5 Costly Mistakes Filipino First-Home Buyers in Australia Make – And How to Avoid Them
- Sheanne Siron
- Mar 10
- 2 min read
Buying your first home is an exciting milestone, especially for Filipinos looking to settle in Australia. However, many first-home buyers make costly mistakes that can delay their dreams of homeownership. Here are five common pitfalls and how to avoid them!
1. Not Understanding the Total Costs Involved
Many first-time buyers focus only on the deposit, but there are other expenses to consider, such as stamp duty, legal fees, mortgage insurance, and inspection costs. Without proper budgeting, unexpected costs can strain your finances.
How to Avoid This: Work with a mortgage broker to get a detailed breakdown of all expenses so you can prepare financially.
2. Skipping Pre-Approval and House Hunting Too Soon
Some buyers start looking at homes before securing a loan pre-approval. Without pre-approval, you might fall in love with a property you can’t afford or face delays in securing financing.
How to Avoid This: Get pre-approved before house hunting. This gives you a clear budget and makes your offer more attractive to sellers.
3. Not Considering Government Grants and Incentives
Australia offers various government grants and concessions, such as the First Home Owner Grant (FHOG) and stamp duty exemptions. Many Filipino buyers miss out on these benefits simply because they don’t know they exist.
How to Avoid This: Consult with a mortgage broker who can help you maximize available grants and incentives.
4. Choosing the Wrong Loan Structure
Different home loans come with different features, such as fixed or variable interest rates, offset accounts, and redraw facilities. Choosing the wrong structure can lead to higher repayments or financial strain.
How to Avoid This: A mortgage broker can assess your situation and recommend the best loan structure to suit your long-term goals.
5. Relying Only on One Bank Instead of Working with a Mortgage Broker
Many first-home buyers go directly to their current bank for a home loan, not realizing they may not be getting the best deal. Banks only offer their own products, while a mortgage broker can compare multiple lenders to find the best rates and terms.
How to Avoid This: Work with a mortgage broker like Mortgage Alley. We have access to multiple lenders and can negotiate better terms for you.
Secure Your Dream Home with Expert Guidance!
Avoid these costly mistakes and make your home-buying journey stress-free. Book a FREE consultation with Mortgage Alley today and let us help you find the best home loan options tailored for Filipino first-home buyers in Australia!
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