5 tips before you buy to avoid the settlement stress  

4 minutes

Buying a home is probably the biggest and most important purchase you’ll ever make. It’s daunting, stressful, and thrilling, all at the same time. The best way to make sure the process is as smooth as possible, is to ensure you have all your ‘ducks in a row’.

Here are five steps to help ensure you’ve done your due diligence before you start.

1. Determine your goal

Firstly, ask yourself why you are buying. Do you need a bigger home, or to move to a better suburb? Or are you looking for an investment? Your overall objective may influence the type of loan you get, where you want to buy and what you’re willing to spend.

2. Calculate how much you can afford

How much can you afford? This doesn’t necessarily just mean how much you can borrow, but also how much you can realistically pay back each month. You may need to make certain sacrifices to take on a loan. Our repayments calculator can help you figure out what your monthly repayments will be, to determine how much you can afford to pay off.

3. Determine the size of your deposit

The size of your deposit will obviously affect the size of your loan – and don’t forget to factor in the cost of stamp duty. You may also like to think laterally about ways to access more money. For example, you could consider unlocking the equity you already have in any existing property. This amount might be more than you think – property values have increased by a huge 22% over the past 12 months (CoreLogic, Jan 2022).

4. Research the area

Make sure you’ve done your research on the area where you are buying. Depending on whether you plan for this to be your home, or an investment property may influence what you’re looking for. Is it a suburb ‘on the up’? What is the capital growth trends? Economic and demographic data, plus supply and demand all come into play in determining the future value of the home. There are plenty of sites that can help you with this, including CoreLogic, Realestate.com.au, and Domain.

5. Find the right lender

A good lender will do things in a way that takes the stress out of the loan process and help you get to that end goal faster. What to look for:

A fast and hassle-free online application

Many traditional banks have long, convoluted applications, that often require you to speak to someone over the phone or visit a branch. At Nano, we have done away with the long wait times, endless paperwork and confusing process. We can give you a decision in minutes, not weeks, so you always know where you stand. Plus, at Nano, we can give you decision online in minutes, not weeks, so you always know where you stand.

You also don’t need to mess around with ‘pre-approvals’, either. Instead, we can give you full approval, to help you have a stress-free settlement.

Watch out for hidden fees

Many banks charge all sorts of hidden fees which can really add up and make that ‘low’ rate suddenly not so appealing. This is why it’s always important to look at the comparison rate, not just the interest rate. (Read more about the difference between comparison rates and interest rates).

But at Nano, there are NO fees and the same great rate for everyone, whether you’re a new or an existing customer (1). The entire process is transparent and geared toward making things fair and straightforward, so you are never caught off guard.

The right features to help you manage your home loan

Having the right home loan features can make a huge difference when helping you manage and pay off your home loan. For example, having an offset account to help you reduce your monthly interest payments, can make a huge difference in the long run.

All Nano loans include a free offset sub-account, which helps you pay down your loan faster. You’ll also have a Visa debit card connected to that account, so you can centralise all your money into one account (2), plus enjoy the flexibility of multiple payment features like BPAY, Apple Pay and Google Pay. Learn more.

Having an app, like the Nano app, to regularly check and monitor your mortgage and repayments is also hugely beneficial in helping you have better control of your home loan.

Nano offers a totally new way of doing things, that saves you time and hassle. If you’re looking to buy soon, register your interest and be the first to know when we offer loans for purchases so you can avoid the settlement stress.


(1) Government charges still apply.

(2) The Nano Card is issued by Hay Limited ABN 34 629 037 403 (Australian Financial Services Licence 515459). See terms and conditions.