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.
This story is from the January 02, 2023 edition of New Idea.
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This story is from the January 02, 2023 edition of New Idea.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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