🔑 Key Takeaways

1. Why Preparation Is the Most Crucial Step
The biggest trap for first home buyers? Jumping into property hunting before getting prepared. Veronica and Meighan explain how skipping steps in the buying process leads to avoidable stress and financial risk. Preparation isn't just a buzzword—it's the solid foundation you need to climb the 'property mountain' without falling off the financial cliff.

2. Build Your Support Crew First—And Get the Right Advice
Your success hinges on who you take with you on your property journey. You need more than just opinions—you need experienced professionals. The hosts outline your essential support crew: a mortgage broker, solicitor or conveyancer, possibly an accountant, and a Buyer's Agent if you want expert representation. Critically, they emphasise asking the right questions to the right people. For example, don't ask your mortgage broker how much to pay for a property—it's not their lane. 

3. Mortgage Brokers Over Banks—Here's Why
Don't walk into your local bank for a loan pre-approval. A good mortgage broker will do the heavy lifting by understanding your goals, comparing lenders' policies, and recommending loan structures that suit your needs. The brokers' ability to match you with the right loan—whether you need offset accounts, fixed or variable rates—can save you thousands and boost your buying power.

4. Get Your Financial Fitness in Order
Knowing how much deposit you need is just the start. This episode busts the myth that you always need 10% saved before you can buy. Veronica and Meighan explain how different scenarios (like guarantor loans or government incentives) can change your required deposit. They also introduce key wealth-building concepts like leverage and compounding to help you start thinking like a savvy property investor—even if you're only after a home.

5. Plan for the Future, Not Just the Now
Too many buyers get tunnel vision. They finally scrape together a deposit and rush into buying the first thing they can afford, often without considering long-term suitability. The hosts share candid stories—including Veronica's own first-home regret—to illustrate the importance of buying a property that serves your future self too. Thinking ahead could save you from needing to sell too soon, or worse, losing money.

6. Master the 'Where, What & How Much' Formula
This is the planning phase's crown jewel. Meighan introduces a structured system to help buyers answer three essential questions: Where can I buy? What can I buy? How much can I spend? This strategic exercise forces you to face compromises and move beyond emotional thinking, parental opinions, or outdated suburb reputations. The Where to Buy Workshop, mentioned in the episode, gives buyers the tools to match their budget to market realities and set realistic goals

7. Stop Searching in the Wrong Places
Many first home buyers waste months—or even years—looking in the wrong suburbs or price brackets. This leads to buyer fatigue, missed opportunities, and emotional burnout. Veronica and Meighan share how failing to understand your true borrowing capacity and the market can leave you constantly 10–15% short at auction. A clear brief = effective search.

8. Don't Let FOMO (or Your Parents) Drive Your Decision
Your property journey is yours. The hosts highlight the risk of letting external pressures—whether it's parents' outdated advice or fear of missing out—lead you into poor decisions. A property that suits someone else's idea of success may not serve your actual needs. The preparation phase is your chance to silence the noise and define your own path.

9. Why Free Advice Can Be Dangerous
Just because someone's advice is free doesn't mean it's good. The property space is full of unregulated "experts" willing to hand out tips that might not suit your situation. From brokers overstepping into property advice, to planners pushing specific investments, it's critical to understand people's motives and areas of expertise.

10. Learn from Others' Mistakes—So You Don't Repeat Them
Veronica shares a cautionary tale from her own first-home purchase, where she bought a studio without understanding her full borrowing capacity or considering future needs. She lucked out—many others don't. The message? You shouldn't rely on luck when buying property. You need preparation, education, and strategy.

🎓 What You'll Walk Away With
After listening to Episode 7, first home buyers will understand:

✅ The importance of a structured, step-by-step approach to buying.

✅ Who should be in your support team and how to choose them.

✅ How to think beyond just saving a deposit and get financially fit.

✅ What tools to use to align your expectations with reality.

✅ Why the planning phase saves you heartache, wasted time, and money.

✅ How to identify and avoid common traps—before they cost you.

This episode is not just about preparing to buy your first property—it's about doing it right.

👉 Ready to get started? Check out THE First Home Buyer Course.