How Sarah Bought Her First Home in Rhodes With Just a 5% Deposit

Looking to buy your first home in Rhodes? You're not alone. Sarah was too. 

Like many first-home buyers, she had a steady job and some savings, but also a mountain of questions. That’s when we connected.

Sarah felt saving for a 20% deposit was going to take her a long time. It’s a common misconception that you always need a 20% deposit to enter the property market. While a larger deposit can help you avoid Lenders Mortgage Insurance (LMI), there are alternatives for eligible first-home buyers, like the First Home Guarantee. 

Sarah met the requirements, meaning she could potentially buy her Rhodes apartment with just a 5% deposit, and skip the LMI.

Understanding Borrowing Power

Next, we looked at Sarah’s approximate borrowing power. We reviewed her income, expenses, and credit score to set a realistic budget and help her refine her property search.

The Right Loan

Together, we found a loan tailored to Sarah's individual circumstance. She chose a fixed-rate loan because she wanted certainty with her repayments, along with flexible repayment options and clear terms.

Fast-forward to today? She’s loving her apartment near Rhodes Station.

If you’re dreaming of your first home in Rhodes, know that there are options. Book in an obligation-free appointment with me today to get started.

The First Home Guarantee has specific eligibility criteria and limited places. Approval is also subject to lender criteria and availability. Contact us or visit here for more details.