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What is Settlement Day?

Settlement day is when the ownership of a property you have purchased is transferred into your name and the balance of the sale price is transferred to the seller. It is a legal process that is looked after by the purchaser’s & seller’s legal and financial representatives.

Settlement day usually occurs anywhere between four and six weeks after you have exchanged (paid your 5 or 10% deposit on the property) depending on the State the property is located in and what the parties have negotiated. Usually the seller will indicate the settlement date in the contract of sale.

This is general information only and is subject to change at any time. Your complete financial situation will need to be assessed before acceptance of any proposal or product.

Ready for settlement?

Prior to settlement day you need to ensure you have completed a final inspection of the property to make sure everything is as it should be.


More FAQs.

What is an offset account?

When considering a mortgage, it's advisable to research different lenders and their product offerings to determine if they provide offset accounts as an option.

What are the costs of Refinancing? 

Several costs come with refinancing a home loan, although some of these costs are added to your new mortgage. You can get a rough estimate of the cost to refinance your mortgage by using a refinance calculator, or engaging a mortgage broker.

Settlement Day

On settlement day, it's important to consider tasks such as reviewing the final settlement statement, ensuring funds are available for the down payment and closing costs, and conducting a final inspection of the property before completing the purchase.

Reverse Home Loans

A reverse mortgage is a type of loan that allows homeowners who are typically 62 years or older to convert a portion of their home equity into cash.

Mortgage Refinancing

Mortgage refinancing is the process of replacing an existing mortgage with a new loan, typically to secure better terms, lower interest rates, or access equity in the property.

Lenders Mortgage Insurance

Lenders Mortgage Insurance (LMI) is a form of insurance that protects the lender in case a borrower defaults on their home loan, typically required when the borrower's deposit is less than 20% of the property's value.