FAQs - About settlement
  • Frequently asked questions on the settlement process ...
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Frequently asked questions about - The settlement process

  1. I found the property I wanted! What do I do now?
  2. When do I receive the documents off the bank?
  3. What happens once the documents have been returned?
  4. When is the settlement of the property?

Answers

1. I found the property I wanted! What do I do now?

If you haven't already faxed the front page of contract of sale to Home Loan Advice Centre, do so, and we will arrange for the bank to order the valuation on the property if required. The next step is for the bank to issue unconditional approval. This usually takes a couple of days from when they receive the valuation.

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2. When do I receive the documents off the bank?

Once the bank grants unconditional approval, they will prepare the Letter of Offer and mail these to you. The Letter of Offer is the formal loan contract between you and the lender and is brought into effect once signed by you and sent back to the bank.

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3. What happens once the documents have been returned?

Once the documents have been returned and the Letter of Offer is actioned by the lender, they will then begin the process of liaising with your conveyancer to conduct the settlement of the property.

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4. When is the settlement of the property?

Settlement is usually 4-6 weeks from the date of exchange of contracts. This is arranged by your conveyancer and the lender you have chosen. If it's a refinance you've organised, settlement should occur within 2 weeks from the time the lender receives back your signed loan offer documents.

On settlement day your conveyancer receives funds from various sources and pays out the entities required ie vendor, state government etc.

On this day you receive your keys and the property is officially yours!

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