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How first home buyers can escape the rental trap

buying
1 minute read

How first home buyers can escape the rental trap

by Cameron Micallef 02 July 2020 1 minute read

Former gold medalist Steve Hooker is helping younger Australians break through the rental barrier and get into their first place sooner.

rental trap
July 02, 2020

The former pole vault champion during the 2008 Beijing Olympics is now helping Melbourne residents get into their first home sooner for as little as $1,000.

Launched at the end of last year, his Firstly program is available across the Resimax Group of properties, including Mernda Rise, Eynesbury, Findon Creek, Harvest Green and NewbridgeNewbridge, VIC Newbridge, NSW South estates.

For every $1,000 a first participant saves towards a $10,000 or 5 per cent Resimax estate, the firm will contribute a further $100 towards the cost of building.

For eligible Firstly members, Resimax will then tip in a sum equal to participants’ weekly rent to help them save the 5 per cent deposit quicker.

All up, the former Olympic champion believes it will take home buyers 18 months to get the keys to their own home.

Resimax Group CEO Steve Hooker said the company drew on its extensive experience and understanding of the first home buyers’ market in creating Firstly to ensure that it was going to help more first home buyers get into their own properties faster. 

“We’ve spoken to thousands of first home buyers over the years, and the one thing that stood out to us was how hard it was for them to save for their first deposit, especially with so many of them living out of home and having to juggle rent at the same time,” Mr Hooker said. 

“They need to get their foot in the door, but they also need to make sure they’re not overcommitting themselves or making the process too stressful. 

Mr Hooker describes his Firstly product as more than just a savings plan with it being a holistic journey to get younger Australians into their own home.

“Firstly not only halves the time it takes for first home buyers to get into the housing market, but it ensures all the milestones that accompany buying a house, such as finance and approvals, are seamlessly built in. This is really appealing to buyers entering the world of home ownership for the first time. 

“Firstly is a whole new pathway for first home buyers, giving participants access to all the right experts to get them into their own home as quickly as possible,” he concluded.

How first home buyers can escape the rental trap
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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your... Read more

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