Meet a Gold Coast couple who felt priced out of the property market. This success story explains how, with a small deposit, they were able to use the newly expanded Home Guarantee Scheme to avoid paying LMI and purchase their first home in Robina. Learn how the right strategy can make all the difference.
Meet Sophie and Tom. For two years, they were renting a small apartment in Mermaid Beach, watching Gold Coast property prices and their rent climb higher and higher. They were diligent savers, but the dream of owning their own home felt like it was slipping away.
"We had saved a $45,000 deposit, which we were proud of," says Tom. "But on an $800,000 townhouse, it wasn't enough to avoid a huge LMI bill, and our borrowing power was falling just short."
That's when they came to see us at Max Rich. We sat down and created a new strategy for them.
The Game Plan:We identified that Sophie and Tom were perfect candidates for the newly expanded Home Guarantee Scheme (HGS).
- The Deposit: Their $45,000 deposit was more than the 5% required for an $800,000 purchase.
- The LMI Saving: By applying through the HGS, the government would guarantee their loan, meaning they would pay zero Lenders Mortgage Insurance. This saved them an estimated $18,000.
- The Borrowing Power: With the LMI cost removed, their deposit could be used more effectively, and we found a lender on our panel who was able to approve them for the amount they needed.
The Result:Two months later, Sophie and Tom settled on a three-bedroom townhouse in Robina. "We're paying a mortgage now instead of rent, and we're building our own future," says Sophie. "The schemes made all the difference, and Max Rich showed us the path."
Sophie and Tom's story is a perfect example of how the right strategy and expert advice can turn the dream of homeownership into a reality on the Gold Coast.
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