Stage 05 of 5 · Usually 30 to 90 days after exchange, set in the contract
Settlement
The day the money moves, the title transfers, and the loan actually starts. Mostly handled by your conveyancer, with a small number of things that are yours alone.
What gets decided here
- Are the settlement figures right?
Your conveyancer prepares a statement of adjustments covering rates, water and strata levies apportioned between you and the seller. Read it. Arithmetic errors happen and they are far easier to fix before settlement than after.
- Is the building insured from the right moment?
Lenders require building insurance noting their interest, effective from exchange or settlement depending on the state. Getting the start date wrong is a common last-minute hold-up.
- Have you done the final inspection?
Usually in the few days before settlement. You are checking that the property is in the same condition as when you contracted, that inclusions are present, and that anything agreed to be repaired has been.
- What happens if settlement is late?
Contracts generally provide for penalty interest against whichever party caused the delay. Knowing the daily figure ahead of time makes it a decision rather than a shock.
Before this stage ends
- Statement of adjustments read line by line
- Building insurance in place with the lender noted, from the correct date
- Final inspection completed and any issues raised with your conveyancer
- Remaining funds cleared in the right account well before the day
- First repayment date and amount confirmed with the lender in writing
Where people slip
- Transferring funds on the morning of settlement and discovering the bank's daily limit.
- Skipping the final inspection and inheriting a problem that was covered by the contract.
- Forgetting to redirect mail, utilities and council records, which is not a loan issue but is a real week of annoyance.
Who sets the rules here
General information about how the Australian home buying and lending process works. Thresholds, concessions and scheme eligibility are set by federal, state and territory agencies and change; each page links to the agency that sets the rule. Reviewed 17 August 2026.