Common Mistakes First Time Buyers Make & How to Avoid Them

Underestimating How Much Cash You'll Actually Need

The deposit is only part of what you need in your account before settlement. First home buyers also need to budget for stamp duty, conveyancing, building and pest inspections, and lender establishment fees.

Consider an oncology pharmacist buying an established unit in a capital city. Even with a full stamp duty concession available in some states, you still need to pay for conveyancing, inspections, and potentially Lenders Mortgage Insurance if you're borrowing above 80% of the property value. These settlement costs can add up to several thousand dollars on top of the deposit itself. Many first home buyers assume that because they qualify for a 5% deposit scheme, they only need to save 5% of the purchase price. The reality is that you also need to show genuine savings for settlement costs, even if LMI is waived under the First Home Guarantee.

If you're using the First Home Super Saver Scheme, you can withdraw up to $50,000 of voluntary super contributions to put towards your deposit. This withdrawn amount counts as genuine savings and can be used for the deposit portion, but it won't cover all your upfront costs. You'll still need additional funds in your own name for conveyancing, inspections, and any lender fees.

Applying Before You've Built a Savings History

Lenders want to see that you can manage money consistently over time, which means holding genuine savings in your account for at least three months before you apply.

Borrowing from family or suddenly moving a lump sum into your account the month before you apply doesn't demonstrate savings behaviour. Lenders assess your ability to save as a predictor of your ability to repay a loan. If you've recently started in an oncology role after completing a residency or postgraduate qualification, your income may have jumped significantly in the past year. That's a positive, but lenders still want to see that you've been setting money aside consistently, not just earning it. A deposit that has been sitting in your account for three to six months, built through regular contributions, will be viewed more favourably than a single large transfer that appeared last week.

Gift deposits from family are allowed by most lenders, but they usually can't make up your entire deposit. You'll still need to show that a portion of your deposit came from your own savings. This is particularly relevant for oncology pharmacists who may receive financial help from family but still need to demonstrate responsible financial behaviour to the lender.

Choosing the Wrong Loan Structure for Your Work Pattern

Oncology pharmacists often work in rotational or contract-based roles, and your loan structure should account for income variability even if your employment is secure.

A fixed interest rate offers repayment certainty, which can be helpful if you're managing study debts or planning around a known income. A variable interest rate typically comes with an offset account, which allows you to park savings and reduce the interest charged on your loan. If you're in a salaried hospital role with regular overtime or penalty rates, an offset account can make a measurable difference. You deposit your pay, leave funds you don't immediately need sitting in the offset, and only withdraw for expenses. This reduces your interest without locking you into higher repayments.

Some oncology pharmacists split their loan, fixing part of the balance for stability and keeping part variable for flexibility. This approach works if you want repayment certainty on a portion of your debt while still being able to make extra repayments or access an offset account on the rest. Just confirm how much of the loan you're fixing before you proceed. Fixing 100% of your loan removes access to offset and usually limits extra repayments, which might not suit your circumstances if your income or expenses fluctuate.

Not Accessing the Full Range of Concessions and Schemes You're Eligible For

You can combine the federal First Home Guarantee with state-based stamp duty concessions and grants, but only if you apply for each one separately and meet the eligibility criteria for all of them.

The First Home Guarantee allows eligible buyers to purchase with a 5% deposit without paying Lenders Mortgage Insurance. It was expanded in late 2025 and now has no income cap and no limit on the number of places available each financial year. If you're buying an established property under the scheme, you can also access your state's stamp duty concession at the same time, provided you meet residency and first home buyer eligibility requirements.

In states like New South Wales, first home buyers pay no stamp duty on properties valued under $800,000. In Queensland, eligible buyers receive a full stamp duty concession on new builds and can also apply for the $30,000 grant if purchasing or building a new home valued under $750,000 before the grant expires on 30 June 2026. These state concessions can be stacked with the federal scheme, but you need to apply for the state concession separately through your state revenue office, usually at the time of settlement.

If you're uncertain which concessions apply in your state, a broker familiar with home loans for oncology pharmacists can walk through the eligibility steps and make sure you're not leaving money on the table. Missing a concession you're entitled to can cost you thousands of dollars in duty or LMI.

Waiting for Perfect Conditions Instead of Getting Pre-Approval

Many first home buyers delay applying for pre-approval because they haven't found a property yet or they're worried about interest rates changing. Pre-approval tells you what you can borrow and lets you move quickly when you find something suitable.

Getting loan pre-approval before you start attending inspections or auctions means you know your budget and can make an offer with confidence. Pre-approval is usually valid for three to six months and doesn't commit you to borrowing from that lender if circumstances change. It does, however, give you a clear picture of your borrowing capacity and flags any issues with your application before you're under time pressure.

If you're currently renting and comparing the cost of renting versus buying, pre-approval also helps you make that decision with real numbers rather than assumptions. You'll know what your repayments will be at current variable rates, what deposit you need, and whether your income and employment history are sufficient for the lender you're considering. Oncology pharmacists in their first few years of practice sometimes assume they need to wait until they've been in their role for twelve months, but many lenders will assess your application after three to six months if you're in a permanent position and out of any probation period.

If you've recently moved between hospital networks or transitioned from a residency into a salaried role, that's not necessarily a barrier. Lenders assess your employment stability based on your profession and the type of contract you hold, not just the length of time in one workplace. Having your offer letter, contract, and a few payslips on hand when you apply will give the lender what they need to assess your income properly.

Call one of our team or book an appointment at a time that works for you. We'll review your situation, confirm which schemes and concessions you're eligible for, and help you structure a home loan application that reflects how you actually work and earn.

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