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GlobalX reveals what first-home buyers keep doing wrong

Posted on 14/02/2018 by SuperUser Account

Our client, GlobalX CEO Peter Maloney recently spoke with News.com.au about the common errors people make when entering the property market, as well as how to avoid them.

Doing poor due diligence and failing to obtain finance pre-approval are among the damaging mistakes being made by first-home buyers in Victoria, experts say.

Property Mavens founder Miriam Sandkuhler and chief executive of legal and conveyancing technology experts GlobalX, Peter Maloney say these errors are causing unnecessary heartbreak among first-timers.

It comes as a new Australian Bureau of Statistics report showed the number of mortgages offered to first-home buyers jumped to a five-year high in November, driven “mainly by changes to ... incentives made in July by the NSW and Victorian governments”.

They accounted for 18 per cent of the housing finance commitments made by owner-occupiers — up from 17.6 per cent in October.

Buyer’s advocate Ms Sandkuhler said buying property was a “very complex process” that left first-timers “vulnerable and susceptible to getting ripped off”.

Read on at News.com.au for Ms Sandkuhler’s and Mr Maloney’s tips for navigating the home buying process.