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1. Make an offer
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).
2. Contract of Sale
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.
Unconditional offers
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.
Conditional offers
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:
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.
Negotiation, acceptance and deposit
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.
3. Finalise loan
If you have pre-approval, you can finalise your loan by contacting
your ANZ Branch Manager or call the Home Loan Hotline on
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.
Personal information
Bring two of the following current documents to complete the customer identification process:
If only one photographic ID document is presented, you will also need to bring one of the following documents:
Property information
You will need to provide:
If refinancing you will need:
Financial information
Assets
Liabilities
Income
Expenses
4. Settlement
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.
How the settlement process works
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.
Loans for 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:
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:
The building steps
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.
