Buying Off-the-Plan Property in Australia (Apartments and Townhouses): The Process (Updated 2026)

1. Reserve a property
Once buyers have chosen a property they are happy with, they pay a holding deposit (generally A$1,000 – A$5,000) so the agent can request that the developer reserve the property on their behalf. If buyers change their mind before the contract is signed, this holding deposit is refunded in full; if the contract is signed, it forms part of the deposit. In addition, under Australia's latest AML regulations, the real estate agent must carry out due diligence on the buyer (including collecting personal information, verifying identity and assessing risk). Once these requirements are met, the process moves to the next step.

2. Sign the contract
The developer provides the sale contract to the buyer or the buyer's solicitor. The buyer signs after consulting their own solicitor and fully understanding the contract; the developer also signs the contract and provides the buyer with a copy signed by both parties, at which point the contract takes effect.

3. Apply for FIRB approval
Overseas buyers submit a purchase application to Australia's Foreign Investment Review Board (FIRB). This step applies only to overseas buyers and is generally completed with the assistance of the buyer's solicitor.

For details, please see - 

Latest 2026–2027 financial year Foreign Investment Review Board (FIRB) fee update  

4. Pay 10%–20% deposit
Buyers must pay 10% or 20% of the purchase price as a deposit within the time specified in the contract (generally 7–14 calendar days). This deposit must be paid into the trust account of the developer's solicitor. It is only released to the developer as part of the purchase price at settlement, which fully protects the buyer's interests.

5. Construction
Buyers are not required to pay anything during the construction period.

6. Home loan preparation
Three months before handover, Aobo Realty assists clients in preparing and lodging their loan application. The maximum loan is 80% of the contract price.

7. Final inspection
Once the property is complete, the developer invites the buyer or the buyer's representative to carry out an inspection. Any issues found during the inspection are recorded, and the developer then arranges rectification. If buyers require a formal inspection report from a professional building inspector, Aobo Realty can help arrange this. Should any issues arise within three months of settlement, the developer will also be responsible for prompt repairs. At the same time, the developer registers the title for the project.

8. Warranty and maintenance
The quarterly Body Corporate Fee already includes building insurance, so no separate payment is required. The internal appliances covered here include the dishwasher, oven, rangehood and cooktop, all of which come with a three-year manufacturer's warranty and a two-year government-mandated warranty, for a total warranty period of five years.

9. Settlement
On the day of settlement, buyers pay the balance of the purchase price (excluding the loan) to the developer, and the buyer's solicitor liaises with the developer's solicitor to complete the final settlement formalities. Buyers can then move into their new home. For investment properties that are not owner-occupied, Aobo Realty arranges leasing immediately afterwards.