First Home Loans
Everything you need to know about the First Home Grant in Australia.
Top 12 first home mortgage myths exposed!
Find out what first home owners grant you may qualify for. Take the quiz.

Dangers for First Home Owners

Are you a first time home buyer?  Make sure you don’t get caught out. 

Buying your first home is exciting and can be very rewarding.  But there are also some very common mistakes made when you buy first time.  You can avoid these dangers by being well informed, getting prepared and by talking to a Your Local Finance broker.

1) Borrow Only What You Can Afford
It is tempting to borrow more and more and get a bigger, better, brighter house.  But if the home loan is also bigger you may not find the happiness you were after. Know your limits and try not to borrow at full capacity.  If interest rates go up, will you be able to afford the repayments on your mortgage?  Much better to consider a first time mortgage a little below your maximum borrowing capacity and then pay it off higher than the minimum amount each month, therefore paying the loan off faster. Dangers for first time home buyers

First Home Owners Grants

Make sure you get every cent you can under the new FHOG. Complete the form to speak with a First Home Grants mortgage broker specialist.
First Name:
Last Name:
Suburb:
Postcode:
Phone:
Email:
Please have someone contact me ASAP.
or call 1300 787 665
Unsure?
Please read our pledge to protect your privacy.



2) Beware of Agents Talking the Market Up



While it is true that conditions have eased considerably for home buyers recently, you shouldn’t let this tempt you into buying something you can’t afford.  Beware of agents talking up the property market and telling you “Now is the time to buy, buy now!”  It doesn’t matter that prices are falling, if you simply can not afford a huge mortgage then don’t take one!  Instead, consider buying a property a little further out of town, or perhaps without a carport, or maybe save a bigger deposit to get the mortgage within a reasonable budget.




3) Protecting Your Future
You may be able to avoid the repayments now, but what if you or your partner looses their income?  Will you be able to afford the repayments on only one income?  It all sounds so boring and way into the future right now, and you just want to get into your own home, that’s understandable.  But planning for the future and putting strategies in place now for a rainy day will save you so much heartache in the future. So many people take out first home loans and overstretch their budget.  Avoid falling into this trap by working out a careful budget, and talk to a mortgage broker about ways to manage your repayments no matter what happens to your lifestyle and income.


4) Think Ahead
Do you need or just want that en-suite in the master bedroom? Are four bedrooms really necessary right now? By thinking ahead into the long term you can put yourself in a better position.  If you are not going to need the space for several years, why pay for it now?  Plan ahead and consider all the lifestyle changes that are likely in the next five years and plan accordingly.  While it’s true you do not want to be moving every few years and racking up huge moving costs, it’s also sensible to assume that the house you buy in your 20’s may not be the house you live in when you reach your 40’s.  If you can think long term and short term, you will be in control and more likely to make a success of your first home.


If you are seeking professional advice about buying your first home then call to speak to a local mortgage broker today, on or submit your details to us via the website.  A friendly broker, in your area will call to talk to you about your options and answer any questions you have.
  Our lenders

More in this Section

A guide for first home buyers

Trends in Housing Costs for First Home Buyers

Dramatic cuts to interest rates, boosts to the First Home Owner Grant and easing property prices have combined to create a great platform for first home buyers.

A guide to Auctions for First Home Owners

Buying first home at auction? Our guide is full of practical advice and will have you feeling confident in no time.

How smart first home owners find their dream home

Don't get stuck searching for the right property. Our guide will help first time home buyers to find the perfect home faster.

Clever ideas to make your first home more affordable

Your first home loan doesn't have to leave you broke. We have clever strategies to make home ownership more affordable.

Mistakes every lazy first home buyer makes and how to avoid them.

We show how to breeze through the home buying process by helping you avoid common first home buyer mistakes.

Top 12 first mortgage myths exposed

Home loan advice you need to avoid costly mistakes. Read on to find out more about the myths exposed.

First Home Buyers Checklist

Here is our checklist to help you get organised.

First Home Buyers: Which Mortgage is Right For You?

Choosing the right first mortgage will be easy once you read our guide.

Tips for First Home Buyers

Top tips for anyone buying their first home.

 

First Home Grants

Get the Most out of your FHOG

The top five ways to maximise the first home owners grant and get the true benefits. 

Top FHOG questions.

What you you wanted to know about FHOG but were too afraid to ask!

Buyer beware! Top 4 mistakes first home buyers make and how to avoid them.

Save on your first home loan

We have clever strategies to make home ownership more affordable.

Why use a mortgage broker?

First home buyers need to be extra careful when it comes to a first mortgage. .