Episode 117: First Home Buyer Mistakes That Could Cost You Thousands (And How to Avoid Them)

First Home Buyer Mistakes That Could Cost You Thousands (And How to Avoid Them)Buying your first home should feel exciting… not overwhelming, confusing, or financially risky. In this episode, I break down the most common first home buyer mistakes I’m seeing right now – from relying on the wrong advice to bidding at auction without finance in place (yes, that really happens 😅). If you’re planning to buy in 2026 (or sooner), this episode will help you avoid costly errors and move forward with clarity and confidence. 🚩 The Most Common First Home Buyer Mistakes 1️⃣ Only Talking to Your Bank Speaking to your bank isn’t wrong… but it can limit your options. Banks can only offer their own products. They won’t tell you about:Government schemes they don’t participate inLenders offering better pricingAlternative structures that suit your situationIn this episode, I share a real story of a client quoted tens of thousands in Lenders Mortgage Insurance (LMI) by her bank – when she may not have needed to pay it at all through another lender. Lesson: A good mortgage broker looks at the whole market, not just one slice of it. 2️⃣ Relying on AI Instead of Experts Yes… we’re talking about ChatGPT 👀 AI is helpful. I use it. You probably use it. But when it comes to finance strategy, government schemes, lending policy, or legal advice – it can get it wrong. AI “hallucinations” are real, and I’ve had clients come to me with completely incorrect information about:First Home Buyer schemesDeposit requirementsStamp dutyLoan structuresIf it’s a loan question → ask your broker.If it’s a legal question → ask your conveyancer. Experts exist for a reason. 3️⃣ Bidding at Auction Without Pre-Approval This one makes my broker heart race 😅 When the hammer falls at auction, you’ve bought the property. There’s no cooling-off period. I share a story about clients who successfully bid at auction… before we had formal pre-approval in place. Thankfully it worked out. But it could have gone very differently. Before bidding at auction, you must:Have pre-approvalUnderstand your finance positionSpeak to your conveyancerKnow the risksAuctions are not the place to “hope for the best.” 4️⃣ Borrowing Your Maximum Capacity Just because the bank says you can borrow it… doesn’t mean you should. One of the biggest first home buyer mistakes is shopping at your maximum borrowing capacity instead of focusing on comfortable repayments. When interest rates move (and they do), stress increases quickly if you’re stretched. Instead:Look at repayments firstDecide what feels comfortableBuild buffer into your lifestyleConsider options like fixing if certainty helps you sleep at nightYour goal isn’t just to buy a home.Your goal is to enjoy living in it. 💡 My Two Biggest Pieces of Advice If 2026 is your year to enter the property market: ✅ 1. Get Educated Early Join the First Home Buyers Program and learn the steps before you’re under pressure to sign a contract. 👉 Full First Home Buyers Program:Enroll Here:https://z9gpj4ioc4f1npbcb6x0.app.clientclub.net/courses/offers/6a9e25d2-5268-4d43-884d-4c233af23b5cThis program walks you through:Borrowing capacityGovernment schemesDepositsContractsPre-approvalsAuctionsSettlementSo you feel confident at every stage. ✅ 2. Focus on the Step in Front of You Don’t stress about settlement when you haven’t even spoken to a broker yet. Don’t stress about loan structure when you’re still saving your deposit. Property is a step-by-step journey. Incremental progress = long-term success. 🎧 Also Mentioned in This Episode I’ve launched a brand-new podcast with Bec Watson called Dollars & Distractions. If you want broader finance conversations (beyond just first home buying), go check it out and expand your financial confidence 💰 📢 Loved This Episode? If this episode helped you avoid costly first home buyer mistakes, please:Share it with a friendLeave a reviewSend it to someone who’s thinking about buying in 2026And if you're ready to take action…📅 Book a Fee-Free Meeting with the 360 Mortgage Solutions Team:https://360mortgagesolutions.com.au/contact-us/ Let’s make your first home journey strategic, confident, and stress-free.Meta Description (SEO Optimised) Avoid costly first home buyer mistakes with expert advice on borrowing capacity, auctions, government schemes, and working with the right mortgage broker.