What happens on settlement day?
What Happens & When?
Settlement Day is the final step in your home buying journey and the day the property officially becomes yours. It’s an exciting day for home buyers but there is a lot that happens behind the scenes before your handed the keys.
Here’s what you can expect when your home loan settles with Ideal Lending.
Final Property Inspection
Before settlement takes place, you’ll complete a final inspection of the property (usually 1–2 days prior).
This ensures:
The home is in the same condition as when you purchased it.
Any agreed inclusions remain in place.
No damage has occurred since signing the contract.
Final Settlement Figures Are Confirmed
Your conveyancer will calculate:
Remaining balance of the purchase price.
Stamp duty.
Government registration fees.
Council and water rate adjustments.
Owners Corporation fees (if applicable).
You’ll be advised if any additional funds are required from you before settlement (known as shortfall funds).
Your Loan Funds Are Prepared
Ideal Lending will:
Finalise your mortgage documents.
Confirm your building insurance is in place.
Arrange settlement electronically via PEXA.
Prepare your loan funds for transfer.
Please note: Your loan cannot settle without building insurance in place.
Settlement Takes Place
At the scheduled time on settlement day:
Your lender transfers the loan funds.
Your contribution funds are transferred.
The seller receives payment.
Your mortgage is registered.
The property title is transferred into your name. (This process now takes place electronically and is usually completed within 15–45 minutes.)
Collect Your Keys
Once settlement is confirmed:
Your conveyancer is notified.
The real estate agent is notified.
Ideal Lending is notified.
You can then collect the keys to your new home and the property is officially yours!
After Settlement
Ownership of the property is registered in your name and your home loan account is activated.
Your first loan repayment will typically begin within 2–6 weeks!
Let's Talk
Have a question or need guidance? Contact the Ideal Lending team today.