Virtual home buying is officially a thing! Here’s how it works

By Tara McCabe · · 2 min read
Fact Checked
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It’s possible to do just about anything online these days, from managing your bank accounts to getting a degree, and now as it turns out, you can even buy a home virtually!

Plus with social distancing in place for the foreseeable future, buying homes and financing your mortgage without stepping outside may just become the norm for more and more Australians.

CEO of digital agency Upside Realty commented saying, “It’s of the utmost importance that government social distancing measures are implemented, and the industry needs to adapt quickly.”

So the technology already exists, but how would the process actually work? Well without further ado, here’s a breakdown of what buying a home virtually looks like:

1. Agents work remotely

There’s no need for physical shop fronts in virtual home buying or selling, as real estate agents work and contact buyers and sellers remotely.

Real estate listings went online years ago with sites like domain and realestate.com.au, so working with a remote agent won’t be any different. 

2. Video chat meetings

You will be able to chat to an agent about the kind of property you’re after, only this time the talking will be done via video chat rather than in their office. Meetings can be conducted right from the comfort of your own sofa by way of a video call.

3. Virtual open home tours

With the help of the latest technology, a number of real estate agents now offer virtual open home tours. This way you can virtually wonder through your potential future home, while safely practicing social distancing.

4. Sign documentation online

Let’s face it, e-signatures aren’t exactly a new thing. The ability to sign documents digitally has been around for a while now, but it’s just one more piece of the virtual home buying puzzle that fits nicely in place. More than a few real estate agents now have access to cloud-based software, making it easy for you to sign all relevant documentation online.

5. Apply for an online home loan

Finally, with more and more home loan lenders based solely online, applying and getting approved all from your own browser has never been easier to do. That’s not the only upside to applying online either, as online home loans often offer lower interest rates than those offered with regular banks or lenders. In fact, the average variable rate offered by online lenders is currently 0.65% lower than the average variable rate across all home loans; 2.91% p.a. in comparison to 3.54% p.a. (both for $400,000 principal and interest loans with a loan to value ratio of 80%)^.

Feeling inspired to start searching online for your dream home loan? Head to Mozo’s home loans hub to compare online home loan lenders, or check out the deals on offer below. Happy browsing!

^Interest rate averages based on home loans available in the Mozo database, correct as of Tuesday 24th March, 2020.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more home loans here.
Last updated 16 March 2025 Important disclosures and comparison rate warning*
What are your home loan needs?
Loan purpose
Buying or Refinancing
  • Promoted

    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.65 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • RATE CUT NOW LIVE!
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees
  • Promoted

    Basic Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.89 % p.a.
    Variable
    Comparison rate
    5.91 % p.a.
    Initial monthly repayment
    $2,962
    Go to site
    • No ongoing fees
    • Free redraw from your loan using Macquarie Online
    • No account management fees
  • Promoted

    Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.79 % p.a.
    Variable
    Comparison rate
    5.83 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • RATE CUT NOW LIVE!
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.

  • Switch & Save One Year Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • Offset available
    • Redraw available
    Interest rate
    5.54 % p.a.
    Fixed 1 year
    Comparison rate
    5.74 % p.a.
    Initial monthly repayment
    $2,852
    Go to site
    • No penalty for early payout
    • No penalty for making additional payments
    • 100% Savings Offset facility

  • Basic Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 30% min deposit
    • Redraw available
    Interest rate
    5.55 % p.a.
    Fixed 2 years
    Comparison rate
    5.85 % p.a.
    Initial monthly repayment
    $2,855
    Go to site
    • No ongoing fees
    • Free redraw from your loan using Macquarie Online.
    • No application or account management fees

  • Offset Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 30% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.55 % p.a.
    Fixed 2 years
    Comparison rate
    6.08 % p.a.
    Initial monthly repayment
    $2,855
    Go to site
    • Open up to 10 offset accounts
    • No fee to redraw or split into multiple loan accounts
    • Variable and fixed rates available

  • Switch and Save Home Loan

    • Owner occupier
    • Principal & Interest
    • Offset available
    • Redraw available
    Interest rate
    5.64 % p.a.
    Variable
    Comparison rate
    5.75 % p.a.
    Initial monthly repayment
    $2,883
    Go to site
    • No penalty for early payout
    • No penalty for making additional payments
    • 100% Savings Offset facility

  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.00 % p.a.
    Initial monthly repayment
    $2,899
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Up to 12 months repayments in advance without penalties
    • Split loan available

  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.65 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • RATE CUT NOW LIVE!
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees

  • Simple Home Loan Variable

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.74 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • No application, ongoing or monthly fees
    • Make additional repayments at any time
    • Access your money via internet banking at any time
Showing 9 results from 417 home loans. Use the filters to see more

* 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. You can change the loan amount and term in the input boxes at the top of this table. 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.

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