Episode 52: The Real Costs of Buying Your First Home (And How to Make It Work)

Episode 52 - Michaela

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Episode Description:

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In this episode, we have Michaela Shaw, Lending Specialist at MoneyQuest Penrith & Blue Mountains, a finance professional known for making the lending journey feel approachable and stress-free, especially for first-home buyers.

She talks about the mindset blocks holding Gen Z back from entering the property market, the biggest myth about credit scores that could sabotage your borrowing power, and how to take advantage of lesser-known government schemes to get into your first home sooner.

She also discusses how to strategically plan your finances 12–18 months before buying, the unexpected factors lenders consider when assessing your loan, and why working with a mortgage broker and financial adviser can fast-track your journey into the property market.

If you want to take the guesswork out of buying your first home and learn how to make confident, informed decisions about your property journey, then make sure to listen to this episode!

Timestamps:

00:00 – Introduction

00:35 – Importance of Financial Literacy for Home Buyers

02:15 – The Impact of Interest Rates on Borrowing Capacity

04:30 – How to Assess Your Financial Situation Before Buying

07:10 – Common Mistakes First-Time Buyers Make

09:45 – How Much Deposit Do You Really Need?

12:20 – Understanding Home Loan Options and Government Schemes

15:05 – The Importance of Discipline in Saving for a Home

17:30 – Should You Wait or Buy Now? Setting Realistic Expectations

20:15 – First Home vs. Dream Home: What Should You Aim For?

23:00 – How to Evaluate the Property Market and Adjust Your Goals

25:40 – Final Tips for First-Time Home Buyers

27:30 – How to Get In Touch With Moneyquest for Expert Advice

28:00 – Outro & Disclaimer