Preparing for settlement day

You’ve found your dream property, had your offer accepted, finance approved, and now there’s just one last yet very important milestone to achieve – settlement day. The anticipation has been building for weeks! Are you ready for the big day?

Settlement day can be both exciting and stressful. As your mortgage broker, we are here to help you make sure that everything goes smoothly and according to plan. In this article, we’ll provide an overview of what to expect and some tips to prepare for a successful property settlement.

What is settlement day?

Settlement day is the day ownership of a property is legally transferred from one party to another. Simply put, it’s the day you get the keys to your new home. While your conveyancer takes care of the finer details and works with your mortgage broker for the financing, you must also follow all sorts of regulations and procedures that they will explain to you, including those required by the lender and building insurance provider. The actual date of settlement day will be outlined in the sales contract. We will work with the conveyancer who will review the contract and timing before signing.

What actually happens on settlement day?

When settlement day arrives, make sure you have done the following:

  • completed a final inspection of the property;
  • organised building insurance, which should be done as soon as the seller signs the contract; and
  • worked with your conveyancer to complete and submit all the necessary documentation to transfer the property title to your name.

On the big day, your home loan provider and conveyancer will arrange the following with the seller’s representatives:

  • the balance of the purchase price, along with any government fees and duties, are paid
  • all necessary legal documents, including the mortgage, are completed and lodged with the respective agencies
  • the certificate of title is transferred to your name and the property is legally transferred to you.

Once the paperwork is completed successfully, the settlement is final. Congratulations! You can finally get the keys and are officially the new owner.

Preparation tips

  1. See your mortgage broker early

To ensure a hassle-free settlement day, seek professional advice from experts who understand the process. Talk to us, your mortgage broker, even before you start looking for a property. We can assist with organising pre-approval for a home loan and will be here with you every step of the way from property search to loan application, settlement day and beyond.

2. Find a conveyancer

A conveyancer specialises in property law and helps you understand your responsibilities and rights in terms of the settlement process. They also oversee the legal requirements and paperwork involved in a property purchase. They ensure the title is correctly transferred, or conveyed, from the seller to you. If you need help finding a conveyancer, let us know. We will be happy to make an introduction to one we work with regularly.

3. Negotiate a date that works for you

Remember that you may be able to negotiate the settlement period with the seller before signing the contract. Usually, at auctions, the settlement period is in the contract, but you may still be able to coordinate with the seller’s agent to see if their party would be open to a different date. This could be useful if you’re moving from one home to another and need to plan the timeframe.

The settlement period begins on the contract signing day and is usually between 30 and 90 days. This will give you enough time for your finance to go through, complete the paperwork and make the necessary preparations. It can take time for your lender to approve your loan and issue the paperwork, so consult your mortgage broker about a suitable settlement period.

4. Be vigilant about the paperwork

It’s our responsibility as your mortgage broker to get your loan application submitted and to ensure that your pre-approval goes smoothly. We work closely with the conveyancer to make sure that all steps necessary are completed. Your responsibility is to provide and complete all the required details on the paperwork and return them on time to minimise delayed loan approval and issues with the settlement. Paying attention to detail is crucial. Remember that you can always ask us for conveyancer and lawyer referrals for legal advice on understanding the process and the paperwork involved.

5. The result is worth it

As settlement day approaches and you feel excited, it’s also normal to feel nervous at the same time, but try not to stress too much and enjoy the process. If you have a team of professionals on your side, including a reliable mortgage broker, things are likely to go to plan. We are here to make sure everything goes smoothly, from property search and loan pre-approval up to the settlement day and beyond. Please do get in touch early so we can start planning.

Our service is completely


Yes, that’s right. You pay zero, zip, nada.

1st Street’s premium service comes at no cost to you! 1st Street is paid by the lender when your loan settles, however, this will not affect your interest rate or loan fees! It is often more cost-effective for a mortgage broker to process a loan rather than the lenders processing it themselves in-house. In fact, we often find that we can save you money by negotiating on your behalf.

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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