A Home

Purchasing a property is not something most of us do very often, so even if you have purchased before you may want to brush up on what you need to do to secure finance for a new property.

The deposit

The amount you will need to save will be made up of a deposit plus extra to cover purchase costs.

Things your need to know about the deposit:

  • The minimum deposit most lenders require is 5%-10% of the purchase price. So for example, if you are purchasing a property for $400,000, 5% would be $20,000.

Plus purchase costs

For each of these costs do calculations and get quotes so you know how much you will need.

  • Loan setup costs which may include application and valuation fees.

  • Legal fees charged by your solicitor.

  • Building and strata reports for advice on the property from an independent expert.

  • Adjustments to council rates, water and electricity.

How much can I borrow?

Your borrowing capacity or serviceability is the calculation done to determine how much you can afford to make in repayments.

This is done by deducting your living expenses and other commitments from your annual income and coming up with repayments that fit comfortably within your means.

To find out how much you can borrow, you can:

  • Use a calculator to get an estimate of how much you can borrow.
    Try one here

  • See if you qualify. To get a more accurate idea of how much you can borrow with Resimac Direct.
    click here

  • Call 0800 466 656 Our Relationship Managers can do the calculation for you over the phone plus answer any questions you have at the time.

Choosing a home loan

Comparing interest rates between different lenders is just the start of the process.

Don’t forget about exploring other elements of the loan and lender like:

  • Different loan options

  • Setup and ongoing fees

  • Features like the ability to pay extra, redraw and options to access redraw

  • Lenders customer service record

  • External recognition like awards

Formal pre-approval

Getting formal pre-approval prior to making offers is really important:

  • Understand how much you can borrow and in turn what purchase price you can afford

  • Get your home loan research done, so you can focus on finding the right property

  • Confidence to make offers subject to full finance approval

  • Speed up the process once you find a property and allow you to lock in the purchase faster

  • If you have any questions when making offers you will have someone to ask

Steps in the purchase process

  1. Step 1. Formal pre-approval

    Formal pre-approval will involve filling in an application and providing documents like savings statements and payslips.

  2. Step 2. When your offer is accepted

    Once your offer is accepted you will need to:

    • Notify your lender so that they can proceed to full approval of your loan. 

    • Get a copy of the contract to your solicitor for them to review, and

    • Arrange a building inspection. Your solicitor will advise what is needed.

  1. Step 3. Exchange of contracts

    Exchange of contracts occurs after you have formal loan approval and your solicitor is comfortable with the contract. You pay a deposit and commit to a settlement date usually in 30 to 60 days.

  2. Step 4. Settlement

    Settlement is when the property becomes yours and the keys are handed over. Your lender and your solicitor, will be working with you closely to ensure that everything is ready.

  3. Step 5. Following Settlement

    Once settlement is complete you will be able to finalise internet access to your loan and setup your repayments frequency and amount.

How we can help

Our Relationship Managers are ready to assist you. They can help you calculate the amount you need to contribute, how much you can borrow, navigate the loans you can choose from and help you understand the loan features.

They can also assist with applying for formal pre approval and ensure the process is simple and straightforward.

Purchasing Home Loan Options



A better alternative to the banks

From application to approval they all went well, without having to go to an office, all done by phone and email ....very efficient process....

Excellent service

I was referred to RESIMAC by a family friend and although initially reluctant as they aren't a banking institution as such, my fears were way allayed. Their service was exemplary, from start to finish, and I look forward to further loan transactions with them. I would highly recommend.

Great home loan experience

Great service and competitive rate. The team really looked after us and made sure our loan was approved without complication. Would recommend them to anyone applying for a home loan.

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Our team of experienced Relationship Managers are ready to help you.