First Home Buyer: Elizabeth

For around 15 years, Elizabeth tried to save a 20 per cent deposit, but found it difficult on a single teacher's income. Working as a high school teacher, Elizabeth has always loved to travel. 'I grew up in the city up until high school, after which we moved to a large, rural community. This made me appreciate both country and city living and made it difficult to decide where I would like to put down roots,' Elizabeth said.

After hearing about the Home Guarantee Scheme from her mobile lender at Bank First and learning she would only need a five per cent deposit without having to pay Lenders Mortgage Insurance, Elizabeth realised owning her own home was within reach.

Not long after finding out about the Scheme, Elizabeth's landlord decided to sell the rental property she called home, giving her only a couple of months to move out.

Through the First Home Guarantee, Elizabeth purchased a three-bedroom, two-bathroom unit on a double residential block in Greater Melbourne. 'It has a lovely backyard, enough space for visitors and a stand-alone laundry. It is also close to my elderly parents, which allows me to assist them in their senior years,' she said.

Purchasing a home for the first time means having security in her later life and not worrying about paying rent or being forced to move. Belonging to a community and a place where she can form long-term connections is also important to Elizabeth.

'It also means that when my time comes, I have an asset that can be sold for my nieces and nephews to help them on their life journeys. Most importantly, it lets me put my own stamp on a place where I can relax, rather than worrying about putting pictures on the wall. It's a place where I can build a garden, can have friends around and create an oasis that gives me peace in a setting of my own creation,' she said.