4 common mistakes to avoid as a first home buyer

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The excitement of knowing you can paint the insidewhatever 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.

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Kristin Harris
Kristin Harris
22:36 10 Feb 21
Ryan made my refinance a breeze. He kept me completely up to date every step of the way. He was extremely responsive and very diligent. Ryan has great knowledge about all mortgage needs and I would highly recommend Ryan... for any mortgage or refinance needs.read more
Rabie Abou Fakher
Rabie Abou Fakher
09:16 07 Feb 21
If you are looking for an honest down to earth broker then you have found the one. Ryan has assisted us through our home loan application for the best part of 10 months. Ryan has explained things in an easy to... understand language, prompt reply to communication, genuine cares about his clients and most important of all caters to your individual needs. Finally thank you again for helping us and I will certainly deal with you again for future loans.read more
Elizabeth Lewis
Elizabeth Lewis
08:20 27 Jan 21
Ryan has been an excellent broker during the purchase of my first home. Always available for advice when needed, great and fast communication. His liaison between the bank and myself has been great. Thanks for all the... help Ryan.read more
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John Luka
06:11 14 Jan 21
Ryan His the best ever the best word to describe him when he do his job he do for him self not for the client he working hard he tried to make clients happy specially family like my family he did big miracle for us... after many broker advised we can’t get the home loan only Ryan he did for us I recommend him for every oneread more
Tony Bejjani
Tony Bejjani
05:46 14 Jan 21
Ive dealt with several brokers and never imagined an experience so pleasant and stress free . We got a fleet for our business with beyond exceptional service and superb rates . Ryan was the most knowledgeable person i... have dealt with and i cant recommend the team at Bspoke finance enough. We just moved into our dream home thanks to his amazing work . Thank-you from both tony and beam . Your magicread more
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