How does the settlement process work?

Now that you’ve been approved, you might be wondering what happens next. Here’s a quick rundown of what the next steps are for folks buying a property (check further below for refinance settlement, which is a much simpler process):

1. Get the house

Make an offer on the home you want.

2. Sign the purchase contract

Seal the deal and make it official. Sign the purchase contract and pay your deposit. Your settlement date will also be confirmed at this point as well.

3. Get building insurance

You’ll need to get some insurance to cover you in case something happens to your property, this protects you and the lender.

4. Approval for the exact amount

Once you supply the purchase contract to your lender, they will approve your home loan for the exact amount on the contract.

5. Confirm you’re, you

You’ll most likely need to do one last ID check. Our partner, GBG, will be in touch with all the info.

6. Receive your home loan contract

Next, you’ll receive your home loan contract and other settlement documents.

7. Hire a conveyancer

Now a conveyancer will need to legally transfer the property to your name. They will deal with your lender and the seller’s conveyancer, to make sure everything is by the book.

8. Sign your home loan contract

It’s time to sit down and read your home loan contract and make sure you’re happy with it. If you are, grab a pen, sign on the dotted line, and send it back to your lender.

9. Final inspection

The property needs to be in the same condition as when it was sold. If not, you should speak to your conveyancer.

10. Organise your utilities

You can now start to arrange gas, electricity, internet, and anything else you might need.

11. Change of address notice

Your conveyancer will advise your new local council, water company, strata (if applicable), and Land Tax department of the change in ownership of your new property.

12. Settlement – finally!

Now your lender will ‘draw down’ on your loan. Which means they are debiting the amount paid to the seller, stamp duty, and other fees from your loan account. This is when your home loan officially begins – hooray, you made it!

For customers who are refinancing, the settlement process is much simpler: settlement is when your old home loan is paid out (by your new lender), and your new loan begins. The timing of this is typically negotiated and worked through by your old and new lender. You'll be contacted by our digital legal partners, MSA National, when this happens.

You can learn more about the settlement process in our settlement process Home Loan Guide below.