Your First Home Buyer Guide Podcast Veronica Morgan & Meighan Wells

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!


Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f
See omnystudio.com/listener for p

This episode follows Heidi's journey, a first-time home buyer and a Home Buyer Academy graduate who shares the story of how she went from dreaming of owning a home to actually making it a reality.

We discuss Heidi’s journey of saving money, learning about the home buying process, and searching for the perfect home. We dive into the challenges she faced and the decisions she had to make along the way (she even recounts the experience of how she almost bought the wrong property).

Through Heidi’s story, we aim to provide practical advice and insights for others who are considering buying their first home. Join us as we follow her inspiring journey from dreamer to homeowner.

If you’re thinking about buying a home or probably know someone who does, this episode has something for you. So let’s dive in and get started!

Episode Highlights:

00:00 - Introduction

02:57 - When did Heidi decide that she wanted to buy a property

03:55 - How long did it take Heidi to save up enough money to buy a property

07:01 - When did Heidi start learning about how to buy a property

08:41 - Why did Heidi’s criteria for property selection evolve?

12:39 - How Heidi's perception of properties changed from online to in-person

16:49 - What got Heidi to the point of saying “this is the one”

17:28 - How Heidi almost bought the wrong house

20:51 - How Heidi balanced her preferences and concerns during the decision-making

26:10 - What process did Heidi use to buy the property: Private treaty or auction?

29:08 - How long did the decision-making process take before finalising the purchase

31:10 - How Heidi feels now that she has a mortgage

32:45 - Heidi’s plans of moving in

33:52 - Heidi’s advice for those who are still hesitating about doing the first home buyer guide

Resources:


FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
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!


Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f
See omnystudio.com/listener for privacy information.

A lot of first home buyers dive into the property market without adequate preparation, which makes the home buying process confusing and stressful.

Today, we tackle common issues and challenges faced by many first home buyers and break down four essential steps you need to take before diving into your home search.

Without these four tips, buyers risk overspending or facing unexpected obstacles. Additionally, overlooking these steps can result in dissatisfaction with the chosen property.

So if you're thinking about buying your own home, tune in to this episode! These tips will help you fine tune your approach and be more confident in the decisions you will be making to find the perfect place to call home.

Episode Highlights:

00:00 - Introduction

02:25 - Meighan’s special house of the week

05:38 - Tip #1: Have the right support crew around you

10:09 - Tip #2: Invest in your financial fitness

13:38 - Tip #3: Have good, hard conversations with yourself

18:25 - Tip #4: Have a checklist and know where you can compromise

Resources mentioned in this episode:


A Quick Guide To The 10 Essential Steps For First Home Buyers https://homebuyeracademy.com.au/a-quick-guide-to-pace
Where to Buy Tutorial https://homebuyeracademy.com.au/workshop

Resources:


FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
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!


Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f
See omnystudio.com/listener for privacy information.

Deciding whether to invest in property or buy a home to live in is tough. Although the decision might seem straightforward, the consequences can have a lasting impact on your financial future.

When you think about buying a home, there are hurdles like figuring out if you can afford to buy where you really want to live. . On the flip side, rentvesting gives you flexibility, but you need to watch out for changes in the rental market and think long-term about investing and its potential impact on your future ability to buy a home.

In this episode, we talk about the pros and cons of both options. Join us as we dive into the rentvesting versus homeownership debate, examining the advantages, disadvantages, and everything in between.

Episode Highlights:

00:00 - Introduction

02:06 - Should you rentvest or buy a home to live in?

03:16 - Two critical questions one must ask themselves before considering rentvesting

08:42 - Who are the two most ideal candidates for rentvesting?

10:52 - Rentvesting pro #1: You can buy anywhere

14:16 - Rentvesting pro #2: You get rental income

15:45 - Rentvesting pro #3: You get tax deductions if it’s negatively geared

17:13 - Rentvesting con #1: You have no access to grants/incentives as a first home buyer

20:17 - Rentvesting con #2: It could limit your borrowing capacity to buy your future home

24:29 - Rentvesting con #3: The potential uncertainty and risks associated with renting

25:55 - Rentvesting con #4: Selling an investment property incurs capital gains tax

29:03 - Bonus: What you need to know about investment properties and land tax

Resources mentioned in this episode:


Courses for first home buyers who don’t want to miss a step: https://homebuyeracademy.com.au/all-courses
The Stepping Stone Strategy Tutorial https://homebuyeracademy.com.au/ssstutorial
Kick start your property journey here: https://homebuyeracademy.com.au/tutorials

Resources:


FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
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!


Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f
See omnystudio.com/listener for privacy information.

There are many important decisions to make when buying your first home, from using grants, evaluating properties, down to dealing with financing issues. Without the right help, first home buyers could end up overpaying for a property or buying in less desirable locations, which can negatively impact both financial well-being and long-term satisfaction with the purchase.

In this episode, we pick up from Part 1 and dive deeper into the challenges faced by most first home buyers.

If the process of buying your first home seems challenging, this episode is for you. Tune in for clear, actionable advice that will help you feel more confident and prepared. Join us, bring your questions, and take a big step towards making your dream home a reality.

Episode Highlights:

00:00 - Introduction

02:26 - Are there restrictions on using first home grants for investment purposes?

05:26 - Factors to consider when buying in a complex with many units

08:51 - What are the expected growth rates for apartments compared to houses?

11:53 - Is a 3 by 3.14 metre bedroom size considered acceptable for resale?

14:18 - What steps can be taken if a bank's property valuation is less than your offer?

19:40 - Is it advisable to buy a house on a battleaxe block along a main highway?

24:13 - Are there unique investment opportunities in unit-dense suburbs?

Resources mentioned in this episode:


Your First Home Buyer Guide Podcast Episode #171: How Can We Help? Real Estate Solutions from Campfire Questions - Part 1 https://homebuyeracademy.com.au/podcasts/171

Resources:


FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
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!


Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f
See omnystudio.com/listener for privacy information.

Real estate can be tricky especially for first home buyers, and it's easy to feel stuck or lost when trying to buy or invest in property. Without access to reliable guidance, not knowing who to talk to or turn to — it can easily become a struggle to know the right steps to take and the right decisions to make.

Every Wednesday, we hold a weekly campfire for Your First Home Buyer Guide students so they can have direct access to ask us any property-related questions. And in this two-part series, we share some of the questions that we believe resonate with a lot of first home buyers. We break down complex queries into easy-to-understand tips and strategies.

This is for anyone who might feel like they're stuck somewhere along the home buying process, and whether you're new or experienced, we tackle practical solutions to help you succeed. Tune in now and let's get started!

Episode Highlights:

00:00 - Introduction

02:28 - Special house of the week!

07:13 - What to do when fluctuating income affects your mortgage eligibility?

10:40 - Ready to buy, but unsure: tips for dealing with uncertainty and fear

15:49 - Is it worth it to use a buyer’s agent?

21:03 - Tips for short-term decision-making in buying a property based on your current needs

26:01 - Who to consult for a cash flow analysis before investing in property?

27:14 - How to grade apartment blocks with commercial areas in limited residential zones?

Resources:


FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
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!


Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f
See omnystudio.com/listener for privacy information.