HOMEBUYER MISTAKES you can avoid

HERE'S EVERYTHING YOU NEED TO KNOW

- Andrew Winter

As someone who bought his first home at the age of 18 (with a questionable home loan and very little deposit), I had a youthful sense of enthusiasm that I was doing the right thing. It helped that I had already spent 12 months in a property environment, so I was aware of what I was doing – but for those who aren’t, what should you beware of?

WATCH OUT FOR HIDDEN COSTS When it comes to extra costs, stamp duty is often the most crippling additional charge that people forget to factor in. If you have less than a 20 per cent deposit, you should also watch out for LMI (lenders mortgage insurance), which can be in the thousands.