If you are buying at an auction, you are required to pay a deposit
(usually 10% of the purchase price) immediately.
If you are buying privately, you are usually required to pay a holding
deposit (can be anywhere between $2,000 and 10% of the purchase price).
The Contract of Sale, prepared by the agent or by the vendor's (the
current owner of the property) solicitor, outlines your offer, the date
of settlement, and any conditions that must be met before the sale goes
ahead. Discuss the Contract of Sale with your solicitor before you sign
it. There are two kinds of offers - unconditional and conditional.
This is an outright offer to buy the property. You should be 100% sure
that this is the property you want, and that you have access to the
money to buy the property. Once the vendor has accepted your offer, you
are legally obliged to go through with the sale.
A conditional offer is also a binding contract, provided that all your
conditions are satisfied. You can only back out now if one or more of
your conditions are not met. Conditions may include:
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Subject to valuation - the sale will only go ahead if the
valuation is acceptable to both you and your bank.
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Subject to finance - the sale will only go ahead if your bank
approves your finance.
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Subject to acceptable title search- the sale will only go ahead
if there are no ownership, access or other claims recorded on
the property title. Your solicitor will do this for you.
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Subject to an acceptable builder's or engineer's report - the
sale will only go ahead if you are satisfied that the house or
land it is on are sound.
You may wish to set other conditions eg subject to certain repairs
being carried out. Talk to your solicitor about anything you are
unhappy or unsure about. Don't sign your Contract of Sale until you
are happy with the conditions.
The vendor may accept your offer straight away or may negotiate on the
price or other aspects of the sale. The real estate agent will act as
the 'go-between' until you and the vendor reach a happy medium. If you
cannot agree on a price, you can withdraw your offer. Remember that if
there are any changes to the Contract of Sale, you should let your
solicitor know before you sign. Once both you and the vendor have
signed the agreement, it is legally binding.
You will normally be expected to pay all or part (10%) of your deposit
directly to the real estate agent on signing the agreement. It will be
placed in a trust account until all conditions have been met.
If you have pre-approval, you can finalise your loan by contacting
your ANZ Branch Manager or call the Home Loan Hotline on 1800 100 641.
Alternatively, you can apply for your loan in three ways:
The following list contains documents you may need to complete your
application for a home loan. You may only need a few items from the
list below. However, we encourage you to read it carefully as it may
help you to think of information that you may not have considered.
You need to bring four of the following documents when you open your
account:
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driver licence
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credit card
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Medicare card
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electricity or gas bill
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current rates notice.
Only two of the above documents are required if you also bring:
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birth certificate, or
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passport, or
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citizenship certificate.
One of the documents provided must contain your photograph and signature.
Other documents that establish your identity and name may also be
accepted.
If you have already identified yourself with ANZ, you will only need to
advise the name of the branch where identification was presented and your
account number.
You will need to provide:
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Contract of Sale
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copy of Certificate of Title
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copy of Transfer of Land.
If refinancing you will need:
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copies of your current home loan statements
-
property details of the home to be refinanced (eg no of bedrooms)
-
if building a property, a copy of your fixed price building
contract might be helpful.
Assets
-
savings / cheque account statements or passbooks
-
term deposit receipts
-
investment statements / certificates (eg. shares / superannuation)
-
details of property or motor vehicle assets
Liabilities
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loan statements
-
credit card / store card statements
-
overdraft account statements
-
hire purchase agreements
-
lease agreements
Income
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group certificate or payslips
-
tax return (if self - employed)
-
rental properties - bank account statements, agent
reports / statements
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details of any social security payments
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details of any other regular income from sources such
as investments
Expenses
-
details of your rent / board payments
-
council and water rate bills
-
electricity and gas bills
-
details on your car expenses - petrol and maintenance costs and
insurance
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Once the application is complete and submitted, it will be assessed.
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You will be notified of the assessment by phone or mail.
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Once your loan has been approved you will receive a letter of
offer. This is a legal contract stating the terms and conditions
of your loan, please read this carefully before signing and
retain a copy for yourself.
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At the time of settlement your solicitor/conveyancer or yourself
will meet with a representative of ANZ as well as the previous
title holder of the property. Once the documents have been
exchanged you legally own the property and ANZ has the mortgage.
Settlement day is decided when the Contract of Sale is signed,
it is usually four to 12 weeks later.
-
Once the exchange of contracts is complete, your loan will be
drawn down. The previous owner will be paid out, and any fees
or taxes will be paid.
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You will receive a letter by mail after your settlement,
confirming the details of your loan.
-
Loan payments begin on the chosen repayment date after the
settlement day, eg two weeks or one month.
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If you have taken out a variable rate loan, your rate will be
the current rate at settlement. If you have a fixed rate loan,
your rate will be the current rate at settlement unless you have
chosen to pay a Lock Rate Fee during the settlement period,
which guarantees the rate at the time the fee is paid. This is
only available on fixed rate loans.
The Contract of Sale will state the amount of time you have to settle
the conditions. When all conditions are met, the offer becomes
unconditional, the sale will go ahead and the property will be yours.
1. Your solicitor/conveyancer will prepare and arrange for you to sign
a Transfer of Land document. You should ensure that this is done at
least two weeks prior to the settlement date. This document will be
handed to your lender at settlement. Your lender will register it at
the State/Territory Title's Office on your behalf. Upon registration
the property will be changed over to your name.
2. Your solicitor/conveyancer will contact your lender, the seller's
solicitor/conveyancer, and any other interested parties to arrange the
date, place and time of settlement.
3. Your solicitor/conveyancer should advise you one week prior to the
settlement, of the exact date, time of settlement and the amount of funds
that you are required to provide prior to settlement (if applicable).
This amount is usually required to be paid by bank cheque one day before
settlement.
4. After settlement has taken place, the vendor's solicitor will contact
the real estate agent and advise them to hand over the keys to you.
5. Your solicitor should contact you and confirm settlement has taken
place. They will also send you a Statement of Adjustment to show you how
the funds have been disbursed to the parties involved.
If you are looking for a lawyer to conduct your conveyancing, you can use
the FindLaw directory to begin your search.
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Building your dream home can often be more complex then anticipated.
We have home loans that are purposely designed for buying land then
building on it. We also have some tips to make sure you are confident
through the process of building your home.
ANZ have designed the
ANZ Residential Land Loan
to help you through the stages of buying land and building a house.
Both loans include the following features specific to building your home:
-
Progress draws - which means can progressively draw funds, as
you need them and this minimises your interest
-
Interest only payments - you only pay the minimum amount due on
your loan, which frees up your cash for other expenses
-
You can make additional repayments at any time
-
Redraw availability - you can access your additional payments,
if you need them at a later date.
The
ANZ Residential Land Loan
uses the standard variable interest rate and you also have the ability to
link to a 100% mortgage offset account, which can save you interest on
your loan.
ANZ also allow progress draws on most loans. To find out which loans have
this feature click on the following links:
1. Plan your budget. You need to set up a budget so you have a clear
idea on how much you can spend on building your new house. Try our
budgeting calculator and borrowing indicator to see how much you can
borrow.
2. Before you sign a contract for land you can
make an appointment
with us to receive
approval in principle,
which means that you know exactly what you can afford. This will also
give you more credibility when talking to your developer.
3. Choose your location and house. When you are looking for land to build
on, you can either choose your land then design a house to be built on it.
Or you can go through a developer who is selling house and land packages.
This means that the developer organises both the land and the house.
Most developers will be able to take you through their range of display
homes. From here you can get a good idea of what the house feels like and
also the quality of the workmanship. Most designs can be varied to suit
you once you find something you like.
If you are organising the build yourself, you will need to get the land
surveyed (a Contour Survey) to make sure it is suitable to build on,
then select an architect or builder to design and organise the
construction of the house. Research the designer of the house as well,
to make sure you will be happy with your home.
4. Once you have purchased your property and settled on your loan,
building will commence. There are three stages at which your builder
will invoice you and you will need to make a drawing on your loan.
At these stages your lender will revalue your property, draw on your
loan and pay your builder.
5. Loan repayments need to be paid during the construction time. This is a
good time to use the interest only feature, which can free up your cash
for any extra costs.
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