Going unconditional

Your offer’s been accepted – what next? There are a few more steps you might need to complete before you can move in:

Step 1: When your offer is accepted

At this stage, if your property offer is conditional on satisfying a few conditions, you may need to:

  • Contact your lawyer if you haven’t already – they will carry out all the necessary searches on the property and begin preparing all the documents required for buying a house.
  • Contact ANZ, if you haven’t arranged finance – we can help you with a home loan and help you set up the right bank accounts to manage your repayments (we can also arrange home and contents insurance too).
  • Arrange for any conditions to be met - for example if your offer was conditional on a satisfactory builders report, you’ll need to arrange for a registered builder to visit the property and write a report.

Step 2: When your offer goes unconditional

Once all outstanding conditions are met, including approval of your ANZ home loan, your offer becomes unconditional - which means you and the vendor have agreed to buying (or selling) the house. At this stage you’ll need to:

  • Contact ANZ to let us know or your lawyer may do this on your behalf. We’ll help you organise payment of the deposit, and draw up a home loan agreement and send it to your lawyer.
  • We can also help you protect your home and your lifestyle with ANZ life, house and contents insurance.
  • Contact your lawyer – they will go over the home loan agreement with you, explain what it means your obligations and responsibilities, ANZ’s obligations and responsibilities, and answer any questions you may have. Remember you will also need to give your lawyer a copy of your house insurance certificate before settlement date. We will liaise with your lawyer to have your home loan funds available on settlement day (see below).

Step 3: On settlement day

Settlement day is when the purchase price (less any deposit paid) is made to the vendor and the title transfers to you. It’s probably one of the most exciting parts of the process. Most of the work is carried out behind the scenes by the bank and your lawyer:

  • Your lawyer will check that the rates and any other utilities have been paid by the vendor and are up to date. Your lawyer will send a settlement statement to us, showing the amount required to ‘settle’ the transaction. We’ll then arrange with your lawyer to draw down your loan and transfer the money to the vendor’s account.
  • Once the vendor confirms they have received the funds your lawyer will arrange for you to pick up the keys (or have them sent to you). They will then complete the registration of the property title into your name and provide you with a copy for your records.
  • All that remains is for you to move into your new home – and celebrate!

ANZ Lending criteria, terms and conditions and fees apply.

A low equity premium applies to new home loans with less than a 20% equity or deposit. This material is for information purposes only. Its content is intended to be of a general nature, does not take into account your financial situation or goals, and is not a personalised financial adviser service under the Financial Advisers Act 2008. It is recommended you seek advice from a financial adviser which takes into account your individual circumstances before you acquire a financial product. If you wish to consult one of ANZ's financial advisers, please contact us on 0800 269 296.

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