What every first-time buyer should know about brokers

On the latest episode of the First Property Buyer Show, host Emilie Lauer sits down with Mortgage Choice broker Richard Brown to unpack the role brokers play in guiding first-time homebuyers through Australia’s complex property market.

Brown shares his personal journey of purchasing his first home in his mid-20s, highlighting strategies for saving for a deposit and leveraging government grants.

A key focus was the 5 per cent deposit scheme, which allows buyers to enter the market with a smaller deposit but comes with the responsibility of a 95 per cent mortgage.

Brown emphasises the importance of having a financial buffer and a long-term plan, rather than relying solely on the scheme to enter the market.

The role of mortgage brokers is also discussed in detail, with Brown explaining how brokers guide buyers through loan options and provide tailored advice without charging clients directly.

The duo encourages prospective buyers to speak with multiple brokers to find someone who understands their goals.

They also explore strategies for overcoming deposit challenges, from leveraging lenders mortgage insurance (LMI) waivers to considering rentvesting as a pathway into property ownership.