Mastering the settlement process – Essential knowledge for every homeowner

There’s nothing quite like the thrill of finding those words in your inbox: Confirmation of settlement of your property purchase.

The day of settlement can be a mix of excitement and tension. However, once the formalities are concluded, the satisfaction outweighs it all.

If you’re planning a property purchase and are new to the intricacies of settlement procedures, here’s some valuable information tailored for you.

What is Settlement day?

  • Settlement day is when possession of a property is legally transferred from one party to another. It’s assisted by your legal and financial representatives, and those of the seller.
  • The actual date is stipulated in the sales contract.
  • Typically, settlement periods are 30 to 90 days from when the sales contract is signed by both parties. However, settlement can be longer or shorter if mutually agreed upon.

What happens on settlement day?
On settlement day your solicitor or conveyancer will engage with your lender and the seller’s representatives to exchange necessary documentation. In most cases, the buyer and the seller do not need to be present.

Your lender and conveyancer will coordinate with the seller’s representatives to ensure the following:

  1. The balance of the purchase price, in addition to any government fees and duties, is settled. All expenses such as rates, water charges and strata fees are adjusted between the seller and the buyer (you pay for these from the day after settlement).
  2. All necessary legal documents are completed and lodged with the relevant agencies.
  3. The official transfer of the title certificate to your name, completing the legal transference of the property to you.

Once settlement is completed, the keys are handed over by the real estate agent and the property officially becomes yours!

How to prepare for settlement?

1) Be organised with the paperwork.
To facilitate a seamless settlement, it is imperative to promptly provide all essential documents.
For the finance side of things, we’ll guide you through the required paperwork for your loan application.
You’ll also need to work with your conveyancer to complete and submit all the necessary documentation to transfer the property title to your name.
Before settlement, your conveyancer or solicitor will likely get you to review the settlement statement, outlining the precise payments due on settlement day.

2) Conduct a pre-settlement inspection
You’re entitled to inspect the property prior to settlement to make sure it’s in the same condition as when the sales contract was signed. Unpleasant surprises when you open your front door are to be avoided at all costs.

3) Organise insurance
Confirm the deadline for securing your building insurance. It may be from when you sign the sales contract, or by settlement. Regulations vary by state and territory.

Ready to get started?
As your 1st Street Mortgage Broker, we’ll organise pre-approval for your home loan and get your loan application over the line, so that everything runs smoothly come settlement day.

Reach out today and let’s chat about your exciting new property purchase.

Are you a first homebuyer looking for


We can help get you into your new home.

We’ve worked with clients across Australia to access the different first home owner grants (FHOG) as well as the various stamp duty and other concessions that may be available depending on which state you are in. We can talk you through your various options as well as helping you compare things like buying vacant land vs. an established home.

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A word from our satisfied customers

Maxine Zhong
Maxine Zhong
19 October 2023
Amanda has been such an incredible support throughout our very first time going through the home loan process. Her thoughtfulness to regularly check in to make sure all our questions were answered and that all our documents were in place helped to make the whole daunting process feel seamless and easy. I could not recommend her enough - she made sure to keep us informed every step of the way and made sure all necessary documents/processes were completed well ahead of time so we never had to worry about missing any steps. She went well above and beyond her role, and I know we will definitely be coming back to her in the future, as well as recommending her to all of our networks! Thank you again, Amanda!
Mark Nesbitt
Mark Nesbitt
11 October 2023
Greg and the team provide an outstanding service. Highly recommended
Christine Tran
Christine Tran
23 September 2023
Yuval handled my first ever home loan, he did such an amazing job I asked to him to refinance for me 2 years later. Yuval made everything very easy for me, and will give his best recommendation as if it was his own. Would always recommend Yuval :)
David Petrini
David Petrini
25 August 2023
Yuval Bloomfield was an absolute delight to work with. He made it extremely easy for my clients to discuss about their financial situation. With Yuval's strong connections he was able to get the loan my clients wanted in very quick time. Will definitely refer Yuval again.
Sophie Linehan
Sophie Linehan
24 August 2023
Greg and the team at 1st Street were fantastic all the way through the process of getting our financing sorted and buying a new home. They not only secured us the most competitive mortgage in the market but they also gave advice on a number of mortgage-adjacent questions that came up along the way. Their responsive and thoughtful guidance helped make the nail-biting process clear and calm. We would definitely recommend their services.
Gabrielle Scott-Jones
Gabrielle Scott-Jones
18 August 2023
Greg and his team gave me exceptional advice and support. They were timely and detailed in their responses and dealt patiently with me as a first home buyer and all of my questions. The lender at the bank commented on how well I was being looked after compared with other brokers in the market. I’d highly recommend 1st Street to anyone, including friends and family.
Eli Simic
Eli Simic
15 August 2023
Great communication and fast service
Richard Kuipers
Richard Kuipers
11 August 2023
Jeremy and his team are superb. Negotiated the best deal for us and were an absolure pleasure to work with. Highly recommended, you can't do any better in my opinion.
Jordan Rivkin
Jordan Rivkin
1 August 2023
The team at 1st Street truly are professionals. I can't recommend Jeremy highly enough, he is extremely competent and just a great guy. You're in safe hands with 1st Street!
Yossi Bengida
Yossi Bengida
23 July 2023
Another amazing job by David and Bree. Always available for our questions, helpful and just 10/10 Seriously good work !! See you on the next one :) Yossi and liz