179 episodes
Your First Home Buyer Guide Podcast Veronica Morgan & Meighan Wells
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- Affaires
Your First Home Buyer Guide. Get there without missing a step.
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Is it Really Possible to Accidentally Purchase a Property?
Is it really possible to accidentally purchase a property? It sounds absurd, but the truth is, it can happen more easily than you think. Many buyers find themselves bound to property contracts unintentionally due to a lack of understanding of the legal nuances involved.
In this episode, we are joined by Richie Muir — a renowned property law expert with extensive experience in the field. Richie is well-versed in the intricacies of property contracts and has helped countless buyers avoid costly mistakes.
Today, we talk about the surprising ways you might unintentionally become contractually obligated to purchase a property and highlight the importance of understanding property laws, the conveyance process, and the critical steps you need to take to protect yourself.
This episode is a must-listen for anyone looking to explore the property market with their eyes wide open and avoid the nightmare of an accidental property purchase. Tune in now to equip yourself with the knowledge you need to protect yourself.
Episode Highlights:
00:00 - Introduction
02:16 - Meighan’s special house of the week
03:13 - Who is Richie Muir?
04:06 - Quick overview of the differences in property laws across the Australian states
06:00 - What is the conveyance process in home buying and what is Lawlab’s role in it?
09:23 - The most and least risky areas for buying property in Australia
12:49 - Why first home buyers should consider having legal representation from the start
17:29 - The importance of reviewing contracts and seeking legal advice before signing
21:34 - Understanding the risks of failing to complete an unconditional property contract
27:41 - What are the dangers of agents modifying contract conditions?
31:34 - What is the release of deposit clause in property contracts?
34:54 - Should first home buyers agree to a release of deposit clause without question?
35:54 - Are there ways a buyer could inadvertently buy a property without realising it?
37:53 - What is the problem with getting title insurance?
41:38 - Why it’s crucial to understand the hidden costs in buying a property
About Our Guest:
Richie Muir is an experienced and commercially astute lawyer specialising in property law. He is the Legal Director at Lawlab Pty Limited who leads Lawlab’s team of legal advisors and is the go-to problem solver for complex or unusual matters.
Connect with Richie Muir:
LinkedIn https://www.linkedin.com/in/richie-muir-a7301923/
Website https://www.lawlab.com.au/refer/r7ylqvou
Resources:
FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
Visit our website https://www.homebuyeracademy.com.au/
Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast support@homebuyeracademy.com.au
Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
Work with Veronica: https://www.veronicamorgan.com.au
Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
Work with Meighan: https://www.linkedin.com/in/meighanwells/
If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!
Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f
See omnystudio.com/listener for privacy information. -
Why Are Young Australians Ignoring Expert Financial Advice?
Young Australians are increasingly shunning expert financial advice, turning instead to family and friends for guidance. A recent report from Great Southern Bank revealed a surprising trend: family and friends are the top choice of younger Aussies for financial guidance.
While this approach might save them money on consultation fees as it is indeed "free", the lack of comprehensive insight and expertise that professionals provide could lead to regrettable financial decisions. Are they sacrificing valuable insights and potentially better outcomes?
In today's episode, we aim to address this problem by diving deep into this report's findings. We discuss the importance of professional financial advice and explore the role of financial literacy education in schools, emphasising the need to start financial planning early on. We also talk about the risks associated with informal advice and highlight the importance of setting good money habits from a young age.
Join us as we unpack these findings and understand why professional financial advice is indispensable for young Australians.
Episode Highlights:
00:00 - Introduction
02:15 - Meighan’s special house of the week
03:07 - Report: Gen-Z and millennials favour family for financial advice over experts
04:37 - The importance of starting financial literacy education in schools
07:19 - Financial literacy begins at home but needs expert input
09:27 - Why is it important for millennials to start financial planning early?
12:41 - The risks of making financial decisions based on FOMO
13:58 - Concerns over the lack of regulation and qualifications required in property guidance
17:37 - Insights from a bank report: generational trends in property assistance
20:14 - Reasons why people often regret not researching property decisions more
25:11 - The importance of setting good money habits early in life
Resources mentioned in this episode:
Family and friends are Aussies’ top choice for clever financial tips https://www.greatsouthernbank.com.au/about/news/no-place-like-home-clever
Resources:
FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
Visit our website https://www.homebuyeracademy.com.au/
Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast support@homebuyeracademy.com.au
Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
Work with Veronica: https://www.veronicamorgan.com.au
Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
Work with Meighan: https://www.linkedin.com/in/meighanwells/
If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!
Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f
See omnystudio.com/listener for privacy information. -
Are You Making the Right Call by Avoiding Auctions?
Today, we address a situation that many first-time home buyers are often faced with: to bid at auctions or avoid them altogether. We talk about the challenges and fears associated with auctions and examine if avoiding them is truly the best choice. This episode aims to make the auction process easier to understand and share practical tips to help you make well-thought-out decisions.
Auctions can be intimidating, they may seem simple in principle — as the highest bidder gets the property. But, in reality, it's quite complex and many potential buyers steer clear of them, opting instead for what feels like easier options. However, in areas where auctions dominate the real estate market, avoiding them might mean missing out on the best properties. So, what should you do if you're caught in this dilemma?
Don't let uncertainty hold you back from exploring the opportunities auctions offer. Tune in now to equip yourself with the tools and confidence needed to seize the best deals in the market.
Episode Highlights:
00:00 - Introduction
02:45 - Meighan’s special house of the week
06:23 - What are the two main methods of property sale?
07:33 - Why an owner or agent would choose to go down the path of having a public auction
10:18 - Importance of understanding the steps involved in accurately pricing property
13:56 - Why setting a limit as a buyer before going into an auction is vital
17:12 - Discussing the pros and cons of pre-auction offers
21:26 - Reasons why an agent would use pre-auction offers
24:06 - Understanding the types of bidders at auctions
26:41 - Why it’s essential to understand the different laws on property in every state/territory
Resources mentioned in this episode:
The Elephant in the Room Property Podcast Episode 1: Who is Really Making the Decisions When You Bid at Auction? https://www.theelephantintheroom.com.au/podcasts/1
FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
Your First Home Buyer Guide Podcast Episode 127: The Property Blueprint: Experts Decoding State Rules Across Australia (Part 1 - Auctions) https://homebuyeracademy.com.au/podcasts/127
Auction Ready: How to Buy Property at Auction Even Though You’re Scared S#!TLESS by Veronica Morgan https://gooddeeds.com.au/auction-ready/
Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
Resources:
Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
Visit our website https://www.homebuyeracademy.com.au/
If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast - support@homebuyeracademy.com.au
Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
Work with Veronica: https://www.veronicamorgan.com.au
Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
Work with Meighan: https://www.linkedin.com/in/meighanwells/
If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!
Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f
See omnystudio.com/listener for privacy information. -
Could a HECS Debt Derail a First Home Buyer’s Purchase?
In the pursuit of homeownership, the last thing any first home buyer wants to encounter is an unexpected financial hurdle. In this episode, we talk about how buying your first home can be really tricky and highlight the potential pitfalls that could trip you up along the way.
Specifically, we explore a real-life story where a HECS debt nearly derailed a first home buyer's purchase, shedding light on the crucial lessons to be learned.
Throughout the discussion, we bring up some of the common blunders such as relying heavily on a broker without fully understanding all the associated costs, feeling the pressure to buy due to outside influences, and underestimating the financial cushion needed for unexpected expenses. Our aim is to provide practical insights to help you steer clear of these pitfalls when it's your turn to enter the housing market.
Don't let avoidable mistakes stand in the way of buying your first home—tune in to understand the importance of following the right process. Let’s dive in!
Episode Highlights:
00:00 - Introduction
02:23 - Meighan’s special house of the week
04:36 - What is the headline of today’s disaster case study
13:19 - Mistake #1: Assuming that engaging a broker will streamline the home buying process
14:17 - Mistake #2: Not knowing the amount of money needed
15:45 - Mistake #3: A bad broker
17:51 - Mistake #4: Buyer did her research online but you still don’t know what you don’t know
20:54 - Mistake #5: Choosing to buy a property because of FOMO
24:51 - The dangers of not fully understanding the fees you have to pay when buying a property
27:27 - Where does the responsibility of the buyer start when buying a property
Resources mentioned in this episode:
Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
Your First Home Buyer Guide Episode #58: How This Family Could Have Avoided Losing Their Entire House Deposit https://homebuyeracademy.com.au/podcasts/058
Your First Home Buyer Guide Episode #62: Should First Home Buyers Buy Off the Plan? https://homebuyeracademy.com.au/podcasts/062
Your First Home Buyer Guide Episode #78: Sunset Clause: The Hidden Time Bomb https://homebuyeracademy.com.au/podcasts/078
Your First Home Buyer Guide Episode #82: Buyer Beware: First Home Becomes Costly Nightmare https://homebuyeracademy.com.au/podcasts/082
Your First Home Buyer Guide Episode #123: Demolition Disaster: Tips to Avoid a Rebuild Catastrophe https://homebuyeracademy.com.au/podcasts/123
Your First Home Buyer Guide Episode #126: What Essential Step Did These First Home Buyers Neglect? https://homebuyeracademy.com.au/podcasts/126
Gen Z’er reveals how her HECS debt almost shattered her real estate dreams https://bit.ly/4aiRm6W
Resources:
FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
Visit our website https://www.homebuyeracademy.com.au/
Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast support@homebuyeracademy.com.au
Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
Work with Veronica: https://www.veronicamorgan.com.au
Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
Work with Meighan: https://www.linkedin.com/in/meighanwells/
If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!
Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f
See omnystudio.com/listener for p -
Heidi’s Journey from Dreamer to Homeowner - A Case Study
This episode follows Heidi's journey, a first-time home buyer and a Home Buyer Academy graduate who shares the story of how she went from dreaming of owning a home to actually making it a reality.
We discuss Heidi’s journey of saving money, learning about the home buying process, and searching for the perfect home. We dive into the challenges she faced and the decisions she had to make along the way (she even recounts the experience of how she almost bought the wrong property).
Through Heidi’s story, we aim to provide practical advice and insights for others who are considering buying their first home. Join us as we follow her inspiring journey from dreamer to homeowner.
If you’re thinking about buying a home or probably know someone who does, this episode has something for you. So let’s dive in and get started!
Episode Highlights:
00:00 - Introduction
02:57 - When did Heidi decide that she wanted to buy a property
03:55 - How long did it take Heidi to save up enough money to buy a property
07:01 - When did Heidi start learning about how to buy a property
08:41 - Why did Heidi’s criteria for property selection evolve?
12:39 - How Heidi's perception of properties changed from online to in-person
16:49 - What got Heidi to the point of saying “this is the one”
17:28 - How Heidi almost bought the wrong house
20:51 - How Heidi balanced her preferences and concerns during the decision-making
26:10 - What process did Heidi use to buy the property: Private treaty or auction?
29:08 - How long did the decision-making process take before finalising the purchase
31:10 - How Heidi feels now that she has a mortgage
32:45 - Heidi’s plans of moving in
33:52 - Heidi’s advice for those who are still hesitating about doing the first home buyer guide
Resources:
FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
Visit our website https://www.homebuyeracademy.com.au/
Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast support@homebuyeracademy.com.au
Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
Work with Veronica: https://www.veronicamorgan.com.au
Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
Work with Meighan: https://www.linkedin.com/in/meighanwells/
If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!
Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f
See omnystudio.com/listener for privacy information. -
4 Essential Tips Before Embarking on Your Home Search
A lot of first home buyers dive into the property market without adequate preparation, which makes the home buying process confusing and stressful.
Today, we tackle common issues and challenges faced by many first home buyers and break down four essential steps you need to take before diving into your home search.
Without these four tips, buyers risk overspending or facing unexpected obstacles. Additionally, overlooking these steps can result in dissatisfaction with the chosen property.
So if you're thinking about buying your own home, tune in to this episode! These tips will help you fine tune your approach and be more confident in the decisions you will be making to find the perfect place to call home.
Episode Highlights:
00:00 - Introduction
02:25 - Meighan’s special house of the week
05:38 - Tip #1: Have the right support crew around you
10:09 - Tip #2: Invest in your financial fitness
13:38 - Tip #3: Have good, hard conversations with yourself
18:25 - Tip #4: Have a checklist and know where you can compromise
Resources mentioned in this episode:
A Quick Guide To The 10 Essential Steps For First Home Buyers https://homebuyeracademy.com.au/a-quick-guide-to-pace
Where to Buy Tutorial https://homebuyeracademy.com.au/workshop
Resources:
FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
Visit our website https://www.homebuyeracademy.com.au/
Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast support@homebuyeracademy.com.au
Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
Work with Veronica: https://www.veronicamorgan.com.au
Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
Work with Meighan: https://www.linkedin.com/in/meighanwells/
If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!
Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f
See omnystudio.com/listener for privacy information.