Time to read : 2 Minutes
You ask is our regular feature where we take common questions Australians are searching for and give a simple, clear answer.
Today's question is around home loan settlements.
Here's one answer.
Going deeper:
Property settlements are a legal process that is usually assisted by your lawyer and lender.
On settlement day your lender will register a mortgage against the new property and transfer the final funds for the sale.
Your lawyer or conveyancer will check the previous owner's mortgage has been discharged and that the property is now in your name. The transfer is then registered with your state or territory's title office.
A refinance settlement is generally much simpler and quicker to do.
Coordinate with your lenders and broker to make sure your settlement date is the same.
Triple check that all your accounts are set up to proceed and receive funds.
Confirm the new repayment amount and date.
Be aware: It's a very good idea to take the final inspection of your new property – and check that everything you expect to be included is.
🤔 Need more help? We've put together a glossary of common terms if you come across language you're not sure about when buying a property.
