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Top 5 Mistakes to Avoid as a First Home Buyer in Australia

By Abodable March 02, 2023, Read time: 3 min

Buying your first home is an exciting and rewarding experience, but it can also be overwhelming, especially if you're not prepared. As a first-home buyer, it's easy to make mistakes that can cost you big bucks in the long run. To help you navigate the home-buying process, we've compiled a list of the top 5 mistakes to avoid when buying your first home in Australia.

Mistake #1: Not doing your research

Before you dive into the property market, it's important to do your research. Get familiar with the area you want to buy in, the different types of properties available, and the buying process. Research can help you find the right property at the right price and avoid common pitfalls.

Mistake #2: Not getting pre-approved for a loan

Before you start house-hunting, it's crucial to get pre-approved for a loan. This will give you an idea of your budget and save you the heartache of falling in love with a property you can't afford. Talk to a mortgage broker and get a pre-approval letter before you start searching for your dream home.

Mistake #3: Not considering additional costs

Buying a home is more than just the upfront cost of the property. You also need to budget for additional costs, such as stamp duty, legal fees, and moving expenses. Failing to budget for these costs can leave you with a hefty bill you weren't expecting. Do your research and budget for these additional costs to avoid financial surprises.