Low deposit, high stakes: Inside Australia's 5% revolution

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A lot more accessible to lots of people. So we'll go into what the changes are.

But yeah, so a lot of people weren't eligible for this and now they are. So they're thinking about

how they can utilize it. And you know, if you're one of your goals is to buy a property,

your first property, this is a really good way to make that happen sooner.

But yeah, we are having some younger people like very, very keen on this or even older.

It might be that you're actually even just like restarting. You know, maybe you've gone through

a divorce or something and you're getting into the market. But I also am seeing that it's interesting

because yes, the deposit is getting lower. But I actually see a lot of people deposit isn't

their issue. It's actually their borrowing capacity. So I think a lot of people are very interested

in this, but potentially it's not going to help them if they don't have that borrowing potential,

which goes off your income. So yeah, we're talking about this a lot in the financial advice

business at rask. You know, we get lots of questions on the podcast about it. But yeah, I'm

more see people struggling with the borrowing capacity. So where's the Chris and I had a question

on the property podcast a week ago. And as a young guy who's still at uni, it's over to 100K.

had the deposit and he was sort of talking about houses versus apartments in Sydney. And of

course, the issue in Sydney is that if you want to buy a house anywhere within 50Ks of the city,

it's going to be an expensive exercise. So the deposit wouldn't necessarily be the issue if you've

got a 5% deposit scheme. The challenge is the borrowing capacity. And so this guarantee scheme,

I'll run through the key details in a moment. But essentially replacing the old scheme this now

as well previously, there were income caps in place and property price caps and the property

price caps have been dramatically increased. So the number of people who could potentially qualify

is hundreds and hundreds of thousands now, whether or not they all take it up, remains to be seen. But

I think history generally shows that when the government puts these schemes in place, they often

even if they start off slow, they do tend to actually get big take up over time. The homebuilder

stimulus was one case in point where in the first few months, some of the opposition MPs were saying

this is a FISA and nobody's going to use it. And then next thing, we've got 100,000

homes under construction. And it was actually creating problems on the other side. We didn't have

enough tradies or materials. I don't know yet the impact of the scheme. It seems at the moment

that property prices are moving more in the bottom quartile of the market, which does suggest

competition between investors and first home buyers there. So it might be a case of first

out best rest and the people who get in soonest benefit the most. But as you say, you've got to

think of it not just in terms of the deposit, but also can you afford the property to the area

that you need to live for work. And when they do things like this, it is great for people that

can utilize this to get into the market. But if you think like now you've got much more

competition for those properties. So it does actually change the price of the property that moves

as well. So it's like, yes, you could have a five percent deposit now without having to pay

lenders mortgage insurance. But now hundreds of other people also have that opportunity and

there's more competition. Always the criticism of these schemes, isn't it? That it often helps

the seller as much as it does the young first home buyer certainly over time if it pushes prices up.

So I'm just going to put the glasses on you know, I can't read without them these days. So this

is how the scheme works. So the five percent deposit scheme formerly part of the home guarantee

scheme is an incentive to allow first home buyers to buy sooner with a five percent deposit without

paying the lenders mortgage insurance. So instead the government guarantees up to 15% of the loan

to the lender in the case of default. I mean, I think like default rates are very low for first

home buyers, generally, unless people are incapacitated. Generally, younger people have got a long

runway. They're growing their skills. They tend to earn more over time. But in the case of default,

anyway, the government guarantees 15% of the loan for the lenders. And that can potentially save

you tens of thousands in lenders mortgage insurance. For example, around 30K for a 700 to a 1 million

property. So one October, we sort of saw this scheme relaunched. There's no limit on the number of

places. There's no income caps, which is a change. And the property price caps or the price limits

have been increased quite significantly across the board up to 1.5 million in New South Wales,

million dollars in Queensland and so on. So I guess the big four banks are part of this game

potentially. Housing Australia is administering it's 30 participating lenders. And I suppose it

just seems like there's just a lot more people accessible for this than before. So you've got to be

at least 18 Australian citizens are permanent resident and you've got to be a first time buyer

with 5% deposit. Do you think as well, a lot of people who don't have a 5% deposit save will now

go to their sort of banker of mum and dad and say, look, I've got two or three percent. Can I

actually top this up? Because if I don't use it, I'm going to lose it. Yeah. So I think like when

you think about the amount, so I guess if we rewind. So for you to avoid lenders mortgage insurance,

which is an insurance that protects the bank only. So a lot of the time people think that it

protects them. If they can't make repayments, it doesn't. It just protects the bank. And yeah,

that can be tens of thousands of dollars. But it's not like if you don't have 20% or even five in

this case, it's not like it goes from zero to the full premium. It's kind of like it's tiered. It

just depends on how much over like under you are. So I think it's yeah, really important to kind of

focus on lenders mortgage insurance doesn't protect you, but it's also not a bad thing to pay. So

even if you're not eligible for this scheme, lenders mortgage insurance isn't necessarily a bad

thing if it gets you into the market. So I see people go, I don't want to pay the 10,000 dollar

premium. But if you waited, maybe it would take you a year or two years to save that extra deposit.

And the property could have gone up way more than that in that case.

I used to say, I think you're like the property sprucing circles and they used to say,

LMI leave it, get more investments. That was one of the,

one of the million something. I think the general point being that I think even when I bought my first

home, the lenders mortgage insurance with a low deposit was quite high, but it gets capitalized

into the loan. And yes, I mean, it's an annoyance, but actually over the life of the investment,

you know, it's probably not worked out to be too bad. So as you said, the LMI, the mortgage

insurance is not to protect you as the buyer. It's a protection for the lending.

Yeah, but yeah, I think at the moment, like with this back to your point on first

homeless, I think, yeah, if you're kind of going, oh, I have to save 20%. That can feel like if

you're a zero and you've got to have like 100,000 or something, that's like, how are you ever going

to get there? So people might be writing off that they're going to be a homeowner. But with this,

if you calculate, well, five is it's probably going to feel a lot more achievable and that's going

to maybe motivate people that we are actually much closer and then, yeah, bank of mum and dad,

you've got to be careful with that because some banks like need to see genuine savings and

different things, some will take into account rent. So if you are considering doing something like

this or just trying to work out what you're eligible for, best thing to do is just talk to a mortgage

broker as soon as possible, because they'll say, yeah, if you do get that, has to sit in your bank

for three or six months, we can take this, we can take that, you know. So I think the earlier that

you can talk to a mortgage broker, then you can set your goals on what your deposit needs to be

and how long or how far away this home ownership is for you. But the other thing that I want to,

and I like it's so obvious, but I just feel like people maybe don't like think of it. If you only have

a five percent deposit, like it's not free money, you now have a 95 percent loan. So you need to

make sure that you can actually afford that. So the good thing about having a 20 percent deposit is

you've got a much smaller loan. When we do things like this, your loans are a lot higher, and

the bank will tell you what they say that you can afford, but you need to actually do the cost

yourself. Like you're now going to, if you're at first homeowner, you're going to have all these

expenses you never had before. Like every time you go to Bunnings, you're going to spend hundreds of

dollars, even though you weren't for a five dollar thing, you're going to have rates, you're going to

have insurance and insurance is so expensive at the moment. Like home and contents

in column, it's like a three grand. So all of these expenses, you need to be factoring. So I

want everyone to do like, if you're going to buy how to do the budget, the repayments on what your

loans going to be put all those other things in and actually sit with it and be like, can I actually

still do all the things I want to do? Are there trade-offs that I'm not willing to kind of sacrifice?

Yeah, so I suppose one of the things that's changed a little bit in recent years is that a bank

will now run a stress test to ensure that, at least in theory, you can comfortably afford

the repayment, even in the event that interest rates go up 300 basis points or three percentage points.

Now that didn't necessarily exist pre-global financial crisis. My wife, Heather, when she bought

her first home, she had to have a string of lodges to help make their payments. I think

luckily didn't have lodges, but when I bought my first home, it was a shock. There

only got the first mortgage repayment. It was like, well, from going out eight nights away, you had to

cut down. It's like, wow, it's a big chunk of your month of the income going straight out,

and that's before you even things like dishwasher's blowing up or home insurance and all the rest of

it. The lending standards are much tighter now, so in theory, at least you should be able to make

the repayments, but I suppose you do have to think that you might have to make some cutbacks.

I suppose this is one of the arguments they came out of the Banking Royal Commission.

People do actually change their behaviors when they go from being a renter to a first-time road,

because they caft it, but people back in my day, we used to go down to Ryan's bar and shout

drinks for everybody and stuff, but then once it became a home loan, I literally have to cut back

on this. I can't afford it, but you can. It's like four savings. You've got that discipline,

that repayment's coming. You have to make adjustments. Just point on the behavioral

finance as much as anything. For parents, if your offspring is saying, I need a 5% deposit,

chuck us some money. I suppose one of the useful principles in finance is the idea of matching,

because if somebody has had to work hard, save somebody deposit, they're bought into the process,

but you could maybe help accelerate that process by saying that for every $1,000 you save,

will kick in an extra little bit. This is more behavioral financial psychology, but I think

if you just give somebody 5%, and then they pile into the market, there's less people

who haven't bought into the process as much. If you're going to be a parent that helps your

kids, you want to be setting them up for success and making sure that yes, if you've gifted them

so they can do that, they actually have the right behaviors and they can manage their money well.

I love the idea of the matching, so my parents did that for my first car. They were like,

whatever you, and I was always a good saver, but they're like, whatever you save will match,

and I will do that with my kids as well, because it was such a motivator for me, and we'd always

talk about how much I had and how I was tracking and stuff, so I really like the idea of that,

and I also like the idea of parents charging board or whatever, so board or rent, whatever you want to

call it. So my parents did that, and then they gave it back to us, which we didn't know was going

to happen, so I would do that. I want to do that to my kids too. Spring styles are at Nordstrom

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Great brands, great prices. That's why you rack. Yeah, okay, so the property price

comes from one October. New South Wales Metro, I said, he's going to have to 1.5 million.

Interestingly, Brisbane, a 1 million is higher than Melbourne now, which is 950,000, and you can

will link in the notes to the other price. Do you think that's because of all the units and

like apartment in Melbourne? Yeah, the composition of the housing stock is different. In Brisbane,

if you're in the CBD or the valley, it feels like there's a lot of units, but actually once you get

out of the few case from the GPO, actually, it's mostly just houses. I think that's a part of it.

I think on the property price cap's point, just because you can, doesn't mean you should. I suppose

1.5 million is a big entry price for a first-time buyer. But I think a lot of them will be stark

with the serviceability, because yes, interest rates, like we just talked about interest rates,

what like five and a half at the moment, but the banks are assessing at 3% higher than that.

So yeah, it used to be so much easier to actually borrow large amounts, but it's tricky at the moment.

So yeah, like you'd have to be on a good salary, a couple, both on good salaries, to be borrowing

that much. Yeah, completely. So for new builds on vacant land, you've got the combined land and

build cost must be under the cap. So in terms of processing, as you said, the first thing really

used to speak to a broker, and before you can pull the trigger on a purchase, you obviously need

to have gone through the pre-approval process. So I think when you go through that, you need to

be using a participating lender. You also need to confirm that you're actually eligible,

and you can reserve or guarantee your spot to use the deposit scheme. So that's the, before you even

go looking for the property, you need to actually get your mortgage pre-approval in place, confirm

you're eligible, and then you know at least what you're playing with, and then you can start the fun

bit, I suppose, which is scouring the portals to try and find a property that actually fits the bill.

I think it's fun, like the first few weekends of your house hunt, and then there's one of the people

in our team is house hunting at the moment, and it's just, oh, she's having a really, really hard

time. It's like consuming all her weekends. But yeah, they're supposed to be the fun bit, but

you get over it pretty quickly. I think the other thing on here is you can actually scheme stack.

So if you go to your broker, they're going to be looking at all of the incentives and schemes

and stuff out there, and it might be that you're actually eligible for a few. So it might

like the caps on zero stamp duty might actually be, they're different to these caps. So you could be

looking at, well, I want to eligible for this, but I also want to be eligible for that. So what's

the property price that I'm going to go with? So I honest, like, yeah, talking to a mortgage broker,

straight up, I think is really important. Even if you think it's a couple of years away,

and then getting really clear on what your deposit's going to be, and then doing a budget,

I know I bang on about a budget all the time, but doing a budget on if I'm had this house,

and these were all my expenses, and this is the repayment, can I still live, do all the things

that I want to do? And maybe you then start going, okay, well, when I am a homeowner, these are

the things that I'm going to stop doing, like going to the pub eight nights away.

And you've kind of just like maybe start adjusting your lifestyle as well to fit in with that

budget. So it's not a total shock when you, because we saw this when people came off fixed rates

of like 1.92% and they went on to see it, and they hadn't, yeah, and they hadn't been adjusting

their lifestyle, and it was just like this cliff. It's human nature, isn't it? I think, yeah,

so you know it's coming, but actually until it happens, future me will deal with that.

Yeah, and it's, yeah, it's not just one off, it's not just a once-off repayment in that

month, it goes on every month, and that's, yeah, and the same I suppose for a first time by

switching to, well, from rented to homeowner. So I suppose in terms of the timeline, I mean,

yeah, I mean, I suppose there's a first time by, I mean, we always say to our clients,

typically four to six weeks, I suppose, might be reasonable. I think it really depends, though,

I mean, most often first time buyers are not looking for something very niche. It's different

from somebody in the sort of premium end of the market. Usually you just need to find something

that's good enough as your first step on the ladder, and there's obviously certain things you

want to try and avoid, structural issues, roof issues, termites, you know, all of the usual stuff,

flood risk. If you're buying a unit, you want to be careful about the sinking fund and special

levies and so on. I suppose, I mean, we're just recording this in November. There's a period over

December, January, where there's not much stock coming on in terms of listing. So in this particular

case, there's no cap on the number of people in the scheme, and it's sort of an open-ended thing. So

it's not a race to get in there and feel one of the spots. So if it ends up taking you longer,

that's not necessarily a bad thing. Because I think previously was a 10,000? Yeah, so if you didn't

get in, then you had to sort of use it or lose it. So that won't apply to the home guarantee scheme.

And as far as I can see, it's just been baked into the system now, and it probably won't be going

away. So that's good. I think the thing to avoid, especially analysis paralysis and not doing anything,

because there's too many choices and too much options. But also in a rising market, such as we

have in Perth, Brisbane, Adelaide, practically all over with in the bottom quartile of the housing

market, it's a bit of a false economy to take two years to buy somewhere to find the perfect

place. If you end up spending $100,000 more just because you took so long. So yeah, so in 4 to 6 weeks

might be normal. It might take longer depending on the time of year, depending on what's available,

but also don't sort of procrastinate unduly. If you're going to do it, it needs to be somewhat

decisive, I guess. Yeah, and I always like people to, when they're buying a house, whether it's their

first or their fifth, to go into and knowing what this property will be for you. So you might be like,

I want to be eligible for the first home owner's grants and things. So I'm going to live in there

for the first year, but then it doesn't suit me. It's too far away from work. Whatever I'm going to

move back in with mum and dad, or I'm going to go back renting, but just know what this is. So when

you buy it, you're like, okay, well, this isn't the forever home. If I move out of it, I want to keep

it. I want to be able to rent it. So I like people to buy things kind of like, especially if it's

first house with an investor hat on. So that when you are ready, like you've outgrown that property,

you have more choice. You either, it's in a really good position that it will rent very well,

or you can sell it. And like just so you've got options on what's going to be, but a lot of the

time we just see people going, what is it to me right now and buying what suits, but not actually

what's going to give them choice down the track completely. I think that is such a good point. It

is that even a first home buyer these days needs to think like an investor because if you go

backwards on that first step, it takes a long time to recover, whereas if you can make a

smart decision to get on the ladder sooner, start growing some equity, well, you're just

to already a step or two closes and the next move of the ladder. I suppose in terms of the benefits

slash drawbacks of the scheme. I suppose that that is basically it isn't it? The benefit is you

can get in sooner, less time saving as a renter. You can potentially avoid the lender's mortgage

insurance and start building your home equity sooner. So you can potentially be closer to

trading up. I suppose the drawbacks you've probably already touched on. One is potentially

big alone, big of repayments. If you buy the peak of the market, then there could be a risk

of big and negative equity at a period of time. It's not necessarily a problem for a first

home buyer except psychologically, but on the other hand, you do want to find that you're moving

forward ideally. I think people just always assume that property always goes up. It definitely

doesn't. We've heard some absolute horror stories about mining towns and things, but not all

markets go up. It's like investing in shares or anything. This is a long-term investment and

you want to be able to hold it through any market cycles. Making sure you can afford the

repayment is crucial. Just so that if it does go down in value, which happens, you can ride that

out and sit tight until it comes back. You don't want to be forced to sell something.

The risk is often but not always lower in the established market. Sometimes if you're buying

something that's not built yet, there's more unknowns in terms of the final product,

what it's going to be worth when it's finished, will the developers survive this cycle? There's

a lot more things that could go wrong and also you tend to buy a price premium to buy new. I know

some first time buyers like to do it at least for one reason, just so they don't have to do a bit

of an auction or deal with real estate agents. They find that easier. Time tends to be a good healer.

If you buy well in a good area, generally over time, you won't do too badly, but you do need to

be cognizant of that risk. I think the biggest risk or drawback is that if you create the incentive,

we get tens of thousands of first-time buyers and investors all piling into the same part of the

market, bidding up prices. Then you create this mini bubble within the market and just as a market

impact as they would call it in the stock market. Yeah, definitely. We already saw that. We saw

prices go up pretty dramatically in some areas when all talk of this scheme is kind of happening.

So, yeah, you've just got all this extra competition, which is tricky. But if this is a long-term

plan, if it's something that you is going to make a great investment that you are going to hold,

maybe it suits you for a short amount of time, I think everybody should be considering

if this helps them get into the market sooner, but always with that long-term view of,

stuff like this can cause a bit of panic that we've just got to get something, we've got to get

something where you want to make sure that it's the right thing for you, you want to make sure you

can cash flow it. Yeah, and that this is not something that you're going to regret if

property prices do kind of cool off a little bit that you can hold. Yeah, try and think rationally,

yes. If you get a big financial decisions, you don't want to be making them too emotionally,

even though at first time it's almost by definition, it's a fairly emotional decision.

In terms of just risk management, what do you normally recommend for your clients in terms of

keeping a buffer? Because I suppose in life, there's always things happen that you wouldn't

necessarily have expected, whether it's a changing job circumstance or a repair that you just didn't

you didn't pick up in the building and pest inspection or there may be a health issue or there's

all kinds of things that could come along, but presumably you want to have at least a bit of a buffer

there just in just in case. Yeah, so having a buffer, like I think we always kind of talk about

emergency funds. So having an emergency fund, like you don't want to be this living paycheck to

paycheck and then go and add a mortgage to that. So as far in advance that you can set up so that

you've got, yeah, a buffer an emergency fund. So generally we say three to six months of your

baseline expenses, like if you can start working towards that while building a deposit, like I know

that's hard, but you know, having that buffer and maybe you go, oh, actually for me it's only $5,000

I want or whatever and then being really good with your day-to-day management. So your bills,

a mortgage payment might come out of one, you know, you might be saving for something else in

another account, you might have some discretionary spending, but being really good with how the money

flows is really important, like safety when you've got a home loan and absolutely insurance. Like

income protection is a huge one. I find so many people focus on life insurance. That's the one

that you get a lump sum if you pass away. But most of us actually need income protection because

if our income stopped, we couldn't fund our lifestyle. So making sure that you've actually

reviewed that. So the bank will be talking to you about it. They will, you know, you have to get

home and contents insurance, but that is so important. And maybe you've got some and you're

super, but maybe it's like not great cover or it only covers two months or it covers a tiny amount

that you couldn't live off. I think if you can't afford to be doing income protection or any

like those those insurances, then you shouldn't be having a home. Yeah, that does make sense.

One thing I heard you speak about previously, the singles tax. Just wanted to give a shout out

to somebody who's doing this on their own because I think if you're in a couple to a certain

extent, it's probably easier because you've got two incomes and a certain sort of line items in

your expenditure, you only pay once in a couple, whereas a person on their own has to suck it up.

But also I think a problem shared is a problem halved or whatever the phrase is, you know, if you're

if you're having to cut back on your extravagant living expenses or otherwise to save a deposit,

I think it's easier to do that with somebody else because you could say, well, let's go for a picnic

tonight instead of going to a fancy restaurant or let's go to, say, you know, movies under the stars.

You can keep each other accountable and you're working towards something together. Yeah,

like the singles tax just in expenses is real, but then yeah, having that accountability and so

if you are doing it on your own, maybe you need to actually, you know, maybe it's a money coach

financial advisor, your broker, like whoever you have that relationship with that can kind of keep

you motivated and accountable would be really yeah valuable. But, you know, doing something in a

couple is going to be so much easier in terms of borrowing potential, saving. And even that backup,

like if you if one of you can't work, then potentially you've got somebody else that can.

It's full of insurance and it's over. I think as well when you're on your own, certainly for

somebody's a first time buyer in their 20s, it's much harder to stay in and just do nothing.

It's I think you can do it. I know that when we were trying to save a deposit, I used to find

how do you stay in on a Friday night, not possible. Surely like, and I used to have to go to the gym

just trying to take my mind off that cold schooner. But, you know, if you're if you're a first time

buyer on your own, trying to sort of get out there and meet people, but also save that's

doubly hard because to stay in and sort of turn down invites to pubs, restaurants, whatever,

social events is obviously very difficult too. So, yeah, I just want to add that in at the end

because that's where you're going to find your people and the free stuff and yeah,

join gym, running club, like all this, all this stuff. But yeah, you just it's going to be a trade-off.

So you've got to work out what is most important for you and how long you can realistically get

there. So that's why having like talking to the broken working at how much you need and then

setting a realistic goal on how long it's going to take you. I see so many people do it.

They set a really like they set the bus so high on what they're going to save each pay

just to fail, like so say they're they're putting X amount into their savings account for their

deposit. But every week they have to reach like take money back out of that. And that's like telling

our brain that we're bad with money or we didn't stick to our goal. But if you had to just set the

bar a bit lower, maybe the end of the pay cycle, you could actually tip an extra 20 or 50 dollars in

and then you're telling you, right, oh, how good I am with money. So that's a major thing. If you

are going to set a goal, break it into like milestones so you can do like manageable chunks,

but also don't set the bar too high and set yourself up to fail. Yeah, you've got to try and enjoy

the journey as well as the destination, I think. So let's brilliant advice. Thanks.

So that's the home guarantee, the deposit guarantee that's in place from one October onwards.

So it looks like that'll be a feature of the system or a bug, depending on your viewpoint,

for the years to come. So yes, use it wisely, but it can nothing for some first time buyers be a

useful shortcut to home ownership. So thanks, Gemma, look forward to chatting next time around.

Great to chat to you.

Thanks for listening to this episode of the Australian Finance podcast. Don't forget that

any of the information you hear in a RAS podcast is strictly limited to general financial

information only. It's not personalized financial advice. So always speak to a financial platter

before you act on the information. You can find financial planets on the RASC website.

Another thing that should take note of is our fsg or financial services guy that's also available

at rask.com.au slash fsg. If you want to continue your educational journey, don't forget that we

have loads of free courses available on our websites. Simply type in RASC courses in Google

and they'll come up for you. Finally, the best compliment you can give to us isn't a review

in Spotify, Apple or anywhere you listen to this podcast. The best thing you can do is help us

change someone's life. Don't forget to share this episode with a friend or a family member who

you think it can help. That's the biggest compliment you can give to us. As always, thanks for

listening to this RASC podcast. President Barack Obama. Virginia, we are counting on you.

Republicans want to steal enough seats in Congress to raid the next election and wield unchecked

power for two more years. But you can stop them by voting yes by April 21st. Help put our elections

back on a level playing field and let voters decide not politicians. Vote yes by April 21st.

He's protected. No hooks, no catchings, no bites. Sisko Dua. Fishing season is over.

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