First Home Buyers Guide from Austral Mortgage
Step 10: Settlement
How the settlement process works for first home buyers:
- Prior to settlement your solicitor / conveyancer will prepare a Transfer of Land document. This is generally done at least two weeks before the actual settlement date.
- The Transfer of Land is handed over to the lender’s solicitor at settlement,. The solicitor will then arrange to register the property in your name.
- Your solicitor / conveyancer schedules the time and place of settlement.
- After the settlement, the seller’s solicitors will contact the realestate 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 out a confirmation and a welcome pack advising you of your new loan details, the first repayment due date and the amount. Most loan accounts automatically come with telephone and internet banking for easier access.
Don’t forget to ask your lender any questions and clarify any uncertainties.
And then once the property is officially yours, you can send out those party invitations and share your new home with your friends and family.
Enjoy your new home….