Rach Kroon

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742 appearances 2 recordings 1 series first heard Jun 2026 last heard 24 Jun

Rach Kroon’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 2 in all, peaking in Jun 2026 with 2.

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money money money · 925b buying your first home to live in · 24 Jun 2026 podcast

So when you exchange that property and you pay that 0.25 deposit, and let's say there's a five-day cooling off period, you have five days to get your

pest and building done to make sure your finance is gone from pre-approval to formal approval.

The bank will get evaluation.

Your conveyance will review the contract.

And in that five days, if you decide that you don't want to move forward with that property, you can pull out, but the owner or the vendor can't.

Yes.

So you've got a period of time that you have that property.

But if you pull out of that property in that time, you lose your 0.25 deposit.

And now it's different in every state.

Some of them have a finance clause.

And that's why it's really important that regardless of the state you're buying in, you sit down with your conveyancer before you start this process.

And this is the dance.

And as a buyer, you've got the choice.

Do I want to risk that 0.25 now while I get my pest and building done, while I get my formal approval, while my conveyancer reviews the contract, knowing that I might lose that $2,000 or whatever it is if I need to pull out?

However, if I don't sign this contract, somebody else can come and get it from me or the owner could opt to go for a higher offer.

So I think that 0.25, and I'm talking New South Wales specifically, is an insurance policy that gives you five or 10 days to get your searches done to hold the property.

That's right.

Now, other states where there's a finance clause, you can actually pull out of the contract if there's something wrong with the finance or if there's something wrong without losing any money because it's a finance clause.

So there's a fundamental difference between every state and how it works, which is why we always say to have a game plan and sit down with both your broker and your conveyancer before you start the process.

Yeah, and that, again, can be state-specific.

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