5 First Home Buyer Mistakes to Avoid in Queensland (and How to Get It Right!)
Buying your first home is one of the most exciting milestones in life, but it can also be overwhelming - especially in Queensland’s competitive property market. Many first home buyers make common mistakes that can cost them time, money, and even their dream home.
The good news? These pitfalls are avoidable with the right knowledge and preparation. In this article, we’ll walk you through 5 of the most common first home buyer mistakes in Queensland and share practical tips to help you get it right.
Mistake #1: Underestimating the True Costs of Buying a Home
When budgeting for your first home, it’s easy to focus solely on the purchase price. However, there are several hidden costs that can catch you off guard if you’re not prepared.
How to Get It Right:
Budget for upfront costs: These include stamp duty, legal fees, building and pest inspections, and loan application fees.
Plan for ongoing expenses: Don’t forget about council rates, insurance, maintenance, and strata fees (if buying a unit or townhouse).
Build a buffer: Aim to save an extra 5-10% of the property’s value to cover unexpected expenses.
Pro Tip: Use online calculators to estimate stamp duty and other costs specific to Queensland.
Mistake #2: Skipping Pre-Approval
Many first home buyers make the mistake of house hunting without loan pre-approval. This can lead to disappointment if you find your dream home but can’t secure financing in time.
How to Get It Right:
Get pre-approved early: A pre-approval gives you a clear idea of your borrowing power and shows sellers you’re serious.
Understand your limits: Stick to your pre-approved budget to avoid overstretching financially.
Work with a broker: A mortgage broker can help you compare lenders and secure the best pre-approval for your situation.
Pro Tip: Pre-approvals typically last up-to 3 months depending on the lender.
Mistake #3: Not Researching First Home Buyer Grants and Concessions
Queensland offers several government incentives to help first home buyers get into the market, but many people miss out because they don’t do their research.
How to Get It Right:
Check your eligibility: Look into the Queensland First Home Owner Grant (up to $30,000 for new builds) and the First Home Concession, which reduces stamp duty.
Explore national schemes: The First Home Super Saver Scheme (FHSSS) and First Home Guarantee can also help you save faster and buy with a smaller deposit.
Stay updated: Government incentives can change, so consult your mortgage broker or check official websites for the latest information.
Pro Tip: Your mortgage broker can help you navigate these schemes and maximise your savings.
Mistake #4: Failing to Research the Location
Falling in love with a property without researching the area is a common mistake. The location can impact your lifestyle, property value, and future resale potential.
How to Get It Right:
Visit the area at different times: Check for noise levels, traffic, and community vibe.
Research growth potential: Look for suburbs with strong infrastructure projects, schools, and amenities.
Consider your commute: Make sure the location fits your daily routine and work-life balance.
Pro Tip: Use tools like Queensland’s Regional Planning Framework to identify high-growth areas.
Mistake #5: Going It Alone
Buying your first home is a complex process, and trying to navigate it alone can lead to costly mistakes. From understanding loan options to negotiating with sellers, having the right support is crucial.
How to Get It Right:
Work with a mortgage broker: A broker can help you find the right loan, secure pre-approval, and guide you through the entire process.
Engage a conveyancer or solicitor: They’ll handle the legal aspects and ensure everything runs smoothly.
Ask questions: Don’t be afraid to seek advice from professionals or experienced homeowners.
Pro Tip: A good mortgage broker will act as your advocate, saving you time, money, and stress.
Ready to Buy Your First Home? Let Us Guide You Through the Process!
Buying your first home doesn’t have to be stressful. By avoiding these common mistakes and following our tips, you’ll be well on your way to securing your dream home in Queensland.
At Australian Finance Brokerage, we specialise in helping first home buyers navigate the property market with confidence. From securing pre-approval to maximising government incentives, we’re here to make the process seamless and stress-free.
Contact us today to schedule a free consultation and take the first step toward homeownership!
