Before Settlement Day
Preparation starts well before your settlement date. Your lender needs to have all loan documents signed and returned at least 48 hours before settlement. Any shortfall funds must be cleared in your nominated account. Missing this deadline is one of the most common causes of settlement delays.
We'll send you a settlement statement showing exactly what you owe. This breaks down the purchase price, stamp duty, our fees, disbursements, and any adjustments. Check this carefully. If anything looks wrong, call us straight away.
Book your final inspection early. Don't leave it until the morning of settlement. If you discover problems, you need time to address them. We've seen settlements delayed because buyers found damage during a last-minute inspection and had no time to resolve it.
On the Day
You don't need to do anything on settlement day itself. The conveyancing process happens between your solicitor, the vendor's solicitor, your bank, and the land titles office. All of this occurs electronically through PEXA.
We'll contact you once settlement is confirmed. This usually happens between 11:00 AM and 3:30 PM. If there are any issues, we'll call you immediately and explain what's happening.
Keep your phone nearby and stay contactable. Occasionally, last-minute queries arise that need your input. A quick response can prevent delays.
Common Settlement Delays
Bank delays cause most settlement problems. Lenders sometimes fail to have funds ready on time, particularly if documents were submitted late or corrections were needed. This is why we emphasise early preparation with your lender.
Vendor issues can also cause delays. The vendor might have their own settlement occurring on the same day. If their purchase falls through, yours might too. This is called a settlement chain, and it's outside anyone's direct control.
Missing documents, incorrect details on transfer forms, or last-minute disputes over inclusions can all push settlement back. We check everything thoroughly beforehand to minimise these risks.
After Settlement
Once settlement completes, the property is yours. Collect your keys from the agent and celebrate. You've officially become a homeowner.
A few administrative tasks remain. Update your address with banks, employers, and government agencies. Arrange contents insurance if you haven't already. Your building insurance should have started from exchange of contracts.
We'll send you copies of all settlement documents for your records. Keep these safe. You'll need them when you eventually sell or refinance.
First Home Owner Grant and Stamp Duty
If you're claiming the $10,000 First Home Owner Grant (FHOG), we lodge this application as part of the settlement process. The grant is typically paid after settlement, directly to your bank or to you depending on your state's process.
Stamp duty concessions for first home buyers vary by state. In Victoria, you pay nothing on properties up to $600,000. Between $600,001 and $750,000, you receive a sliding scale concession. We calculate your exact liability and ensure you claim every concession you're entitled to.
