Home ownership dreams can come true

Ashley and Vaughn Matthews from NSW’s Lake Macquarie region are the latest Aussie couple to realise the Great Australian Dream of homeownership.

The young couple has secured a gorgeous, modern four-bedroom house in Cameron Park with a double garage built in 2014 and were ably supported into their first home by Community First’s Nathan Johns, Regional Store Manager for Lake Macquarie. 

Apart from tapping mum and dad for support, the Matthews also took advantage of the Australian Government’s First Home Guarantee Scheme. The Scheme which is managed by the National Housing Finance and Investment Corporation (NHFIC) supports eligible first home buyers such as Ashley and Vaughn purchase their first home faster.

Usually, first home buyers with less than a 20% deposit need to pay lenders’ mortgage insurance, which can add many thousands of dollars to a home loan. Under the Scheme, eligible first home buyers can purchase a property with a deposit with as little as 5%. This support has been made possible by the NHFIC, which guarantees a participating lender up to 15% of the value of the property purchased by an eligible first home buyer. Community First Credit Union is currently one of the lenders participating in the Scheme.

Ashley explained, “We were going to pay LMI but decided to take advantage of the First Home Loan Deposit Scheme after my father saw that Community First still had slots in the Scheme available for first home buyers.

“We also took full advantage of the stamp duty break available to first-time buyers.” Currently, first home buyers in NSW do not pay stamp duty on homes valued up to $650,000. If the home is valued between $650,000 and $800,000, a concessional rate applies.

Buying a first home stands as a significant achievement for Ashley (27) and Vaughn (30). “I’m stoked, as I didn’t think I’d ever be able to buy a home before I was 30,” a chuffed Ashley declared. “The combination of moving home with my parents, the First Home Loan Deposit Scheme and the stamp duty tax breaks helped us meet our goals early.”

The support of Community First’s Nathan Johns was also crucial in helping the young Lake Macquarie twosome into their dream home. “Nathan was fantastic and just made it so easy for us. It could be a stressful process, but it wasn’t,” Ashley remarked.

“Nathan went above and beyond, and we never felt like we were working with a big bank where you’re treated as a number and a dollar sign.”

Ashley concluded, “Nathan was genuinely excited for us and made it an easy and workable relationship.”

For more information about the First Home Guarantee Scheme and how we can help you into a first home, just call us on 1300 13 22 77.