39 - Unlocking the Real Risk of Buying with a 5% Deposit and How to Protect Yourself cover art

39 - Unlocking the Real Risk of Buying with a 5% Deposit and How to Protect Yourself

39 - Unlocking the Real Risk of Buying with a 5% Deposit and How to Protect Yourself

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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 anxiousIf you're planning to buy using the 5% deposit scheme and want to talk through your numbers, book a Get to Know You Chat with Jack.Timestamps00:00 - Should We Be Worried About the 5% Deposit Scheme?01:54 - What Headlines and Bank Economists Are Actually Saying03:52 - What Is Negative Equity and the Risk?06:53 - How to Protect Yourself as a First Home Buyer07:05 - #1 Do the Work on Your Numbers Before You Borrow10:18 - #2 Build Your Emergency Fund13:19 - #3 Know Your Goals and Play for the Long Term15:38 - #4 Do the Work on Asset Quality17:31 - #5 Get Insurance and Income Protection in Place20:28 - If You Lose Your Job21:46 - If You've Already Bought Using the Scheme Budgeting toolsSort Your Money Out Spending PlanPivot Wealth Savings Planner Moneysmart Budget PlannerResourcesGoals & Visions WorkbookAsset Quality ChecklistDownload Your How to Protect Yourself When Using the 5% Deposit Scheme ResourceMentioned EpisodesEpisode 1: Unlocking Your Goals and VisionEpisode 6: Unlocking Asset QualityEpisode 23: Unlocking Loan to Value RatioEpisode 25: Unlocking Interest Rates and Why They MoveEpisode 31: Unlocking Offset AccountsEpisode 37: Unlocking the 2026 Federal BudgetWant to keep the conversation going? 👉 Join the First Home Unlocked Facebook Community📅 Book a chat with Jack for tailored support📱Follow Us on social media: Instagram, TikTok, Youtubefirsthomeunlocked.com.au
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