How to Get a Home Loan for Off-the-Plan Apartments

From pre-approval to settlement, financing an off-the-plan apartment follows a slightly different timeline. Here’s how it works, step by step, so you know what to expect at every stage.

When you’re buying your first home, or even your next, one of the biggest unknowns is often the finance.

When do you apply?
How does the loan actually work?
And what happens between signing and settlement?

For buyers considering an off-the-plan apartment at Glenside, these questions are especially important.

Because unlike established homes, there’s typically a longer gap between securing your apartment and moving in, and that means the finance process follows a different rhythm.

The good news? Once you understand how it works, it’s far more straightforward than it first seems.

Getting clear on your finances before you start looking

Before exploring apartments at Glenside, it’s worth getting a clear picture of your financial position.

Lenders will assess your:

• Income and employment
• Existing debts
• Living expenses
• Savings history and credit profile

This helps determine how much you can borrow, and what your repayments might look like.

Many buyers choose to work with a mortgage broker at this stage. A good broker can compare lenders, explain your options and help structure your loan around an off-the-plan timeline.

It’s also worth checking your credit report early, so there are no surprises later.

And while the extended timeline of an off-the-plan purchase might seem like a drawback, it can actually work in your favour, giving you more time to save, reduce debt or strengthen your borrowing position before settlement.

What pre-approval means, and what it doesn’t

Once you’ve got clarity on your finances, the next step is pre-approval.

This is where a lender reviews your situation and gives you an indication of how much they may be willing to lend, subject to conditions.

Pre-approval:

• Helps you understand your budget
• Shows you’re a serious buyer
• Gives you confidence when selecting your apartment

But it’s important to know what it doesn’t do.

It’s not a guarantee.

Because apartments at Glenside are purchased off-the-plan, there may be a significant period between signing and settlement, often longer than a pre-approval lasts.

If it expires, your lender will usually reassess your situation closer to completion and arrange a valuation of the finished property before granting formal approval.

And if you’re planning to make the most of government support initiatives, such as the First Home Guarantee or the First Home Super Saver Scheme? This is also a good time to confirm your eligibility and make sure the timing works with your purchase.

The other costs you need to plan for

The purchase price is only part of the picture.

When buying an off-the-plan apartment at Glenside, you should also budget for:

• Deposit - typically around 10%, paid at contract signing
• Stamp duty - which may be reduced or waived for eligible buyers of new apartments
• Lender’s Mortgage Insurance (if applicable) - if you are buying with less than a 20% deposit
• Conveyancing fees - for legal review and settlement
• Ongoing costs - including strata fees, council rates, utilities and insurance

Factoring these in early helps avoid surprises and gives you a clearer understanding of what you can comfortably afford.

Signing the contract and the cooling-off period

Once you’ve chosen your apartment at Glenside, you’ll receive a contract of sale along with the Form 1.

Before signing, your conveyancer should review everything carefully, especially off-the-plan clauses around construction timing and settlement.

After signing and paying your deposit:

• A cooling-off period applies (typically two business days in SA)
• Your apartment is secured at today’s price

This short cooling-off window is your opportunity to double-check everything, your finances, the contract and your decision.

How to stay loan-ready between signing and settlement

One of the biggest differences with buying off-the-plan is the wait.

During construction at Glenside, your lender will expect your financial position to remain stable.

That generally means:

• Avoiding new debt where possible
• Keeping spending in check
• Maintaining consistent employment

But there’s a real upside here too.

This period gives you time to:

• Build additional savings
• Reduce existing debts
• Strengthen your borrowing position

Staying in touch with your broker or lender during this time is key, especially if anything changes.

Why formal finance approval comes later with off-the-plan

With off-the-plan apartments, formal loan approval usually happens closer to completion.

That’s because your lender needs to value the finished apartment, which can only happen once construction is nearly complete.

At this stage, they’ll:

• Reassess your financial position
• Request updated documents (like payslips and statements)
• Arrange a valuation of your apartment

In most cases, everything aligns and your loan is approved.

If applicable, government grants or incentives are also factored in around this stage.

How settlement works when buying at Glenside

Settlement is the final step, and the most exciting one.

As your apartment nears completion, you’ll be invited to attend a pre-settlement walk through which is an exciting opportunity to see your apartment for the first time.

In the lead-up to settlement, you’ll also organise:

• Insurance
• Utilities
• Final loan documentation

On settlement day:

• Your deposit is applied to the purchase price
• Your lender provides the remaining funds
• Any grants or adjustments are included
• Ownership transfers into your name

And just like that, your new apartment at Glenside is officially yours.

A process designed to support you

Buying off-the-plan at Glenside involves more steps than purchasing an established home, but each one is there for a reason.

From pre-approval through to settlement, the process is designed to give you clarity, time and protection along the way.

And when you combine that with the lifestyle on offer, a walkable, city-fringe address surrounded by parklands, cafes and culture, it’s easy to see why more buyers are choosing to secure their place here early.

If you’d like to understand how the finance process would work for your situation, speak with our Sales Team or explore the apartments currently available at Glenside.

DISCLAIMER:  Any information provided in this article is general in nature and does not constitute financial or legal advice. Individual circumstances vary, and you should seek independent advice from a qualified mortgage broker, financial adviser, or conveyancer before making any property or lending decisions.