Could you really lose nearly $100,000 over a missed bank transfer? Yep—you absolutely can. And in this episode, we unpack a real-life story that proves just how easily that kind of disaster can happen. A Queensland buyer lost his entire $98,000 deposit simply because he didn’t meet a deadline—and the worst part is, it was completely avoidable.

We break down exactly what went wrong—from not checking his internet banking limits to relying on a casual text from the agent saying it was fine to pay a day late. Spoiler alert: it wasn’t. We explain why “time is of the essence” matters in contracts, how legal advice should come before you sign anything, and how quickly things can unravel when you don’t follow the proper steps.

This isn’t about scaring you—it’s about making sure you understand how serious contract conditions are and why it’s so important to get everything in order from the get-go. If you’re buying your first home, this episode talks about lessons you most definitely do not want to learn the hard way.

Episode Highlights:

00:00 - Introduction

02:17 - A buyer loses $98,000 after missing a crucial deadline—what happened?

04:25 - Lesson #1: In Queensland, “time is of the essence” in contracts

05:17 - Lesson #2: The wording of your contract matters, review it early

05:58 - Lesson #3: Know your bank’s transfer limits

07:03 - Lesson #4: Extensions must be in writing – texts from the agent don’t count

07:55 - The missed opportunity to fix a critical mistake

09:12 - Lesson #5: Bank limits and personal inconvenience don’t excuse breaches

09:38 - Lesson #6: If you breach the contract, the seller can keep your deposit—plus interest

11:04 - Lesson #7: The contract clearly gave the seller the right to terminate the deal

13:50 - Lesson #8: Don’t sign a contract without getting legal advice

15:19 - Lesson #9: Extensions must be confirmed in writing by your solicitor

17:49 - Lesson #10: Get legal advice and raise your banking limit before signing anything

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

Could you really lose nearly $100,000 over a missed bank transfer? Yep&mdash;you absolutely can. And in this episode, we unpack a real-life story that proves just how easily that kind of disaster can happen. A Queensland buyer lost his entire $98,000 deposit simply because he didn&rsquo;t meet a deadline&mdash;and the worst part is, it was completely avoidable.
We break down exactly what went wrong&mdash;from not checking his internet banking limits to relying on a casual text from the agent saying it was fine to pay a day late. Spoiler alert: it wasn&rsquo;t. We explain why &ldquo;time is of the essence&rdquo; matters in contracts, how legal advice should come before you sign anything, and how quickly things can unravel when you don&rsquo;t follow the proper steps.
This isn&rsquo;t about scaring you&mdash;it&rsquo;s about making sure you understand how serious contract conditions are and why it&rsquo;s so important to get everything in order from the get-go. If you&rsquo;re buying your first home, this episode talks about lessons you most definitely do not want to learn the hard way.
Episode Highlights:
00:00 - Introduction
02:17 - A buyer loses $98,000 after missing a crucial deadline&mdash;what happened?
04:25 - Lesson #1: In Queensland, &ldquo;time is of the essence&rdquo; in contracts
05:17 - Lesson #2: The wording of your contract matters, review it early
05:58 - Lesson #3: Know your bank&rsquo;s transfer limits
07:03 - Lesson #4: Extensions must be in writing &ndash; texts from the agent don&rsquo;t count
07:55 - The missed opportunity to fix a critical mistake
09:12 - Lesson #5: Bank limits and personal inconvenience don&rsquo;t excuse breaches
09:38 - Lesson #6: If you breach the contract, the seller can keep your deposit&mdash;plus interest
11:04 - Lesson #7: The contract clearly gave the seller the right to terminate the deal
13:50 - Lesson #8: Don&rsquo;t sign a contract without getting legal advice
15:19 - Lesson #9: Extensions must be confirmed in writing by your solicitor
17:49 - Lesson #10: Get legal advice and raise your banking limit before signing anything
Resources:
<ul>
<li aria-level="1">FREE MINI COURSE: How to price property like a professional <a href="https://www.homebuyeracademy.com.au/freecourse">https://www.homebuyeracademy.com.au/freecourse</a></li>
<li aria-level="1">Meet our recommended mortgage brokers at Home Buyer Academy <a href="https://homebuyeracademy.com.au/brokers">https://homebuyeracademy.com.au/brokers</a></li>
<li aria-level="1">Visit our website <a href="https://www.homebuyeracademy.com.au/">https://www.homebuyeracademy.com.au/</a></li>
<li aria-level="1">Join our Facebook Group to get access to free monthly live Q&amp;A sessions</li>
<li aria-level="1"><a href="https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia">https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia</a></li>
<li aria-level="1">Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers <a href="https://homebuyeracademy.com.au/YFHBG">https://homebuyeracademy.com.au/YFHBG</a></li>
<li aria-level="1">If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast <a href="mailto:support@homebuyeracademy.com.au">support@homebuyeracademy.com.au</a></li>
<li aria-level="1">Looking for a Sydney Buyers Agent? <a href="http://www.gooddeeds.com.au">https://www.gooddeeds.com.au</a></li>
<li aria-level="1">Work with Veronica: <a href="http://www.veronicamorgan.com.au">https://www.veronicamorgan.com.au</a></li>
<li aria-level="1">Looking for a Brisbane Buyers Agent? <a href="https://www.propertypursuit.com.au/">https://www.propertypursuit.com.au/</a></li>
<li aria-level="1">Work with Meighan: <a href="https://www.linkedin.com/in/meighanwells/">https://www.linkedin.com/in/meighanwells/</a></li>
</ul>
If you enjoyed today&rsquo;s podcast, don&rsquo;t forget to subscribe, rate, and share the show! There&rsquo;s more to come, so we hope to have you along with us on this journey!
<ul>
<li aria-level="1">Subscribe on YouTube: <a href="https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast">https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast</a></li>
<li aria-level="1">Subscribe on Apple Podcasts: <a href="https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825">https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825</a></li>
<li aria-level="1">Subscribe on Spotify:&nbsp;<a href="https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f">https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f</a></li>
</ul>

THE First Home Buyer Course. Get there without missing a step.

THE First Home Buyer Course. Get there without missing a step.

Advertisement