Are you a first home buyer who has put your property plans on hold? I'm Wendy from Bayley's Real Estate and today I'm here with Matt from Matthew Dawe Mortgages. We are going to share 3 insights with you today to give you the confidence to buy that dream home.

Wendy: Matt, what is the minimum deposit buyers need to purchase their first home? Matt: A lot of the newspapers say you need 20% deposit but you just don't. I've done plenty of 5% deposits for first home buyers in the last few months. Wendy: I know a lot of the people I am speaking with they don't know that. They have been turned down by a bank or they have read repeatedly that they need 20% and don't think they are anywhere near ready to purchase.

Matt: That 5% deposit is not available from all lenders, its only some lenders so its important you get a good mortgage broker to help you. Wendy: Lets say someone had gone to a bank that didn't have that 5% option or those loans allocated at the 5% and they were all gone. If they went and saw their bank, they were turned down and they were told they need 20%, how much of that is to do with the banks lending?

Matt: Everything to do with the banks criteria. Wendy: So it may not apply to the persons specific situation. Matt: Correct. Wendy: This is the reason we wanted to do this today because I really wanted First Home Buyers to realise there are more options available.

Wendy: Obviously there are going to be certain criteria involved from the banks point of view? Matt: Don't get bogged down in the detail too much, just get a consult with a good mortgage broker
who has got access to all the lenders, and they will be able to tell you or help you figure out what options are available.

Wendy: I think a lot of people are hesitating in this market because it was too scary. too much uncertainty, however I would really strongly advise them to speak with you. Matt has helped me with so many of my First Home Buyers into homes

Matt I'll remind you of dealing with a purchaser of mine years ago who had been turned down by 5 banks. You found a way. I'm surprised they even continued to the 5th bank. Matt: You have got a good memory. Wendy: I do remember it because you helped make something happen that they didn't believe was possible.

What people need to realise is they can read things, they can be told certain things from a mortgage broker or 1 finance institution. It may not be the case with the reach you have got. Matt: Exactly, I've got access to 30 or 50 lenders. The provider is sort of irrelevant in a way its more important to figure out how to help clients move forward.

So that's the beauty of dealing with you. You have detailed knowledge of so many different lending institutions. One lender may be unable to lend at 5% or 10%, you may be aware of other lender that is open

Matt: I also think its a great time to buy, probably the best time in the last 2 or 3 years. But a lot of people are hesitating, because maybe they don't have the confidence to buy. The reality is there are more great properties available today than there was in the last few years. There's more choice, but also prices have fallen.

That's fantastic, but we know that opportunity is temporary and prices don't fall that often. Wendy: We are already seeing a bit of a move in the market, we are usually the first to get a sense of it.
We are on the ground and we see how many people are coming through open homes are increasing.

We feel spring is coming, a lot more properties are going to be on, people are back out, confidence is returning. The goal I've got here, and the reason what we are doing is I want to give people the confidence to even start the discussion. Find out where they are placed, not just believe what they have been hearing, been frightened and withdraw.

I'd really love them to take advantage of the great buying conditions that are available at the moment. It is a long term decision that you are making, we know that prices generally increase overtime, we don't know what the future holds but that's generally the case.

We have got a time where prices are actually down, it's a great time, there are more options, but what about interest rates?

Wendy: What about them?

Matt: Interest Rates are a big one right.

People think as interest rates are rising its a bad time, but what a lot of people don't realise is that fixed interest rates have actually dropped more recently in the last 4-5 weeks. You were asking about the OCR?

So we just want you to be able to get in touch with Matt for a free consultation.

You can book a free consultation here