Settlement Day

What Happens On Settlement Day?

Settlement Day is the final step in your home buying journey — and the day the property officially becomes yours.

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.
• Your home loan account is activated.
• Your first loan repayment will typically begin within 2–6 weeks.