4 common mistakes to avoid as a 1st home buyer

Embarking on the journey of purchasing your first home is an unparalleled experience. The prospect of personalising the interior with your preferred colours and the sheer joy of hanging up cherished prints without hesitation is truly exhilarating.

Ensuring that your initial venture into property ownership unfolds smoothly and with minimal stress is paramount to us. Here are some common mistakes to avoid as you begin this journey.

1) Seeking home loan advice from family and friends

While seeking guidance from loved ones on matters like fashion choices or holiday attire can be beneficial, when it comes to selecting the right home loan, it’s prudent to consult a professional. Avoid solely depending on Uncle Jimmy’s insights for such a significant financial decision. Partnering with a 1st Street Mortgage Broker ensures access to expert advice tailored to your unique financial situation and objectives.

2) Underestimating the true cost of ownership

When you buy your first home, it’s important to have a solid understanding of all the costs involved. You won’t just need a deposit – you also must think about other costs. Stamp duty, lenders’ fees and charges, 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.

1st Street Mortgage Brokers 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

Navigating the plethora of home loan options can be overwhelming, particularly for first-time buyers. Do you require features like an offset account or redraw facility? Is a fixed or variable interest rate more suitable for your circumstances? As your local Mortgage Broker, it’s our role to decipher your financial landscape and steer you toward the optimal mortgage solution. We’ll conduct a comprehensive comparison of available options, matching you with a mortgage aligned with your current needs and guiding you through the application process.

4) Letting your emotion get the best of you

Resist the temptation to let emotions overshadow rational decision-making when purchasing your first home. Conduct thorough research to ensure alignment between the property and your requirements, both in terms of suitability and affordability. Your 1st Street Mortgage Broker is here to provide unwavering support throughout your property search, including procuring a property valuation report to assess potential capital gains for your chosen suburb or property.

Ready to get started?

If your sights are set on purchasing your first home in 2024, allow us to help find you the home loan you need. Reach out to your local 1st Street Mortgage Broker today, and we’ll kickstart the process by arranging pre-approval for your financing needs.

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1st Street’s premium service comes at no cost to you! 1st Street is paid by the lender when your loan settles, however, this will not affect your interest rate or loan fees! It is often more cost-effective for a mortgage broker to process a loan rather than the lenders processing it themselves in-house. In fact, we often find that we can save you money by negotiating on your behalf.

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