Avoid these common mortgage mistakes

What are some common mortgage mistakes that first-home buyers make? Learn how to avoid them with these expert tips.

Transcript

00:00 Here are three mistakes experts say you should avoid if you're lucky enough to be a first home buyer.

00:07 Number one, other loans.

00:09 Applying for a car or personal loan before a home loan can drastically reduce your borrowing capacity.

00:17 Number two, not sticking to a budget. Take a look at your maximum borrowing capacity,

00:23 expected repayments, and make a strict budget before making any offers.

00:29 Number three,

00:31 underestimating the total cost of buying a home.

00:34 Consider the hidden costs and read the fine print as this one can sting.

00:40 Beyond the cost of the property you may have stamp duty, council rates, insurance,

00:46 pest inspections, strata fees, legal costs,

00:50 transferring fees, moving costs, and a home loan deposit.

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