Many first home buyers focus heavily on the purchase price while underestimating the full range of costs involved, from stamp duty concessions and conveyancing fees through to moving costs and the first round of bills. Getting a clear, written breakdown from your broker and solicitor early avoids an unwelcome scramble just before settlement.
A common mistake is searching for a home before finance is properly sorted, which leads to falling in love with properties outside your realistic budget. Getting pre-approval first gives you a genuine figure to work with and saves time inspecting homes that were never within reach.
First home buyers sometimes let emotion override research, particularly after a long and frustrating search. Skipping a building and pest inspection to save money, or waiving the cooling-off period under pressure to be competitive, are both decisions that can expose you to risks that far outweigh the savings.
Not understanding available government assistance is another frequent gap, including first home owner grants and stamp duty concessions that differ depending on whether the property is new or established and its purchase price. A mortgage broker or your solicitor can confirm exactly what you are eligible for before you finalise your budget.
Finally, many first time buyers aim for a perfect property rather than a sensible first step onto the property ladder. A smaller or less polished home in a good location is often a stronger long-term decision than stretching to the absolute limit of your borrowing capacity for a more impressive first purchase.
Happy to talk it through — no pressure, no sales pitch.