First Home Buyer Mistakes to Avoid (And How to Get It Right the First Time)

Buying your first home is a major milestone, and one of the biggest financial decisions you’ll ever make. But it’s easy to get caught up in the excitement and overlook some important steps. At BrokerCo, we work with first home buyers across the Sunshine Coast and beyond, and we’ve seen first-hand how a few simple mistakes can lead to costly regrets. If you’re preparing to enter the property market, here are the top first home buyer mistakes to avoid, and how to set yourself up for success from day one.

Not Getting Pre-Approval First

Jumping straight into house-hunting without understanding your borrowing power is a classic misstep. Pre-approval not only gives you a clear budget, but it also shows agents and sellers you’re serious.

Why it matters: You don’t want to fall in love with a property only to discover later that it’s out of your reach, or that your finance won’t come through in time.

Tip: Speak to a mortgage broker (like us!) before you start browsing listings. We’ll calculate your borrowing power and help you secure pre-approval based on your actual financial situation.

Underestimating Additional Costs

Stamp duty, building inspections, legal fees, lender’s mortgage insurance (LMI), moving costs, the list goes on. Many first home buyers focus only on the deposit and repayments, overlooking the hidden expenses that can add up quickly.

Why it matters: These extras can impact your cash flow and delay your settlement if you’re not prepared.

Tip: At BrokerCo, we’ll help you plan for the full cost of buying, not just the purchase price, so there are no surprises at the final hurdle.

Overstretching Your Budget

Just because a bank is willing to lend you a certain amount doesn’t mean you should borrow to the max. Life throws curveballs,  job changes, interest rate hikes, or unexpected bills, and you need breathing room in your budget.

Why it matters: Borrowing more than you can comfortably afford can put long-term financial pressure on your lifestyle and savings.

Tip: Stick to a realistic repayment figure you’d still be happy with if interest rates went up. Our brokers can model this for you during your finance planning.

Skipping the Fine Print

Loan structures, comparison rates, fixed vs variable, it can all feel like a foreign language. But not understanding the terms of your mortgage could cost you thousands over the life of your loan.

Why it matters: You might be locked into a loan with hidden fees, poor flexibility, or higher long-term costs.

Tip: We explain your loan options in plain English. At BrokerCo, we compare hundreds of loans from different lenders to find one that actually suits your goals, not just the bank’s.

Ignoring Government Grants and Schemes

There are several government incentives that could help you get into your first home sooner, from the First Home Guarantee to the Help to Buy scheme and state-based concessions.

Why it matters: Missing out on these benefits could mean paying more than you need to, or saving for longer than necessary.

Tip: We’ll help you understand which grants you’re eligible for and take care of the application paperwork as part of your home loan process.

Not Getting a Building & Pest Inspection

Even if a house looks great on the surface, it may be hiding structural issues or pest problems. First home buyers sometimes skip inspections to save money, but this can backfire badly.

Why it matters: A few hundred dollars spent on an inspection could save you from tens of thousands in repairs down the track.

Tip: Always get a professional inspection done before finalising the purchase, especially for older homes.

Going It Alone

Trying to navigate the property market, lenders, paperwork, and legal jargon by yourself can be overwhelming, and costly.

Why it matters: Without expert help, you might settle for a less-than-ideal loan, miss key dates, or overlook critical details.

Tip: A good broker will guide you through the entire process, from budgeting and pre-approval to settlement and beyond. At BrokerCo, we’re right here on the Sunshine Coast and ready to help you every step of the way.

Ready to Buy Your First Home? Let’s Do It the Right Way.

Avoiding these common mistakes can make your first home purchase smoother, smarter, and a whole lot less stressful.

At BrokerCo, we’re here to make sure you start your property journey on solid ground. Book a free chat with one of our Sunshine Coast mortgage experts today and take the guesswork out of buying your first home.