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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....

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

PH: 02 9299 1833 / FAX: 02 9299 1874

TODAY: Thursday, 20th November, 2008

WEALTH MAXIMISER - INVESTOR ASSIST UPDATE - JUNE 2008
The ATO has recently published an edited version of a Private Ruling on its website: http://www.ato.gov.au/rba/content.asp?doc=/rba/content/81797.htm A taxpayer and client of Austral Mortgage, applied for the private ruling to seek confirmation from the ATO that if there was a shortfall between his investment income and his investment outgoings then that shortfall could be capitalised under the home and investment loan & line of credit structure noted in his application.

WEALTH MAXIMISER UPDATE - MAY 2008
Ever since the High Court decision in Hart's case, taxpayers have been seeking clarity from the ATO on the deductibility of capitalised interest in certain loan structures. On 16th April 2008 a favourable Private Ruling issued to an Austral client that provides insight into the ATO's current thinking on the subject.

My Choice
Austral has recently expanded its product offering through its My Choice loan initiative. My Choice provides borrowers with access to a wide range of lenders and loan products for residential, commercial and equipment finance, so no matter what your need our friendly and experienced staff can assist you.

Austral in the Community
Austral Mortgage has been a Principal Sponsor of the Winston Hills Little Athletics Club since October 2006. We are proud to be supporting this community project and congratulate the young athletes of WHLA for their commitment to and successes in the sport.

WEALTH MAXIMISER UPDATE - FEBRUARY 2008
Wealth Maximiser Update 12th February 2008 - We have advice from the ATO that it is well advanced on a binding Tax Determination regarding the deductibility of capitalised interest on a line of credit facility. Borrowers with both a home loan and an investment loan should consider including a capitalising line of credit within their loan structure or at least ascertaining from their lender that they could access such a facility by way of a simple variation of their existing mortgage.

Trans Tasman Finance
Did you know that Austral has a wholly owned subsidiary, Gem Home Loans Limited, in Auckland NZ - we are able to assist with organising mortgage finance for you should you be considering buying property in NZ.

AusComm Finance
AusComm is the specialist Construction and Development division of Austral Mortgage - if you are a developer seeking finance for construction purposes - residential, commercial, retail, industrial - give Peter McAuley a call on 0419 220 630 or email him peter.mcauley@australmortgage.com to discuss your funding requirements.

Mortgage Calculator
A number of excellent resource tools are now available on the internet for people in Australia seeking a loan to finance the purchase of a property or refinance an existing mortgage. One of the most useful and user friendly tools is a mortgage calculator. Before going too far in the purchase and /or borrowing process it is a worthwhile exercise to quickly gauge your borrowing capacity and also determine how your new mortgage repayments will impact on your personal cash flow. Mortgage calculator...

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