The Australian Dream hinges on homeownership; for one, it's a sure-fire sign of stability. There are two routes to this dream: an existing home or one built from the ground up.

Either way, owning a home is a serious investment, regardless of the state of the real estate market. That cosy property facing Swan River may as well be the last home you'll ever need, in the best sense. When given a choice between the two routes, however, you're better off building a new home. Change is why.

There are a lot of misconceptions (a.k.a. myths) that home buyers, especially first-timers, encounter during the process of their real estate purchase. Here are some of the most common ones debunked.

Myth #1: You need perfect credit to purchase a home – Not entirely true. While an individual’s credit score definitely has an impact on the mortgage loan approval process and the subsequent interest rate, a perfect credit is not a requirement to secure approval for a mortgage loan. You don’t need a flawless, clean slate. The higher your credit score, certainly, the more options you’ll have to find a mortgage with good interest rates.