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

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

The anti-money-laundering obligations for real estate agents take effect from 1 July 2026. See the official explanation from AUSTRAC: Designated services in the real estate sector

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 sale contract and provides the buyer with a copy signed by both parties, at which point the sale 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. The process is generally completed with the assistance of the buyer's solicitor.

For details, see - 

Updated Foreign Investment Review Board (FIRB) fees for the 2026–2027 financial year 

For the official application and approval process, see the Australian Taxation Office: Applications and variations for residential property

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 (typically 7–14 calendar days). This deposit must be paid into the trust account of the developer's solicitor. The deposit is only applied as part of the purchase price to the developer at settlement.

5. Construction
Buyers do not need to pay anything during this construction period.

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

7. Final inspection
Once the property is complete, the developer invites the buyer or the buyer's representative to inspect it. Any issues found during the inspection are recorded, and the developer will then arrange repairs. If buyers require a formal inspection report from a professional building inspector, Aobo Realty can help arrange this. The scope and time frame for defect repairs after settlement are governed by the sale contract and Queensland's statutory warranty provisions. 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 there is no need to pay for it separately. The internal appliances involved here include the dishwasher, oven, rangehood and cooktop; these appliances are covered by warranties provided directly by the manufacturers, with the specific term and scope of cover determined by each manufacturer's warranty terms.

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 and the developer's solicitor complete the final settlement formalities. Buyers can then move into their new home. For investment properties not intended for owner-occupation, Aobo Realty will arrange leasing straight away.