First home buyers, Nowra and the Shoalhaven
Buying your first home in the Shoalhaven
Most people ask about the deposit first. It's usually the wrong question.
For most first home buyers I talk to, the deposit isn't what decides it. It's how much a lender will let you borrow, and that changes a lot from one lender to the next. If you're eligible for the 5% deposit scheme, you can buy with a 5% deposit and no lenders mortgage insurance, up to $800,000 in the Shoalhaven.
- 5.0 on Google, 9 reviews
- 100+ people helped since 2022
- 20+ lenders
- Calls after your shift
The part most people miss
Two people on the same wage can get very different answers. One has a credit card limit they never touch, a car loan and a bit of Afterpay. The other doesn't. Lenders count the limit, not the balance, so that unused card can cut what you can borrow more than most people expect.
Nobody tells you this at the bank counter. That's the bit I check before you fall for a house.
The $800,000 line
$700,000 with $35,000
A 5% deposit on a $700,000 place is $35,000. Under the scheme there's no lenders mortgage insurance, and in NSW first home buyers pay no stamp duty up to $800,000 (a reduced amount up to $1,000,000).
Illustrative only. Scheme eligibility rules and lender criteria apply.
What I check first
- How you're paid. Base pay, overtime, allowances, casual or contract. Every lender counts these a bit differently.
- What you owe, and what you could owe. Card limits, car loans, HECS and buy now pay later all come off your borrowing power.
- Your deposit and where it came from. Savings history matters, and so does help from family. There are a few ways that can work.
- What you're looking at. Whether it sits under the $800,000 line for the scheme and stamp duty, and what that does to the numbers.
Before you keep saving
Should you wait until you've saved more?
Saving longer feels safe. Sometimes it is. Sometimes prices move faster than your savings do. Here's how I'd think about it.
The dumb questions
First home buyers ask me these all the time
- How much house can I buy with a $50,000 deposit?
- Why did one bank say $850,000 and another say $900,000?
- What actually decides my borrowing power?
- Prices are falling. Does that change what I can borrow?
Got one that isn't here? Text it to me on 0415 138 842.
Free guides. No email needed.
First Home Roadmap
The 9 steps to buying your first home, in order, with a checklist for each one.
Pre-approval guide
What lenders check, how to get one, and how to keep it valid while you look.
Looking in these areas?
Joe is an absolute legend and i would definitely recommend him to anyone who is looking for some finance. Joe made the whole process so easy for me and my partner and got us a pre approval for a home loan super fast. Joe is a great bloke to deal with always happy to answer any questions and explains things very thoroughly. If i could give Joe 6 stars i would 🙂
Mitchell D, Google review
Joe has been absolutely awesome throughout our entire experience of purchasing our first home! He is amazing to communicate with and has gone above and beyond to make this stressful time as easy as possible!
Carina S, Google review
Found a place you like?
Send me the listing and tell me how you're paid. I'll run your numbers on it.
Or call or text 0415 138 842. After your shift is fine.
General information only. Figures are illustrative and don't consider your personal situation. Eligibility rules and lender criteria apply.