‘It did take away from the excitement’: Young Aussie couple reveal the moment they almost lost their deposit

A young Aussie couple is “beyond excited” to have bought their first property together, but an innocent mistake could have cost them everything.

A young Aussie couple is “beyond excited” to have bought their first property together, but an innocent mistake could have cost them everything.

Beatrix Faulkner, 27, and her partner, Mike, 29, pooled their resources to buy their first place together in Sydney.

Ms Faulkner, who works in marketing, said they decided to buy together because combining their savings allowed them to secure a home in an area they both wanted to live.

Both were motivated to start paying off their own mortgages instead of someone else’s because renting in Sydney’s affluent eastern suburbs is “insanely expensive” and the couple was keen to start building their own equity.

It wasn’t an easy decision because Ms Faulkner argued that the “difference” between when her parents bought and when she and her partner decided to buy was “huge” and a little overwhelming.

The average price for a home in Sydney is now over $1.5 million, and the average price for a unit has ballooned over $800,000.

“It’s a brutal market to break into. We were lucky that we shared the same goal and could go in together,” she said.

The couple combined savings to buy. Picture: Instagram/beatrixfaulkner

They were so excited! Picture: Instagram/beatrixfaulkner

The hard-working couple also had to face the grim realities of the Sydney property market which often meant being outpriced.

“We started the process full of confidence but quickly got a reality check on Sydney’s housing market,” she told news.com.au.

“Over time, we refined our search to find a place that fit both our budget and non-negotiables. Mine was plenty of natural light, and Mike’s was a great kitchen.

Ms Faulkner said they both had to commit to staying “motivated” throughout the process and lost their weekends to trawling through various open homes.

“It was time-consuming and competition was intense,” she said.

The 27-year-old said they got incredibly lucky because they purchased the first place they offered a formal offer.

Despite not having entered the property market before, Ms Faulkner credited their success to having a “great time” behind them.

“Our conveyancer and mortgage broker were amazing. They answered all our questions and made sure we never felt overwhelmed,” she explained.

She said having a “great team” helps. Picture: Instagram/beatrixfaulkner

Buying was a “total rush” according to the 27-year-old. Picture: Instagram/beatrixfaulkner

She said it was a “total adrenaline rush” when they submitted the offer on what would become their home and she can still remember the anxiety of waiting by the phone to see if their offer got accepted.

“There was a bit of back-and-forth with another interested couple, and we ended up stretching slightly over budget – but we got it, and we haven’t looked back,” she said.

“I squealed when I got the news and immediately called Mike.”

Among the excitement, though, there was one moment when the couple could have lost everything they worked so hard for.

“We did have a near-miss when our agent accidentally gave us the wrong bank details for our deposit transfer,” she said.

The couple trusted the details provided, and Ms Faulkner transferred the money, only to receive a nightmare phone call from the agent a few minutes later.

“She called us after we’d transferred. It was a whole ordeal,” she said.

The 27-year-old said the saving grace of the situation was that the agent had given her the bank details of someone she knew, so after speaking with their bank, they “eventually” got their deposit back.

She said it ended up being okay, but “it did take away from the excitement of signing the contract” and certainly was terrifying for a second there.

Getting the money back was very lucky. Picture: Instagram/beatrixfaulkner

Financial expert Julian Finch said that while Aussie banks have a responsibility to help customers recoup money if it is lost through no fault of their own, it gets murky if a customer has made the transfer themselves.

“When the person making the transfer has had something to do with, the bank is not obliged to return the money,” he told news.com.au.

“In this situation, with the incorrect account being given out, the bank wouldn’t necessarily have to refund the customer if they weren’t successfully able to recover the funds.”

Mr Finch said it was a “critical error” but if a random person ended up with the couple’s deposit, they aren’t obligated to give it back.

When he worked in banks, he said often he’d be asked to call people that ended up with money accidentally transferred into their account, and often they’d refuse if he asked them to return the money.

He said he started not giving people the option and just asking, “How would you like me to transfer the money back?” Which helped but they were under no obligation to return it.

“There’s no guarantee the money will come back.”