A young Aussie has shared her nightmare experience buying her first home and getting “f****d over” by hidden fees.
Kirstie McConnell, 26, posted a video on TikTok on Friday explaining how the deposit she needed for her apartment drastically increased multiple times so that it eventually exceeded her savings — because of costs she wasn’t told about.
The Queenslander said no one could give her a straight answer on costs for her first ever home purchase of a $365,000 one-bedroom apartment.
She had managed to save $45,000 in five years and felt it would be enough for the deposit while allowing some “wiggle room”.
The young woman hired a broker and solicitor to assist her with the complicated process and was initially told the deposit would be $27,000.
Following further discussions and accounting for her $60,000 HECs debt fees for her degree, the deposit increased to $38,000, which is when she signed her contract.
In a shock move by the bank, the broker then told Ms McConnell that her deposit had increased another $10,000 to $48,000.
“They’re not going to be able to loan you as much as they said they’d be able to,” the broker told her.
Finally, when Ms McConnell received her bill on Friday, the costs had come to a whopping $53,000
“That is not factoring fees that I have to pay to leave my current apartment, additional counts of fees that I’m going to have to pay after I move in and also be able to feed myself,” she said.
Ms McConnell said the only reason she is able to pay the deposit was because of her supportive partner.
Social media users were shocked at the lack of transparency with Ms McConnell’s ordeal. Some even shared their own scary experiences.
“Wtf. Do you have an update on this?? I’m invested,” one user wrote.
Another commented: “I also just purchased an apartment and was told I’d need an extra $12k ($91k!) ONE HOUR before my finance approval was due.”
Others criticised the education system for not teaching people about finances.
“This is the kind of stuff that needs to be taught in school,” one wrote.
“How to pay taxes, investments, superannuation and the process of buying a home.”
But many also blamed the broker.
““A good broker would’ve made you get preapproval before putting a house under contract,” they wrote.
Another suggested: “If you feel like your broker didn’t do things right by you, you can complain via AFCA.”