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First Home Buyers Guide from Austral Mortgage

Step 10: Settlement

How the settlement process works for first home buyers:


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….

...First Home Buyers Guide 11 - Stamp Duty

First Home Buyers Guide

Austral Mortgage Home


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