|Buying your home|
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).
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.
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:
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.
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.
How to apply
Call us on 1800 100 641
|What documents do I need?|
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.
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:
You will need to provide:
If refinancing you will need:
|What happens after I apply?|
Once the application is complete and submitted, it will be assessed. You will be notified of the assessment by phone or mail.
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.
At the time of settlement, you or your solicitor/conveyancer will meet with a representative of ANZ and 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.
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.
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.
|How the settlement process works|
|Finding a lawyer|
If you are looking for a lawyer to conduct your conveyancing, you can use the FindLaw directory to begin your search.
|Moving your home|
|Building your home|
Building your dream home can often be more complex than 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 has designed the ANZ Residential Land Loan to help you through the stages of buying land and building a house. This loan includes 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 allows progress draws on most loans. Find out which loans have this feature.
The building steps
Plan your budget
You need to set up a budget so you have a clear idea of how much you can spend on building your new house. Try our budgeting calculator and borrowing indicator to see how much you can borrow.
Before you sign
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.
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.
Once you've purchased
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.
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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