In the pursuit of homeownership, the last thing any first home buyer wants to encounter is an unexpected financial hurdle. In this episode, we talk about how buying your first home can be really tricky and highlight the potential pitfalls that could trip you up along the way.

Specifically, we explore a real-life story where a HECS debt nearly derailed a first home buyer's purchase, shedding light on the crucial lessons to be learned.

Throughout the discussion, we bring up some of the common blunders such as relying heavily on a broker without fully understanding all the associated costs, feeling the pressure to buy due to outside influences, and underestimating the financial cushion needed for unexpected expenses. Our aim is to provide practical insights to help you steer clear of these pitfalls when it's your turn to enter the housing market.

Don't let avoidable mistakes stand in the way of buying your first home—tune in to understand the importance of following the right process. Let's dive in!

Episode Highlights:
00:00 - Introduction
02:23 - Meighan's special house of the week
04:36 - What is the headline of today's disaster case study
13:19 - Mistake #1: Assuming that engaging a broker will streamline the home buying process
14:17 - Mistake #2: Not knowing the amount of money needed
15:45 - Mistake #3: A bad broker
17:51 - Mistake #4: Buyer did her research online but you still don't know what you don't know
20:54 - Mistake #5: Choosing to buy a property because of FOMO
24:51 - The dangers of not fully understanding the fees you have to pay when buying a property
27:27 - Where does the responsibility of the buyer start when buying a property
➼ Meet our recommended mortgage brokers at Home Buyer Academy

➼ Your First Home Buyer Guide Episode #58: How This Family Could Have Avoided Losing Their Entire House Deposit
➼ Your First Home Buyer Guide Episode #62: Should First Home Buyers Buy Off the Plan?
➼ Your First Home Buyer Guide Episode #78: Sunset Clause: The Hidden Time Bomb

➼ Your First Home Buyer Guide Episode #82: Buyer Beware: First Home Becomes Costly Nightmare
➼ Your First Home Buyer Guide Episode #123: Demolition Disaster: Tips to Avoid a Rebuild Catastrophe
➼ Your First Home Buyer Guide Episode #126: What Essential Step Did These First Home Buyers Neglect?

➼ Gen Z'er reveals how her HECS debt almost shattered her real estate dreams
➼ FREE MINI COURSE: How to price property like a professional
➼ Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers

➼ Looking for a Sydney Buyers Agent?

➼ Work with Veronica:

➼ Looking for a Brisbane Buyers Agent?
➼ If you have any questions or would like to be featured on our show, contact us at: [email protected]
If you enjoyed today's podcast, don't forget to subscribe, rate, and share the show! There's more to come, so we hope to have you along with us on this journey!
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How ready are you to buy your first home?

Veronica Morgan & Meighan Wells 

Veronica & Meighan are both licensed real estate agents who exclusively help buyers. Together they have nearly 40 years experience as property professionals.

Veronica is principal of Sydney based Good Deeds Property Buyers and is also co-host of The Elephant in the Room property podcast as well as Location Location Location Australia on Foxtel and author of Auction Ready: how to buy property at auction even though you're scared s#!tless!

Meighan is the multi award winning principal of Brisbane based Property Pursuit, chairperson of the REIQ Buyers Agent Chapter & a regular media commentator.

We are here to guide you through your home buying journey

How ready are you to buy your first home?