Can I buy a home online? Yes, here’s how

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Believe it or not, buying homes virtually is possible. Whether it’s because you’re moving far away for a new job, or simply because you want to live somewhere far away from your current location, or maybe there is a worldwide pandemic that doesn’t let you leave your home.

Even before the pandemic, there were online lenders offering home loans exclusively online, like Athena.

“In the next 15 years, 30 per cent of home loans will originate online, shifting from the current 3 per cent,” said Nathan Walsh, CEO of Athena, an exclusively online lender.

Much like purchasing a home locally, there are several home buying steps you need to take before you have the keys to your new place. However, unlike buying a home in person the process may be a bit more difficult due to the ‘remote’ nature of it.

One key factor to consider is getting an agent who will do thorough inspection of properties on your wish list and properly convey all the features of prospective houses (good and bad). 

Aside from finding someone to do all the inspections for you and give you a virtual home tour. Buying a home online is relatively simple and not too dissimilar to going to a physical institution.

Unlike your typical bank lenders, an online lender “process is that all information is collected digitally,” said Melissa Christy, head of lender at 86 400.

There are even lenders like 86 400 who may provide you with a pre-approval outcome in 24 hours. 

“Today, more and more people are confident to do things online or via their mobile - this includes getting a home loan. Getting a home loan online for some customers provides convenience that they can do it in their own time,” said Christy.

Steps to buying online

  • Get a loan pre-approval through an online provider
  • Find a real estate agent to do the inspecting for you
  • Use property portals like Domain to shop for the right home
  • Submit an offer
  • Get your home loan approved
  • Plan your move and pack your bags

If you’re in the market for a new home, check out our top online home loan lenders.

Home loan comparisons on Mozo - last updated 23 January 2022

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home Loan Awards

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