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The property purchase process can seem like a long process, so it’s exciting once the settlement day arrives. Take a look at our top tips to help make the settlement goes as smoothly as possible.

Some buyers assume everything is taken care of in the lead up to settlement day and don’t keep in contact with their lender and solicitor. However this can cause delays and slow down the process. It's actually an important time to make sure all your paperwork and finances are in order. Our list of tips below will help you keep everything in check.

Check your loan documents

  • This is a crucial step. After your loan is approved and you receive your loan contract, it is important to double and triple check the details. Once you are satisfied that it is all correct, sign carefully according to the instructions and return them promptly. Contact your lender within a week of sending them back to ensure that they have been received and are checked and in order.

Ensure deposit funds are accessible

  • At settlement, you will need to provide the balance of funds for the purchase. To ensure that they will be available on settlement day, you should organise the deposit at least 2-3 days before. Chat to your solicitor or conveyancer about the best way to pay your deposit. They may suggest depositing the funds into their trust account or into an account with the lender you will be purchasing with. Whatever you choose, just ensure that you don’t get caught out with delays in transferring funds between institutions. Think worst case for how long it can take and leave plenty of time.

Plan for repayments

  • Do you know when your first repayment is due after settlement? Do you know how much your repayments will be? It’s a good idea to work this out before settlement so you don’t have any surprises.

    You will also need to think about the payment frequency (weekly, fortnightly or monthly) and also whether you would like to start repaying extra on the home loan or stick with the minimum amount to begin with.


  • Do you have insurance organised for the property? Most lenders make it a requirement to provide evidence of insurance, with the lender listed as the mortgagee. Your solicitor will probably advise you to take this out when you exchange contracts to ensure you are covered. They will be ensuring that you don’t take any risks if something was to happen to the property between the exchange and settlement.

Check in with your lender

  • Throughout the home loan process you and your lender should be keeping in close contact. But it is especially important to check in with your lender during the weeks leading up to settlement to make sure everything is on track for settlement day. Make sure you confirm the settlement date and find out if there is anything outstanding that you still need to supply.

Don’t disappear!

  • After you have exchanged contracts on a property and your home loan is approved, you may assume that everything is set to go for settlement. But more often than not your solicitor and lender may need to get in touch with you in the weeks leading up to settlement. If you decide to go away on holiday or are not contactable, it could possibly delay your settlement day. So, if settlement is only a few weeks away, plan to be around. Be contactable and return your lender or solicitor’s phone calls. This can help ensure everything stays on track.

State Custodians understands how important it is to be organised before settlement day and works with borrowers one on one throughout the process. Give our team a call on 13 72 62 or leave your details here and they will contact you and see how our team can help you get into your dream home sooner.

  • Use a calculator to get an estimate of how much you can borrow. Try one here.

  • See if you qualify. To get a more accurate idea of how much you can borrow with State Custodians, click here.

  • Call our Lending Specialists and they can do the calculation for you over the phone plus answer any questions you have at the time. Talk to us on 13 72 62.