If you’re new to buying property, rest assured it’s totally normal to feel anxious about everything going to plan. But with the right help, it will. Here’s what you need to do to take the worry out of settlement day. First, let’s cover a few basics.
What is settlement day?
Settlement day is when ownership of a property is legally transferred from one party to another. There are all sorts of regulations and procedures as part of this process, but the good news is that your conveyancer will take care of the final details. Likewise, your mortgage broker will ensure your finance is all set.
What happens on settlement day?
On settlement day, you get busy doing what you’d normally be doing. Meanwhile, your conveyancer and a representative from your home loan provider will meet with the seller’s representative.
Your conveyancer will receive the property title and register you as the new owner. Cheques will be exchanged, and any government fees and duties paid. Once the paperwork is completed, you’ll be notified of a successful settlement. Soon, those shiny keys to your new home or investment property will be all yours.
Sort out your finances early
To ensure your settlement goes smoothly you need to have the right people on your team. In terms of your finance, that means locking in a reputable mortgage broker.
Before you even start looking for a property, organise pre-approval on your finance. That way, you’ll have a solid understanding of how much a lender is likely to lend you.
When you find the right property for your needs, we’ll walk you through the home loan application process, right through to settlement and beyond.
Find a good conveyancer
You’ll need a reliable conveyancer to oversee the complex legal requirements and paperwork involved in a property purchase. Among other tasks, your conveyancer will ensure there is enough time between the finance approval date and the nominated settlement date.
Negotiate a date that suits you
Remember, the settlement date is negotiable.
Even if you’re buying at auction and the settlement period is in the contract, you may be able to liaise with the seller’s agent to see if they would be open to a different date.
The settlement period begins the day the contract is signed and is usually between 30 and 90 days. It needs to factor in adequate time for your finance to go through, searches to be undertaken and paperwork to be completed.
Paperwork, Paperwork, Paperwork
Failing to return paperwork on time or forgetting to sign a page or tick a box can all delay loan approval. The same goes with paperwork for your conveyancer. Pay attention to detail when filling everything in and return paperwork as soon as possible to ensure things run smoothly.
By having the right professionals on your team to support you through the process, you can concentrate on the fun stuff – like planning your housewarming!
Mortgage Broker’s with a difference
Here at Crest Lending, we pride ourselves on being there from day one of your home loan journey, all the way to settlement day and beyond. With the help of our experienced home loan brokers, you can take the worry out of settlement day as we will be there every step of the way.