Could a HECS Debt Derail a First Home Buyer’s Purchase?

In the pursuit of homeownership, the last thing any first home
buyer wants to encounter is an unexpected financial hurdle. In
this episode, we talk about how buying your first home can be
really tricky and highlight the potential pitfalls that could
trip you up along the way.


Specifically, we explore a real-life story where a HECS debt
nearly derailed a first home buyer's purchase, shedding light on
the crucial lessons to be learned.


Throughout the discussion, we bring up some of the common
blunders such as relying heavily on a broker without fully
understanding all the associated costs, feeling the pressure to
buy due to outside influences, and underestimating the financial
cushion needed for unexpected expenses. Our aim is to provide
practical insights to help you steer clear of these pitfalls when
it's your turn to enter the housing market.


Don't let avoidable mistakes stand in the way of buying your
first home—tune in to understand the importance of following the
right process. Let’s dive in!


Episode Highlights:


00:00 - Introduction


02:23 - Meighan’s special house of the week


04:36 - What is the headline of today’s disaster case study


13:19 - Mistake #1: Assuming that engaging a broker will
streamline the home buying process


14:17 - Mistake #2: Not knowing the amount of money needed


15:45 - Mistake #3: A bad broker


17:51 - Mistake #4: Buyer did her research online but you still
don’t know what you don’t know


20:54 - Mistake #5: Choosing to buy a property because of FOMO


24:51 - The dangers of not fully understanding the fees you have
to pay when buying a property


27:27 - Where does the responsibility of the buyer start when
buying a property


Resources mentioned in this episode:


Meet our recommended mortgage brokers at Home Buyer Academy
https://homebuyeracademy.com.au/brokers

Your First Home Buyer Guide Episode #58: How This Family
Could Have Avoided Losing Their Entire House Deposit
https://homebuyeracademy.com.au/podcasts/058

Your First Home Buyer Guide Episode #62: Should First Home
Buyers Buy Off the Plan?
https://homebuyeracademy.com.au/podcasts/062

Your First Home Buyer Guide Episode #78: Sunset Clause: The
Hidden Time Bomb https://homebuyeracademy.com.au/podcasts/078

Your First Home Buyer Guide Episode #82: Buyer Beware: First
Home Becomes Costly Nightmare
https://homebuyeracademy.com.au/podcasts/082

Your First Home Buyer Guide Episode #123: Demolition
Disaster: Tips to Avoid a Rebuild Catastrophe
https://homebuyeracademy.com.au/podcasts/123

Your First Home Buyer Guide Episode #126: What Essential Step
Did These First Home Buyers Neglect?
https://homebuyeracademy.com.au/podcasts/126

Gen Z’er reveals how her HECS debt almost shattered her real
estate dreams https://bit.ly/4aiRm6W



Resources:



FREE MINI COURSE: How to price property like a
professional https://www.homebuyeracademy.com.au/freecourse

Visit our website https://www.homebuyeracademy.com.au/

Learn how to buy property without making a mistake with our
ultimate 10-step online course for first time home buyers
https://homebuyeracademy.com.au/YFHBG

If you have any questions or would like to be featured on our
show, contact us at: Your First Home Buyer Guide Podcast
support@homebuyeracademy.com.au

Looking for a Sydney Buyers Agent?
https://www.gooddeeds.com.au

Work with Veronica: https://www.veronicamorgan.com.au

Looking for a Brisbane Buyers Agent?
https://www.propertypursuit.com.au/

Work with Meighan: https://www.linkedin.com/in/meighanwells/



If you enjoyed today’s podcast, don’t forget to subscribe, rate,
and share the show! There’s more to come, so we hope to have you
along with us on this journey!


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