In the pursuit of homeownership, the last thing any first home buyer wants to encounter is an unexpected financial hurdle. In this episode, we talk about how buying your first home can be really tricky and highlight the potential pitfalls that could trip you up along the way.

Specifically, we explore a real-life story where a HECS debt nearly derailed a first home buyer's purchase, shedding light on the crucial lessons to be learned.

Throughout the discussion, we bring up some of the common blunders such as relying heavily on a broker without fully understanding all the associated costs, feeling the pressure to buy due to outside influences, and underestimating the financial cushion needed for unexpected expenses. Our aim is to provide practical insights to help you steer clear of these pitfalls when it's your turn to enter the housing market.

Don't let avoidable mistakes stand in the way of buying your first home—tune in to understand the importance of following the right process. Let’s dive in!

Episode Highlights:

00:00 - Introduction

02:23 - Meighan’s special house of the week

04:36 - What is the headline of today’s disaster case study

13:19 - Mistake #1: Assuming that engaging a broker will streamline the home buying process

14:17 - Mistake #2: Not knowing the amount of money needed

15:45 - Mistake #3: A bad broker

17:51 - Mistake #4: Buyer did her research online but you still don’t know what you don’t know

20:54 - Mistake #5: Choosing to buy a property because of FOMO

24:51 - The dangers of not fully understanding the fees you have to pay when buying a property

27:27 - Where does the responsibility of the buyer start when buying a property

Resources mentioned in this episode:

• Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
• Your First Home Buyer Guide Episode #58: How This Family Could Have Avoided Losing Their Entire House Deposit https://homebuyeracademy.com.au/podcasts/058
• Your First Home Buyer Guide Episode #62: Should First Home Buyers Buy Off the Plan? https://homebuyeracademy.com.au/podcasts/062
• Your First Home Buyer Guide Episode #78: Sunset Clause: The Hidden Time Bomb https://homebuyeracademy.com.au/podcasts/078
• Your First Home Buyer Guide Episode #82: Buyer Beware: First Home Becomes Costly Nightmare https://homebuyeracademy.com.au/podcasts/082
• Your First Home Buyer Guide Episode #123: Demolition Disaster: Tips to Avoid a Rebuild Catastrophe https://homebuyeracademy.com.au/podcasts/123
• Your First Home Buyer Guide Episode #126: What Essential Step Did These First Home Buyers Neglect? https://homebuyeracademy.com.au/podcasts/126
• Gen Z’er reveals how her HECS debt almost shattered her real estate dreams https://bit.ly/4aiRm6W

Resources:

• FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
• Visit our website https://www.homebuyeracademy.com.au/
• Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
• If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast [email protected]
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
• Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

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