Steps to settlement
So you’ve found it, your first home! You can’t wait to finally step across the threshold and make it your own.
Now, you’re probably wondering how to settle the deal. There are a few steps left until you’re home. Understanding the settlement process is the final part of your journey as a first home buyer, and we’ll be there to help you cross the finish line.
An important figure in the settlement process is a conveyancer, or settlement specialist. Conveyancers handle most of the details of settlement, including reviewing and exchanging contracts, arranging inspection and dealing with strata reports.
The first step is exchanging written contracts. This is also when you pay the deposit. Depending on what state you made the purchase in, you may have a cooling-off period after the contract is signed.
In the time between exchange of contracts and settlement, usually six weeks, it’s up to you to pay stamp duty, shop for building insurance, sign the mortgage documents, contact utility providers and, finally, prepare to move in!
As a buyer, this period should be smooth sailing as your professional support team, including your conveyancer and your mortgage broker, will do most of the work on your behalf! For more information, see Preparing for Purchase.
And be sure to read our fact sheets about more specific steps in the settlement process. Unconditional approval is the final approval of your loan by the bank. Inspections and valuations covers some of what your conveyancer will help you with.
Have questions about the settlement process? Getting pre-approval? Want support along the way? Give us a call today.
In this chapter
Take the next step to buying your first home
As a first home buyer, you’ll soon develop a feel for the housing market in the areas or suburbs ...
The words “unconditional approval” can make a first home buyer’s heart sing ...
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