🏡 Want to Buy Your First Home? Do Your Research – You May Only Get One Shot

🏡 Want to Buy Your First Home? Do Your Research – You May Only Get One Shot

In today’s competitive Australian property market—especially in the bottom quartile—it’s very much a seller’s market. We're seeing high levels of competition from first home buyers, and properties are selling fast, often with just one chance to submit an Expression of Interest. Miss that window, and the opportunity is gone.

So how do you give yourself the best possible shot at securing a property?

🎯 Know What to Offer – Be Informed, Be Confident

The key is research—and that’s where we can help.

At Best Foot Forward Mortgage Solutions, we have access to Cotality, an industry-only property research platform that enables us to obtain detailed insights on any property you're interested in.

We can help you review:

• The low estimate, midpoint, and high estimate of the property

• Recent comparable sales in the area

• How the price range compares to current market conditions

While properties may sell below or above the advertised range, seeing what the vendor and their agent are seeing gives you a huge advantage. You’ll feel more confident in putting forward a competitive and realistic offer—and that might win you the property, as we helped a happy first-home buyer this week.

What made this purchase extra special? The speed!
We first met with our clients on July 24th, and by August 4th, they had accepted an offer on their new home. That’s less than two weeks from first meeting to purchase — including securing their pre-approval in that time.

From the moment we applied, we secured conditional approval for this first-home buyer within 48 hours — under the Housing Guarantee Scheme (HGS). HGS approval was received just five days after the application was submitted.

It was fast, efficient, and a fantastic result for everyone involved!

TIP 🏢 Don’t Overlook the Body Corporate

If you’re buying a unit, apartment, or townhouse, another crucial area to research is the Body Corporate (also known as strata).

Make sure you:

• Understand the annual Body Corporate fees

• Know what’s included (e.g. insurance, maintenance, shared spaces)

• Ask your mortgage broker to factor these into your serviceability assessment.

Another one of our clients this week was looking at a property that didn't have a pool or gym, but the Body Corporate fees were $8,000 per year. That’s a significant cost—and well outside her budget for her long-term goals.

Although Body Corporate often covers building insurance (which can reduce your general insurance costs), it’s essential to get a clear picture upfront. These fees can be the difference between your finance being approved or declined, especially if they tip your monthly commitments above lender thresholds.

Bottom line? Speak to us early so we can run the numbers for you and ensure you’re looking at properties that truly fit your budget.

📄 Your Terms Matter – Here's What We Recommend

In addition to price, the terms of your offer can significantly impact your chances. We always recommend strong, clear terms that are attractive to sellers, such as:

• ✅ Subject to 14 Days Finance Clause

• ✅ 7 Days Building & Pest Clause

• ✅ 30 Day Settlement

These terms are considered reasonable and favourable to most sellers. If your offer is similar in price to someone else’s, but your terms are cleaner or faster, you could be the winning offer.

🔨 Buying at Auction? Be Prepared

When it comes to auctions, it’s a different game.

There are no finance or building and pest clauses at auction. You must arrange this before the Auction and also register as a bidder. If you're the successful bidder:

• You must pay a deposit on the day (often 10%, but sometimes negotiable to 5% in advance)

• You must settle in 30 days

• Your offer is unconditional

That means all your finances must be fully approved before auction day, and your Building & Pest Inspection should be done beforehand. We can help coordinate this for you so you can bid with confidence and peace of mind.

💬 Ready to Start the Search?

If you're considering buying—whether you're a first-time home buyer or investor—speak to us first.

We’ll help you:

• Research properties with our Cotality industry tool

• Factor in Body Corporate fees and other hidden costs

• Prepare strong, competitive offers

• Line up finance, solicitors and approvals—even before auction day

📞 Contact us today to put your best foot forward in a competitive market.