Chapter 3: Grants & Schemes | Support For First Home Buyers
IN THIS LESSON
If you've been reading the news or scrolling through social media this week, you've probably seen some headlines about first home buyers using the 5% deposit scheme and something called negative equity. There is a real risk worth understanding. But for every first home buyer using this scheme, there's a clear strategy that goes with it.
In this episode, Jack Elliott and Chris Bates address the headlines and talk through what negative equity actually is, when it really matters, and most importantly, how you protect yourself whether you're still planning to buy or you've already purchased using the scheme.
We cover the five key things you can do to protect yourself going in, from knowing your numbers before you borrow to building your emergency fund, choosing quality assets, and getting your income protection sorted.
In this episode:
🔑 What the headlines are actually saying about negative equity
🔑 What negative equity really is and when it matters
🔑 How to work out what you can genuinely afford before you borrow
🔑 Why building your emergency fund is critical with a 5% deposit
🔑 The importance of asset quality and protecting your income
🔑 What to do if you've already bought and are feeling anxious
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Budgeting tools
Resources
Mentioned Episodes
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