Mastering the settlement process. What every homeowner should know

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


Settlement day can be both exciting and stressful. But once the formalities are done, it’s all worth it.



If you’re planning a property purchase and are new to how settlement works, here’s a rundown.


What is settlement day?

Settlement day is when ownership of a property is legally transferred from one party to another. It’s facilitated by your legal and financial representatives, and those of the seller.

The actual date is stipulated in the sales contract.

Settlement periods are generally 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 meets with your lender and the seller’s representatives to exchange paperwork.
Typically, the buyer and the seller do not need to be present.
Your lender and conveyancer will arrange the following with the seller’s representatives:

  1. The balance of the purchase price, along with any government fees and duties, is settled. All outgoings 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 respective agencies.
  3. The certificate of title is transferred to your name and the property is legally transferred to you.

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


How to prepare for settlement?

1) Be organised with the paperwork.

For settlement to run smoothly, it’s important you provide all the necessary paperwork in a timely manner.
For the finance side of things, we’ll walk you through the documentation required 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.

Prior to settlement, your conveyancer or solicitor will likely get you to review the settlement statement, which outlines exactly what you will be paying on settlement day.


2) Complete a pre-settlement inspection

You’re entitled to inspect the property in the lead up to settlement to ensure it’s in the same condition as when the sales contract was signed. The last thing you want are hidden surprises when you open the front door.


3) Organise insurance

Make sure you check the date when you need to have your building insurance sorted. It may be from when you sign the sales contract, or by settlement. Rules vary by state and territory.


Ready to get started?

As your mortgage broker, we’ll organise pre-approval on your home loan and get your loan application over the line, so that everything runs smoothly come settlement day.


Get in touch today and let’s chat about your exciting new property purchase.


Source: Finance Focus Connective

Can gambling impact your home loan application?

July 10, 2025
If you’re looking to buy a property, it’s important to remember that your gambling habits could be taken into account when you apply for a home loan. Your lender will look at any track record of gambling when assessing your financial situation and ability to repay the mortgage. Not only could gambling jeopardise your chances of being approved for a loan, but it could also impact your ability to refinance down the track. Understanding the process When you apply for a home loan, your lender will do an affordability assessment. As part of this, they’ll assess your income (from all sources) against your outgoings (your regular expenses). They’ll also likely check your credit score. If a lender sees evidence of regular gambling transactions as part of your expenses, it may be a red flag. They’ll look at how much money you’re gambling, how frequently you’re betting and what type of gambling you’re participating in. If it’s a small amount you’re gambling relatively infrequently for leisure, it probably won’t raise any alarm bells with the lender. The occasional Powerball ticket, for example, will be considered harmless. However, if it’s an ongoing habit that’s getting out of control, it could limit your ability to secure finance. How to turn things around There are steps you can take to try to maximise your chances of getting approved for a home loan if you do have a history of gambling. Domino your debts: Paying off your debts – whether it be credit card debt, car loan or personal loans – is a good place to start, as it shows you are able to manage your finances effectively. Budget and save: A strong track record of saving will go down well with lenders. Keep putting money aside regularly and grow your savings nest egg. Boost your credit score: You can access your credit score and credit report for free every few months. If you notice any errors in the report, contact the credit provider. The government’s moneysmart website offers tips on how to improve your credit score, such as lowering your credit card limit, paying your utility bills on time and keeping on top of credit card repayments. Stop gambling: If you think your gambling may jeopardise your home loan application, try to reduce or quit gambling. Seeking help There are many resources available to help you tackle a gambling addiction. GambleAware offers tools and support for those who are looking to stop gambling. The site includes a gambling assessment to see how the habit may be impacting your life, as well as research and links to gambling support groups. You can also get immediate support from Gambling Help Online on 1800 858 858. It’s free and confidential. Other options can be found on the Health Direct website . Like to talk through your finance options? If you’d like to know more about how your gambling habit may affect your home loan application, we’re here to answer your questions. Talk to us confidentially about your financial situation and we’ll help you work towards getting the finance you need.

Are you retirement ready? Planning for the next chapter

By Darcey Rizzuto • May 30, 2025
Retirement often conjures up images of afternoons on a golf course or adventures in a motorhome, of growing your own vegetables or spending quality time with the grandkids.