Mortgage | mortgage calculator | investment loan | Mortgage rates | Offset home loans

Step 10: Settlement

How the settlement
process works:

•   Prior to settlement your
solicitor / conveyancer
will prepare a Transfer
of Land document. This is
generally done at least
2 weeks before the actual
settlement date. The
Transfer of Land is handed
over to the lender’s
solicitor at settlement
who will then arrange to register the property in your name

•   Your solicitor / conveyancer is the one scheduling the time and place
    of settlement

•   After the settlement, the seller’s solicitors will contact the real
estate agent that sold you the property and advise them to hand over
the keys to your new home

•   Your solicitor should contact you directly to confirm that the settlement
has taken place.
Your solicitor should also provide you with a written advice confirming how
the funds have been disbursed to the parties involved.

Just one more step and you’re there.

Your contract of sale will state the amount of time you have to settle all
the conditions. It usually takes between 4 - 8 weeks from the date
contracts are exchanged to settlement. When all the conditions are met,
the settlement is scheduled by your solicitor / conveyancer and the
vendor’s (seller’s) solicitor. The lender’s solicitor also has to attend the
settlement to hand over the settlement funds. Importantly, the
settlement is when the property is transferred into your name and officially
becomes yours.

Following the settlement, your lender will send Picture of a beautiful house

out a confirmation and a
welcome pack advising you of your new loan details, the first repayment due date and amount. Most of the loan accounts automatically come with telephone & internet banking for easier access.

Don’t forget to ask your lender any questions and clarify any uncertainties.

OK, now that the property is officially yours, you can send out those invitations for your house warming party and share your new home with your friends and family.

Enjoy your new home....

Next 1 2 3 4 5 6 7 8 9 10

[ Back ]

Customer Login

Log-In

Austral provides easy access to Manage your Loan Account Online. Click above to log-in or register for log-in if you haven't already done so. Join Referrer Programme & save $$$ off your mortgage.

Full Member of COSL
Austral Mortgage is a member of Credit Ombudsman Services Limited an ASIC-approved external dispute resolution service which is free to any of our customers who may have a complaint or hardship request they feel has not been resolved satisfactorily with Austral. CLICK HERE

ASIC Licence
Austral Mortgage Corporation is licensed through ASIC as an Australian Credit Licensee Licence No 329904

Full Member of MFAA
Austral is a member of the Mortgage & Finance Association of Australia (formerly MFAA), the professional body for the mortgage industry.

Newsletter Signup