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.