5. Settling
Find out what happens on settlement day and everything you need to do to prepare for owning your first home.
You’re almost there! From finalising your home loan details to preparing to move, find out everything you need to do before you take ownership of your first home.
Congratulations! Your offer has become unconditional. Now you just have a few more things to do before you get the keys to your home.
Here’s what you need to do before settlement day:
- Finalise your home loan details - Once your settlement date is confirmed, get in touch with your bank, lender or mortgage broker to finalise your home loan. They’ll explain loan type and structure options, confirm your interest rate and outline your repayment schedule.
- Arrange insurance on your home - It’s likely that you’ll need home insurance from the first day you take ownership as a condition of your loan and may need to record your bank or lender on your insurance policy. Your solicitor and bank or lender may also ask for copies of your policy ahead of settlement.
- Your pre-settlement inspection - This is a chance for you to inspect the home before you formally take ownership and make sure there hasn’t been any damage to the property since signing the sale and purchase agreement. This is normally arranged through the vendor or their real estate agent, usually at least 2 days before your settlement date.
If you spot any issues during your inspection, let the real estate agent know and contact your solicitor or conveyancer with a list of the things that need to be done before settlement.
- Finalise any remaining funds - Your solicitor will let you know if there are any funds you need to transfer, the amount and where to send them.
To avoid delays, your solicitor will have let you know everything you needed to do before settlement day, meaning they can take care of everything else on your behalf. They will:
- confirm you have paid any outstanding funds
- let your bank or lender know how much money is needed to settle the purchase
- arrange for your loan to be drawn down and paid to the vendor
- check that the rates have been paid by the vendor and are up to date
- work with the vendor’s solicitor to finalise the transfer of ownership
- register the home and the record of title with you as the new owner.
These steps need to happen in order, so a delay at any stage may affect how long settlement takes. Once your solicitor has let you know the sale has settled, you can begin preparing to move into your new home. It may be late in the day by the time everything is sorted, so it’s a good idea to allow an extra day before you plan to move in.
Getting help if something goes wrong
The settlement process is straight forward and usually runs smoothly, but if you have concerns at any stage, get in touch with your solicitor for help. They’ll be able to answer any questions and let you know how everything is progressing.
Well done! You’ve just been through every step of a journey that can be both exciting and stressful. Take a moment to give yourself some credit and celebrate however you like – you deserve it.
Making your house a home - You’ve done it! Now it’s time to kick back, relax and enjoy the benefits of being a homeowner. This is a place you can truly make your own, in a community that’s yours to explore and enjoy. This home is now your base for whatever life brings you next.
Settling in to your community - A few small steps can help you make the most of your new neighbourhood and really make you feel at home.
Get to know the area by visiting your local council website or chatting with your neighbours to find out about things like rubbish and recycling days, the library and community centre hours or if there’s any community social media pages you can.
Here are some useful website links to assist you with the “Settling” step.
Settled resource:
Page updated: 12 February 2024