There’s nothing like buying your very first home. The excitement of knowing you can paint the inside whatever colour you like. The thrill of hammering a few nails into the walls for your favourite prints and not worrying about the consequences.

You want your first-time buying property to be as straightforward and stress-free as possible, and so do we. Here are some common mistakes to avoid when first starting out.

1) Seeking home loan advice from family and friends

There are certain things you can rely on your family and friends for advice about. Whether your haircut looks passable or if your Christmas jersey is endearing – for sure, ask them for an opinion.

But whether a certain home loan is right for you – that’s a question for the professional. Don’t take Uncle Jimmy’s word for it.

Buying a home will likely be one of the biggest financial decisions of your life and you want to make an informed choice. That’s why it’s so important to get professional advice about it.

As your mortgage broker, we will line you up with a competitive mortgage and explain why it suits your specific financial circumstances and goals.

2) Underestimating the true cost of ownership

When you buy your first home, it’s really important to have a solid understanding of all the costs involved. You won’t just need a deposit – you also have to think about other costs. Stamp duty, lenders’ fees and chargers, conveyancing cost and building and pest inspections are a few examples.

Once you buy the property, there are also ongoing costs to factor into your budget, such as rates, insurance, body corporate fees, maintenance and repairs.

We can help you to nut out the numbers and create a budget for your repayments and other costs, so that you are completely comfortable about your property purchase.

3) Getting the wrong mortgage

All the different home loan products out there can get overwhelming, especially for first home buyers.

Do you need an offset account or redraw facility?

Should you go with a fixed or variable interest rate? What is a split home loan and how does that work?

Our job is to understand your financial circumstances and guide you as you make these important decisions. We will compare the home loan market, find you the right home loan based on your current situation, and walk you through the home loan application process.

4) Letting your emotion get the best of you

It’s really important not to let your emotions cloud your judgement when buying your first home. A lot of people fall into the trap of buying with their heart and not their heads.

Do your research and make sure you are buying the right property for your needs, at the right price.

We can assist you every step of the way, even in those early days when you first start looking for a property. If you have a particular suburb or property in mind, speak to us about getting a property valuation report, so that you can gauge the capital gain potential.

Ready to get started?

Planning to buy your first home in 2024? Let us find you the home loan you need in order to achieve your property purchasing goals.

Get in touch today and we’ll get the ball rolling by organising pre-approval on your finance.