Purchasing your first home is exciting, but rushing into the process can lead to costly mistakes. One of the biggest errors is not getting pre-approval early. Without it, you may fall in love with a property outside your budget or miss out because your finance isn’t ready. Another common mistake is ignoring hidden costs—stamp duty, conveyancing, inspections, lender fees, and moving expenses all add up.
Many first-home buyers also underestimate the impact of their credit score. Late payments or too many recent enquiries can reduce borrowing power. It’s wise to check your credit file early and tidy up any issues before applying. Another mistake is focusing only on interest rates. Loan features such as offset accounts, redraw facilities, and flexible repayment options can save thousands over the life of your loan.
Finally, some buyers skip professional advice and rely solely on bank recommendations. A mortgage broker helps you compare multiple lenders and choose a loan aligned with your long-term goals. With the right guidance, buying your first home becomes smoother and far less stressful.
