What are some common mistakes first home buyers make when it comes to organising finances?

Aug 26, 2022, 12:32 PM
Title : What are some common mistakes first home buyers make when it comes to organising finances?

There are four mistakes first home buyers commonly make;

  1. First home buyers often have a purchase price in mind which may not reflect their actual maximum borrowing capacity. You should discuss your borrowing capacity well before you get to this point to eliminate any surprises.
  2. Many first home buyers aren’t aware of all the options that might be available to them to help them get into a home sooner.
  3. It’s quite common for first home buyers to be gifted funds or perhaps they may sell an asset such as a car in order to cover their required deposit. There are certain criteria that must be met when it comes to the deposit requirement and the criteria may vary depending on each individual scenario. This is something that can be discussed in the initial informal discussion with your HFM.
  4. First home buyers often ignore their protection needs, so it’s important to not only be able to afford to service your loan and keep your house, but to also be able to do it in the event of any accidents, illness or injury.
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