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Debunking First Home Buyer Myths & Avoiding Common Mistakes

Buying your first home is an exciting milestone, but it can also be confusing with all the myths floating around. As a first home buyer in Australia, it's important to separate fact from fiction and make informed decisions. In this blog, we'll debunk common myths and provide tips to help you avoid common mistakes. With this knowledge, you'll feel confident on your journey to homeownership.

Myth: You Need a 20% Deposit to Buy a Home

Reality: Contrary to popular belief, you don't always need a huge deposit. There are options like the First Home Loan Deposit Scheme and lenders who accept smaller deposits. So, don't let the 20% myth hold you back.

Myth: You Can't Buy a Home with a Low Income

Reality: Even with a low income, you can still buy a home. Government schemes and grants, such as the First Home Owner Grant, can help. Working with a mortgage broker who understands first home buyers can also open up loan options that fit your income.

Myth: The Perfect Home Exists

Reality: It's rare to find the perfect home, especially within your budget. Instead, focus on finding a home with potential for growth and improvements. Remember, your first home is just the beginning.

Mistake: Skipping Pre-Approval

Skipping pre-approval is a big mistake. It gives you a clear idea of how much you can borrow and helps you shop with confidence. Plus, sellers take you more seriously when you have pre-approval.

Mistake: Ignoring Additional Costs

Buying a home comes with extra expenses like stamp duty and legal fees. Forgetting to budget for these costs can cause stress. Be sure to factor them in so you're financially prepared.

Mistake: Not Seeking Professional Advice

Navigating the property market can be overwhelming. Don't hesitate to seek advice from experts like mortgage brokers, real estate agents, and conveyancers. They can guide you and prevent costly mistakes.


As a first home buyer in Australia, it's important to know the truth and avoid common mistakes. By understanding the facts, exploring government schemes, and seeking advice, you'll be well-prepared for your home buying journey. Remember, owning a home is achievable, and with the right knowledge and support, you'll find the perfect place to call your own.

Ready to make your dream of owning a home a reality? Our expert team at Loan Savvy is here to guide you through the process. Contact us today to discover your options and secure the right loan for your first home.

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