Getting a mortgage in Geelong might seem harder than ever, but with the right strategy and support, home ownership is still achievable for first home buyers.
The dream of homeownership in Geelong might feel more distant than ever, but recent data and real-life examples show that it’s still within reach, especially for first home buyers with the right strategy and support. With the average time to save a 20% deposit now stretching to 11.4 years, many Australians are feeling the pressure. But the good news? Over 110,000 first home buyers made the leap in 2024, and many of them did it by embracing smart, flexible mortgage strategies.
At Konnect Financial Services, we’re seeing firsthand how Geelong residents are taking advantage of creative financing options and government schemes to break into the market, even with house prices nudging $985,900. If you’re navigating the world of mortgages in Geelong, now’s the time to think beyond traditional paths.
A structured approach to entering the Geelong property market
Today’s successful buyers are finding their way in through a blend of patience, preparation and innovation. The key ingredients?
- Careful budgeting and long-term saving
- Accessing schemes like the Home Guarantee Scheme (HGS)
- Exploring options like family assistance or shared equity models
It’s not just about saving hard, it’s about working smarter with the tools and resources available.
Borrowing capacity
While house prices dominate headlines, it’s borrowing capacity that really matters. Lenders assess your income, debts and, crucially, your living expenses. This means that being mindful of your spending and presenting a strong financial profile can open doors, even in a high-priced market like Geelong.
Small lifestyle changes can make a big impact. Whether it’s switching to generic brands, renegotiating your phone plan or pausing some non-essentials, every dollar saved boosts both your deposit and your loan serviceability.
Navigating today’s mortgage options
Gone are the days when you had one bank and one loan offer. Today’s lending landscape is diverse, with banks, credit unions, and non-bank lenders all competing for your business. Mortgage brokers, like the team at Konnect, are your personal guide, comparing hundreds of options to find the one that suits your circumstances.
Some lenders are more flexible than others when it comes to employment type, deposit size or living expenses and knowing where to look can be a game-changer.
Family help and creative ownership models
The so-called “Bank of Mum and Dad” is playing a bigger role than ever. In fact, 40% of first home buyers receive family assistance, with contributions averaging around $200,000. Whether it’s a direct gift, a security guarantee or even shared ownership, family can be the missing piece that gets you across the line.
And if family help isn’t an option? Shared equity schemes, whether through the government or private providers, are giving buyers alternative pathways to enter the market with lower deposits and reduced loan sizes.
Your first home doesn’t have to be your forever home
Finally, it’s time to rethink expectations. Many buyers are choosing to start small, a unit or townhouse in a growth corridor, and build equity over time. With a stepping stone strategy, the dream home becomes more accessible in the future.
Ready to explore your mortgage options in Geelong?
Konnect Financial Services is here to help you map out your path to homeownership with tailored advice, access to diverse lenders, and deep local knowledge.
Get in touch today to take the first step toward your Geelong mortgage.
