Your First Home Buyer Guide Podcast Veronica Morgan & Meighan Wells

Are you considering buying new or off-plan? This episode is your ultimate guide to managing the risks.
First home buyers face numerous decisions, and one of the most critical is choosing between new or established properties. Today, we dive deep into the good, the bad, and the ugly with our special guest, Cate Bakos, who has written the ultimate guide to the risks of buying brand new or off-plan properties.
Cate helps us understand the complexities of buying new or off-the-plan properties and talks about the importance of understanding terms like "sunset clauses", understanding the differences between titled and untitled properties, and many more.
So whether you're enticed by the sleek marketing of new developments or the potential savings in stamp duty, it's essential to be aware of the hidden risks and ensure you're making the best choice for your financial future. Tune in and let’s get started!
Episode Highlights:
00:00 - Introduction
02:11 - Meighan’s special house of the week
03:25 - Who is Cate Bakos?
05:36 - Understanding Off-Plan
09:49 - Risks and uncertainties associated with buying property off-the-plan
13:01 - Reasons why first home buyers choose to buy off-the-plan
17:22 - The risks of underperformance for properties off-the-plan
19:01 - What first home buyers should know about the costs of off-the-plan properties?
23:36 - Deceptive practices in off-the-plan sales of apartments and large subdivisions
29:11 - What issues might buyers face with variations in off-the-plan property contracts?
35:06 - Key factors to consider when researching developers for off-the-plan purchases
40:11 - There’s no negotiation on off-the-plan properties
43:07 - Additional reasons why off-the-plan properties are not the best choice
46:57 - A few advantages of buying off-the-plan
49:38 - What Cate Bakos wishes she knew as a first home buyer
About Our Guest:
Cate Bakos, with a Chemistry degree from Monash University, transitioned from a successful career in sales and marketing with Orica to becoming an award-winning real estate professional. After purchasing her first property at 21, she moved into Melbourne’s Bayside property market, later founding Cate Bakos Property in 2014. Cate has guided over 2,000 clients through property purchases and strategies, leveraging her expertise in lending policy and cashflow analysis. A regular media commentator, Cate co-hosts “The Property Trio” podcast and authored “Successful Property Investment.” She served as REBAA President from 2019 to 2023 and continues to mentor young industry professionals.
Connect with Cate Bakos:
Website https://www.catebakos.com.au/ LinkedIn https://www.linkedin.com/in/catherinebakos/ Instagram https://www.instagram.com/cate_bakos_property/ 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/ Join our Facebook Group to get access to free monthly live Q&A sessions https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia 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/@YourFirstHomeBuyerGuidePodca

What’s the secret to overcoming the big ‘C’ in property buying? In this episode, we dive deep into the art of compromising when it comes to purchasing your first home.
We unpack a recent survey by Bankwest, revealing that a whopping 78% of young aspiring homebuyers are willing to cut back on property features to secure a home. It’s a reality check that compromising is not just common; it’s essential. Whether it’s the location, property size, or specific features, something has to give.
Throughout the discussion, we highlight the three P’s: Price, Property, and Position. Every homebuyer, regardless of budget, faces the challenge of deciding which of these P’s can flex. We explore generational differences in attitudes towards compromise, noting that while Gen Z and Millennials might be more flexible, Boomers tend to stand firm on their preferences.
By the end of this episode, you’ll see that compromising doesn’t mean settling—it’s about making smart choices. Tune in to get actionable tips and a better understanding of how to balance your needs and wants.
Episode Highlights:
00:00 - Introduction
02:02 - Meighan’s special house of the week
04:20 - The three P's of property buying
05:09 - Survey insights on compromises
08:15 - Compromises on Price
12:13 - Compromises on Property features/preferences
14:18 - Compromises by generation and the underlying factors
20:00 - Advice on managing compromises in home buying
Resources mentioned in this episode:
The Bank of Mum and Dad: Examining the Opportunities and Potential Pitfalls https://homebuyeracademy.com.au/podcasts/133 Young West Aussie home buyers willing to sacrifice life's little luxuries https://www.bankwest.com.au/about-us/media-centre/news/young-west-aussie-homebuyers-willing-to-sacrifice-lifes-little-luxuries 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/ Join our Facebook Group to get access to free monthly live Q&A sessions https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia 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.

It's so easy to feel lost and overwhelmed at a property auction, especially when you're a first home buyer with no experience whatsoever. In today's episode, we provide you with practical advice and strategies through the lens of a real-life coaching session, answering critical questions such as determining your maximum bid when the agent doesn’t provide a price guide, and handling the auction process efficiently even when you can’t be there in person.
Join us as we take you through the details of a real-life coaching call with one of our students gearing up for her very first auction. From discussing the merits of attending an auction online versus being physically present, to breaking down how to establish your price limit, this episode is packed with insights that will set you up to be successful at your very first property auction experience.
Get ready to elevate your auction strategies with our expert guidance and real-life examples. Tune in now so you don’t miss out on a valuable opportunity to learn and grow as a bidder! Let’s get started.
Episode Highlights:
00:00 - Introduction
02:54 - Is it better to attend an auction online or should you be physically present?
04:59 - What is your price limit going to be?
06:17 - Do you need to register or pre-register?
09:45 -  Best bidding strategies in auctions where the number of bidders is unknown
15:15 - Auction strategies when a property is slow
19:34 - Auction strategies for a property that is hot
23:04 - Understanding incremental bids and how they change
27:01 - The importance of making stronger bids to assert authority and understanding the risks
29:19 - Strategic bidding near the maximum budget during a property auction
38:55 - Dealing with the uncertainty of property auctions despite thorough research
42:39 - Determining what to pay for a property based on thorough research and valuation
45:32 - How does awareness affect buyers' auction strategies?
55:15 - Implications of conducting online auctions particularly in regional areas
59:40 - Dummy bidders
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/ Join our Facebook Group to get access to free monthly live Q&A sessions https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia 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.

Finding a trustworthy and effective mortgage broker can be a daunting task, especially with the overwhelming number of options available.
Picking the wrong mortgage broker could mean getting stuck with unfavorable loan terms, missing out on vital guidance, and facing a stressful home buying journey. This can significantly impact your financial stability and long-term goals as a homeowner.
In this episode, we break down the five essential dos and don’ts for choosing the best mortgage broker. We cover everything from the crucial questions to ask, how to assess potential brokers, and the red flags to watch out for.
Tune in now to arm yourself with the knowledge you need to find the perfect mortgage broker.
Episode Highlights:
00:00 - Introduction
02:04 - Meighan’s special house of the week
05:28 - DO: Reach out before you think you’re ready
07:06 - DO: Request a meeting
08:08 - DO: Seek transparent communication
09:48 - DO: Be honest
13:04 - DO: Check references
15:47 - DON’T: Shop around for the cheapest interest rate
17:08 - DON’T: Lodge applications with more than one broker
18:08 - DON’T: Overlook fees
19:02 - DON’T: Neglect to ask questions
20:10 - DON’T: Fail to check for independence
Resources mentioned in this episode:
Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers 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/ Join our Facebook Group to get access to free monthly live Q&A sessions https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia 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.

In today's episode, we talk about one home buyer's experience on her journey towards homeownership, marked by overcoming costly mistakes to achieve success. Meet Amanda, a determined individual whose path to owning a home was paved with challenges and valuable lessons. It's a story of resilience and growth, where Amanda's mindset evolved significantly along the way.
Early on, Amanda encountered setbacks with her first property purchases, which got even tougher when she and her partner split up. However, through perseverance and guidance from Meighan & Veronica and Your First Home Buyer Guide, Amanda learned a lot and gained confidence in dealing with the real estate market.
Listen in to find out how Amanda's careful research and patient approach paid off when she finally negotiated and bought her dream home. Her journey is all about bouncing back, learning from mistakes, and picking up tips for anyone looking to buy their own place.
Join us as we share Amanda's learnings, imparting practical advice to others who are also aspiring to buy their first home.
Episode Highlights:
00:00 - Introduction
02:50 - Amanda's initial interest in homeownership
04:19 - The mistakes Amanda made in her first property purchases
09:57 - What happened when Amanda and her partner decided to split
14:52 - Amanda’s turning point in her home buying journey
19:30 - How doing the Homebuyer Academy course helped Amanda gain confidence
20:31 - Amanda's research and strategy in finding the right property
22:08 - The importance of patience and being prepared to walk away
22:58 - Amanda's successful negotiation and purchase of the property
24:39 - The role of support and guidance in Amanda's home buying journey
25:59 - Amanda's reflection on her learning experience and advice for others
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/ Join our Facebook Group to get access to free monthly live Q&A sessions https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia 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.

Buying a house sight unseen is risky, and in this episode, we explore a home buying catastrophe that could have been easily avoided with some simple steps.
Today, we discuss the story of a woman who moved back to her home state and bought a house without personally inspecting it. Relying on outdated photos and the assurances of an agent, she arrived to find her new home in a state of disrepair. From piles of rubbish to structural concerns, her experience serves as a cautionary tale about the importance of thorough due diligence in the home buying process.
We break down the critical errors made during her buying process and offer practical advice on how to avoid such pitfalls. By highlighting the importance of independent video walkthroughs, pre-settlement inspections, and not solely relying on agents, we provide listeners with actionable steps to ensure they know exactly what they’re purchasing.
Learn from this cautionary tale and equip yourself with the knowledge to avoid similar pitfalls. Listen now to gain valuable tips that will ensure your home buying process is smooth and worry-free.
Episode Highlights:
00:00 - Introduction
02:26 - Meighan’s special house of the week
04:09 - The property catastrophe
09:20 - The importance of pre-settlement inspections
11:22 - Why buyers ought to be more proactive in real estate deals
14:33 - Options for purchasing property remotely when physical presence is not possible
14:43 - Option #1: Buyer’s agent
17:26 - Option #2: Real estate agent
19:44 - Option #3: Building inspector
20:50 - Option #4: Local mortgage broker
22:13 - Option #5: Go to another sales agent in the area
23:01 - Option #6: Property manager
26:15 - Bonus tip: The crux of understanding local culture in an unfamiliar area
Resources mentioned in this episode:
Warracknabeal home buyer finds home in filthy state after buying property online https://www.abc.net.au/news/2024-05-04/warracknabeal-home-buyer-home-filthy-buying-property-online/103776092 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/ Join our Facebook Group to get access to free monthly live Q&A sessions https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia 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.