Breaking down the real costs of buying your first property

In this episode of the First Property Buyer Show, host Emilie Lauer sits down with mortgage broker Eva Loisance from Finni Mortgages to debunk common financial myths around buying your first property.

The duo starts by breaking down all the associated costs related to buying your first property.

A key focus of the episode is the commonly believed 20 per cent deposit myth, which Eva explains is no longer a strict requirement. Many first home buyers can purchase with as little as 5 per cent, especially with the assistance of government grants and schemes.

Eva emphasises the importance of understanding your borrowing capacity, which varies based on income, expenses, and debt. She also discusses the trade-off between waiting to save a larger deposit and entering the market sooner, noting that rising prices can outpace savings.

As hidden costs – such as stamp duty, conveyancing, lender’s mortgage insurance, and strata fees – can surprise first-time buyers, Eva advises thorough budgeting based on their current finances, rather than relying on future interest rate cuts to lower their spending.