A mortgage broker has dished out the five common mistakes people make when buying a home.
Every month, Quang Huynh meets hundreds of clients, ranging from first-home buyers to aspiring investors, to help them get onto the property ladder.
But far too often, the Sydney broker sees young adults make the biggest purchase of their lives — only to be filled with regret later down the track.
The first mistake is pooling your money to buy a house with a friend or family member.
“I see it all the time — young first-home buyers buy properties with their friends or family like their mum, dad, sister or brother… No, no, no. Never buy with family or friends,” Huynh tells
“You might be single right now but once you’re in a relationship and you want to buy a place with your new spouse, the bank will not let you get a new home because you have an existing debt.”
Huynh, who’s known on social media as “Q That Homeloan Dude”, says he notices many jump ahead of themselves to buy property with their mates without thinking about potential consequences.
“They see the short term benefits of owning a property now,” he explains.
“Of course with the combined income of their mates and collective savings, they can buy the property they had been renting close by.
