money money money 909 single and buying first property, employee pay dispute, saving less after having kids + more
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Mar 2, 2026 Vince Scully, portfolio manager at Life Sherpa and financial adviser, gives practical guidance on property, budgeting and insurance. He covers buying with a 10% vs 20% deposit and how LMI and brokers factor in. He talks about realistic savings after having kids and the income trade-offs of reduced hours. He also outlines practical steps for resolving workplace pay disputes.
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Buy With 10% If You Can Service The Loan
- Do consider buying with a 10% deposit if you can comfortably service the loan now because rising house prices often outpace the savings benefit of waiting for 20%.
- Vince explains lender's mortgage insurance (LMI) is typically ~2–3% and can be cheaper than the extra year(s) of saving as prices rise, so get broker scenarios.
House Price Growth Eats Your Deposit Gains
- Insight: A year of house price growth can erode your deposit progress, so 10% today may be effectively better than waiting for 20% later.
- Vince quantifies the effect: if prices rise ~6% pa you may need ~16% extra to stay level, making LMI a smaller cost than lost market gains.
Run Broker Scenarios Before Deciding
- Do speak to a mortgage broker to run current scenarios including LMI, government schemes, and waivers before deciding whether to buy now or wait.
- Glen recommends brokers because they can show incentives and serviceability specific to your situation and most home loans are written via brokers.
