You’ve picked out your dream home, your offer’s been given the thumbs up, and now there’s just one big step left – settlement day.

Settlement day is a mix of fun and formalities. As mortgage brokers, we’re here to make sure it all ticks along without a hitch. Read on for a lowdown on what settlement day involves and some handy hints to make sure it all goes off without a snag.

What’s settlement day all about?

Settlement day is the final step in your home-buying journey – it’s when the property’ is legally yours and you get those new keys. Your conveyancer and mortgage broker will sort out the complex stuff, ensuring you’re clear on every detail, from insurance to lender requirements. The actual settlement date is indicated in your contract. We’ll review it together before you agree to anything, to ensure there are no surprises.

What happens on settlement day?

On settlement day, it’s important that you’ve:

• conducted a final inspection of the property;
• arranged building insurance immediately after the contract is signed by the seller; and
• worked with your conveyancer to ensure all documents needed for the title transfer are ready.

On this big day, your home loan provider and conveyancer will meet with the seller’s representatives to:

• finalise the payment of the purchase price, including any applicable government fees and duties.
• complete and file all legal paperwork with the relevant authorities.
• officially transfer the title to your name, confirming your ownership of the property.

Once all documents are in order and the process is complete, the settlement is final. Congratulations! The home is officially yours, and you can collect the keys.

Getting ready for settlement day

1. Meet with your mortgage broker early

It’s smart to get advice from those in the know. Talk to us before you even start house hunting. We can help set up your home loan pre-approval and support you all the way through – from finding the right place to handling the paperwork, right up to the big day and after. Reach out to us if you need help with your conveyancer search. 

2. Choose a good conveyancer

A conveyancer knows all about property law and will guide you through your rights and what you need to do during the settlement. They handle all the legal bits and pieces and make sure the property title moves from the seller to you without a hitch.

3. Set a settlement date that fits your schedule

You may be able to choose a settlement date that works better for you, especially if you’re trying to coordinate moving out of your old place. You’ll usually have between 30 to 90 days after signing the contract to get everything in order. Loans, paperwork – there’s a bit to do, so let’s talk about what timeline works for your situation.

4. Stay sharp about the paperwork

We’ll take care of the loan application and make sure your pre-approval is on track. But you’ll need to fill out and return all your paperwork promptly to avoid any hiccups. It’s important to get it right. So, don’t hesitate to seek advice from legal experts.

5. Enjoy the journey

It’s normal to feel a bit nervous as settlement day gets close but try to enjoy it. With a good team behind you, we’re aiming for a smooth experience.

Get in touch early, and let’s make this happen together.