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Discover the top 5 mistakes first home buyers make and how to avoid them. Learn tips for pre-approvals, grants, and saving money on your first home.
Buying your first home is one of the biggest milestones in life. But as exciting as it is, the process can be overwhelming—and costly—if you’re not prepared. Today, we’re sharing the Top 5 Mistakes First Home Buyers Make and How to Avoid Them so you can approach your home-buying journey with confidence.
1. Not Getting a Fully Assessed Pre-Approval
Many first home buyers settle for a quick pre-approval, only to have their loan fall through when it’s time to buy. Avoid this mistake by ensuring your pre-approval is fully assessed. This means the lender has thoroughly reviewed your financials and approved you for a specific amount.
2. Going Direct to Your Bank
While it might seem convenient, going directly to your bank could cost you thousands. Banks only offer their own products, which may not be the best fit for you. A broker, on the other hand, can compare multiple lenders to find the right loan for your first home.
3. Underestimating Costs
Many buyers forget about costs beyond the deposit, like stamp duty, legal fees, and inspections. Budgeting for these expenses upfront will prevent financial stress later.
4. Overlooking Government Grants
First home buyers may be eligible for grants and concessions, but many don’t take advantage of them. Do your research to see what’s available in your state or territory.
5. Skipping Professional Advice
DIYing your first home purchase might seem like a way to save money, but skipping professional advice often leads to costly mistakes. From brokers to solicitors, surround yourself with experts who can guide you.
Avoiding these mistakes will set you up for success in your first home-buying journey. Ready to take the next step? Join my free First Home Buyer Mini Course for more tips and resources! Click here to join.
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