Solutions

I've found a home

What do I do now?

Before you make an offer, or go to auction, it’s a good idea to have approval in principle.

Approval in principle is conditional approval from Westpac for your loan. It means your loan will be approved, subject to Westpac's normal lending criteria (e.g. verification of income, identification, credit check etc.) being satisfied.  This is the best way to confirm how much you can borrow. It also means that you:

• Know the maximum amount you’ll be able to borrow and what deposit you’ll need
• Can be treated as a serious buyer by an agent.

Approval in principle is the first stage in the application process. Once approval in principle is given it is valid for three months.

There are 3 ways to apply for a loan with Westpac:

• Online - apply online now
• In person - visit a branch
• Over the phone - call 131 900.

You can track the progress of your application, and see what’s going on with your application every step of the way. 

Engage the experts

When you've found the home you want, it's time to bring in the professionals. Before you make your offer, you’ll want to organise inspections and make your offer subject to survey and contract. You can potentially use the results of your checks as a bargaining tool when you begin to negotiate the final purchase price.

You should consider having a:

• Building inspection (to check for structural damage)
• Pest inspection
• Land survey
• Strata title inspection if you are buying a unit or a flat.

You will also need a solicitor or conveyancer to check all the legalities.

Organise your deposit

You’ll need to make sure you’ve got your deposit ready before the auction or exchange of contracts. If you’re paying it out of your own funds, you can use either a bank cheque or personal cheque. Or, if you’re using a Deposit bond, speak to your lender to get it organised.

Making an offer (for sale)

If your offer is accepted, you will normally be required to pay a refundable holding deposit to show good faith. This doesn’t mean the seller is obliged to sell to you or has to take the house off the market.

Once your offer has been accepted, your solicitor or licensed conveyancer will receive the Contract of Sale from the seller's solicitor. After checking there are no legal reasons on it that will prevent you taking possession, you will sign it and exchange contracts. On exchange you pay your 10% deposit.

Once you’ve exchanged contracts there is generally a cooling off period. This varies from state to state but is usually between 3 to 5 days (no days in WA). The cooling off period allows you to change your mind if you get cold feet.

Bidding at auction

Auctions can be emotional and it is easy to get carried away when bidding. Set yourself a firm limit and stick to it.

Before you go to bid you will need to arrange:

• For your deposit to be ready in the form of a bank or personal cheque. Remember, if you’re the highest bidder, and offered the property, you will have to exchange contracts and hand over the deposit (10% of purchase price) immediately
• Pest and building inspections as there is no cooling off period after an auction
• For your solicitor to look over the contract of sale in preparation for exchange.

Finalising the application

Once you have paid your deposit, you can finalise your application and gain a full approval. Your next steps are:

1. Contact your Home Loan expert and let them know you have been successful. They will ask you to provide the Contract of Sale and supporting documentation to your applications such as pay slips, bank statements etc, if you already haven’t done so
2. We will verify your application and documentation to give you ‘unconditional approval’, meaning that your loan will be approved, valuations and title searches will be completed and all conditions of the loan will be confirmed
3. We will provide you with your Loan Terms & Conditions, either in person or in the mail
4. You need to sign the Terms and Conditions and send them back. It’s important you sign everything correctly to avoid delays – our Home Loan Experts can help you through this
5. We can then book your settlement which is the last step before you can move in.

Whether you have applied online, at a branch, through a mobile manager, a mortgage broker or over the phone, you can track the progress of your application.  All you need to do is to enter your Loan Application Number (you should have received this by post, or via email if you applied online) and last name. You can also print your Loan Entitlement Certificate.

Settlement

This is where you finally take ownership of the property by paying the balance of the purchase price. Final settlement varies between states but normally takes place around six weeks after exchange of contracts. Shorter or longer settlement periods may also have been arranged in the contract.

On completion day, you should inspect the property. Check that no damage has been done to it in the past few weeks, that all rubbish has been removed from the property (check under the house!) and that all fixtures and fittings are still intact.

Generally your solicitor will attend settlement and will hand over the final cheque, and in return get the keys to the property. After completion, your new title deeds will be sent to the bank.

Moving in

Once you’ve got the keys, you can move in. Congratulations!