From approval to settlement: what to expect

From approval to settlement: what to expect

Once your home loan is formally approved, there are still several steps before you receive the keys. Here's a general overview of what typically happens between approval and settlement.

1. Loan documents

After formal approval, the lender prepares your loan documents (also known as loan contracts). These outline the terms and conditions of your loan. You'll need to review and sign them. This is an important step, so take the time to read through them carefully.

2. Solicitor or conveyancer review

Your solicitor or conveyancer reviews the loan documents on your behalf and manages the legal aspects of the property transfer. They coordinate with the seller's legal representative to prepare for settlement.

3. Pre-settlement inspection

Before settlement, you'll typically have the opportunity to do a final inspection of the property. This is to ensure the property is in the agreed condition and that any included items (such as fixtures or appliances) are present.

4. Settlement day

Settlement is when the legal ownership of the property transfers to you. Your lender provides the funds to the seller's bank, and the title is transferred. This process is usually handled by your solicitor or conveyancer. Settlement timelines vary by state and contract terms but commonly take four to six weeks from the exchange of contracts.

5. After settlement

After settlement, you receive the keys and can move in (or begin preparing an investment property for tenants). Your loan repayments typically begin within the first month after settlement.

Our role throughout

We stay in touch with you and the lender throughout this process, helping to resolve any issues that arise and keeping things on track. Even after settlement, we remain available for future questions or reviews.