details, designed to help you explore what could work for you. It’s not about quick fixes, but about understanding the landscape and weighing up what’s right for your home-buying journey.
Episode Highlights:
00:00 - Introduction
02:33 - Who is Cara Haynes?
05:56 - Why banks typically require a 20% deposit from home buyers
10:32 - Key factors financiers consider when assessing a client's borrowing potential
12:42 - How can high earners prove their loan eligibility without sufficient savings?
13:48 - What alternatives exist for high-income buyers with insufficient savings?
17:37 - Bank of mum and dad
20:37 - Shared equity schemes
29:51 - Lender’s mortgage insurance
35:45 - Is pre-approval necessary?
37:31 - What do first home buyers need to know about pre-approval when buying at auction?
42:17 - Key takeaways from the conversation
44:45 - What Cara wishes she knew as a first home buyer
About Our Guest:
Cara Haynes is a seasoned mortgage broker at Loan Market, based in Northgate, Queensland. With over a decade of experience, Cara transitioned into mortgage broking from a background in legal administration and marketing, bringing a unique perspective to her role. Known for her clear communication and dedication to helping clients navigate the property market, she frequently receives high praise from clients for her professionalism and attentiveness. Her approach focuses on offering customized support, making her a popular choice for first-time home buyers and investors alike.
Connect with Cara Haynes:
<ul>
<li dir="ltr" aria-level="1">
Facebook <a href="https://www.facebook.com/CaraHaynesAtLoanMarket/">https://www.facebook.com/CaraHaynesAtLoanMarket/</a>
</li>
<li dir="ltr" aria-level="1">
LinkedIn <a href="https://www.linkedin.com/in/cara-haynes-b59b1737/">https://www.linkedin.com/in/cara-haynes-b59b1737/</a>
</li>
<li dir="ltr" aria-level="1">
Instagram <a href="https://www.instagram.com/carahaynes_loanmarket/">https://www.instagram.com/carahaynes_loanmarket/</a>
</li>
<li dir="ltr" aria-level="1">
<a href="https://www.instagram.com/carahaynes_loanmarket/"></a>Website <a href="https://www.loanmarket.com.au/">https://www.loanmarket.com.au/</a>
</li>
</ul>
Resources:
<ul>
<li dir="ltr" aria-level="1">
FREE MINI COURSE: How to price property like a professional <a href="https://www.homebuyeracademy.com.au/freecourse">https://www.homebuyeracademy.com.au/freecourse</a>
</li>
<li dir="ltr" aria-level="1">
Meet our recommended mortgage brokers at Home Buyer Academy <a href="https://homebuyeracademy.com.au/brokers">https://homebuyeracademy.com.au/brokers</a>
</li>
<li dir="ltr" aria-level="1">
Visit our website <a href="https://www.homebuyeracademy.com.au/">https://www.homebuyeracademy.com.au/</a>
</li>
<li dir="ltr" aria-level="1">
Join our Facebook Group to get access to free monthly live Q&amp;A sessions
</li>
<li dir="ltr" aria-level="1">
<a href="https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia">https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia</a>
</li>
<li dir="ltr" aria-level="1">
Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers <a href="https://homebuyeracademy.com.au/YFHBG">https://homebuyeracademy.com.au/YFHBG</a>
</li>
<li dir="ltr" aria-level="1">
If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast <a href="mailto:support@homebuyeracademy.com.au">support@homebuyeracademy.com.au</a>
</li>
<li dir="ltr" aria-level="1">
Looking for a Sydney Buyers Agent? <a href="http://www.gooddeeds.com.au">https://www.gooddeeds.com.au</a>
</li>
<li dir="ltr" aria-level="1">
Work with Veronica: <a href="http://www.veronicamorgan.com.au">https://www.veronicamorgan.com.au</a>
</li>
<li dir="ltr" aria-level="1">
Looking for a Brisbane Buyers Agent? <a href="https://www.propertypursuit.com.au/">https://www.propertypursuit.com.au/</a>
</li>
<li dir="ltr" aria-level="1">
Work with Meighan: <a href="https://www.linkedin.com/in/meighanwells/">https://www.linkedin.com/in/meighanwells/</a>
</li>
</ul>
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!
<ul>
<li dir="ltr" aria-level="1">
Subscribe on YouTube: <a href="https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast">https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast</a>
</li>
<li dir="ltr" aria-level="1">
Subscribe on Apple Podcasts: <a href="https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825">https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825</a>
</li>
<li dir="ltr" aria-level="1">
<a href="https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825"></a>Subscribe on Spotify: <a href="https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f">https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f</a>
</li>
</ul>

Your First Home Buyer Guide. Get there without missing a step.

Your First Home Buyer Guide. Get there without missing a step.

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