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When it comes to property and finance, advice is everywhere. Friends, family, colleagues—everyone seems to have a hot tip. But not all advice is created equal, and some well-meaning suggestions can actually steer you off course. At Madd, we are on a mission to set the record straight and debunk those financial “tips” that might do more harm than good.
Here are some common pieces of advice that we hear all too often—and why they might not be the best for your financial journey:
“Wait for the market to dip, then buy.”
Market timing is notoriously tricky. Instead of waiting for the “perfect” time, focus on your personal circumstances and long-term goals.
“Go straight to the bank—they’ll get you the best deal.”
Banks will only show you their own products, but a broker (like us!) can compare hundreds of options to find the best fit for you.
“Get a credit card to boost your credit score.”
While managing credit can help your score, unnecessary debt can also hurt your borrowing capacity.
“Go interest-only so you can borrow more.”
While interest-only loans may have their place, they often mean paying more in the long run and building less equity.
“Pre-approvals mean you’re fully approved.”
Pre-approval is a great start, but it is not a guarantee. Final approval depends on the property, valuation, and other factors.
“Home loans are all the same—don’t worry about the details.”
The fine print matters! Different loans offer different features, fees, and flexibility that could save you thousands.
“You need a 20% deposit to purchase a property.”
While a larger deposit can help, there are many options for buyers with smaller deposits, including government schemes and lenders’ mortgage insurance.
“Just buy without pre-approval.”
Without pre-approval, you are essentially flying blind. It can lead to disappointment or financial strain if your formal application is declined.
“Get the longest loan term to reduce monthly payments.”
Lower monthly payments sound good, but they also mean paying significantly more interest over the life of the loan.
“Wait for rates to drop.”
Rates fluctuate. Rather than waiting, focus on finding a competitive rate and a loan structure that suits your needs now.
Looking for some honest, no-nonsense advice about your mortgage options? We’re here to help! Sometimes, all you need is a fresh perspective or a bit of clarity to feel confident about your financial decisions. Whether you’re navigating the home-buying process for the first time or considering refinancing, our team is ready to provide straightforward advice and answer any questions you might have.