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Article | 4-minute read
If you make an offer on a property and the vendor accepts, a process begins to complete the sale. The first step is the signing and exchange of a contract. Generally, you sign one copy of the contract, the vendor signs the other, then you swap and sign the other copy (so you each have a fully signed contract).
When the signed contracts are exchanged, you generally have to pay a 5 - 10% deposit to the vendor’s real estate agent.
The exchange of contracts can take several days. So you should have time to arrange a payment method that suits you and the vendor’s real estate agent. Options may include:
The agent usually holds the deposit in a trust account until settlement. In some circumstances, the buyer and the vendor could agree to release the deposit funds to the vendor before settlement. You should speak to your solicitor or conveyancer before you agree to tthat.
When you buy a property, you’ll need to pay a deposit upfront. This may be done by a funds transfer or bank cheque. Ask the real estate agent in advance about what they’ll accept.
The most common way to pay a deposit, particularly at auctions where the sale price is unknown. Ensure well ahead of time that your daily transfer limit is sufficient for the deposit.
If you don’t have a cheque book, ANZ account holders can obtain a bank cheque immediately at an ANZ Branch. Auctions usually happen on the weekend, so you should check the opening hours of the closest ANZ Branch in advance.
For private sales, in some states and territories there may be a cooling-off period written into the contract. It’s a good idea to have your solicitor check the contract and explain your rights before you sign.
If there is a cooling-off period, you can pull out of the contract during this time. The length of the period varies between states and territories but it’s usually a few days.
Once the cooling-off period has passed, generally the contract becomes unconditional. Then, you’ve got some time until settlement to finalise your home loan, organise insurance and get ready for moving day.
If you bought at auction, you don’t have the luxury of pulling out of the sale. There is usually no cooling-off period in auction contracts and you’re obliged to complete the sale.
Learn more about what to do in the lead-up to settlement.
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The information on this page does not take into account your personal needs and financial circumstances and you should consider whether it is appropriate for you and read the relevant terms and conditions, Product Disclosure Statement and the ANZ Financial Services Guide (PDF) before acquiring any product.
Applications for credit subject to approval. Terms and conditions available on application. Fees and charges apply. Australian credit licence number 234527.
Property price information in an ANZ Property Profile Report is an estimate (not a valuation), may not be available for all properties, is for personal domestic use only and may change daily. Actual sale prices may differ. The report is not personal advice and ANZ takes no responsibility for any error or omission.
ReturnANZ may provide pre-approval (also known as approval in principle or conditional approval) to eligible customers who apply for an ANZ home loan and complete an application form and satisfy any other applicable requirements. Pre-approval is an approval for a loan subject to conditions being met, including that security is satisfactory to ANZ. Australian Credit Licence Number 234527.
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