Settlement day marks the official transfer of property ownership from the seller to you — the final milestone in the home-buying process. While it’s an exciting time, it can also be overwhelming if you’re not fully prepared.
To help ensure a smooth and stress-free transition, here’s a checklist of what you should have organised before the big day:
- Finance Approval & Funds Ready
Ensure your home loan is unconditionally approved and that your lender is ready for settlement. Any shortfall between your loan amount and the purchase price must be covered by you, so it’s important that your funds are available in time.
Tip: Touch base with your lender and conveyancer a few days before settlement to confirm everything is ready to go.
- Conveyancer or Solicitor Coordination
Your conveyancer or solicitor is the key player in managing the legal side of settlement. They coordinate with your bank, the seller’s representative, and other parties to ensure all documentation is completed and funds are transferred correctly.
Tip: Make sure you’ve signed all necessary documents well in advance and stay in regular contact with your conveyancer.
- Insurance
You should have building insurance in place from the moment your contract becomes unconditional — or earlier, if specified in the contract. This protects you in case of damage to the property before you officially take possession.
Tip: Confirm with your insurer that your policy is active from the appropriate date, and that it reflects the correct address.
- Utilities and Services
Organise the connection of essential services such as electricity, gas, and internet in your name from the date of settlement. While your conveyancer will usually handle council rates and water, utilities are your responsibility.
Tip: Schedule connections for the afternoon of settlement, just in case the process takes a few extra hours.
- Change of Address Notifications
Start notifying relevant contacts and services of your new address, including banks, the electoral roll, driver’s licence authorities, and any subscription services.
Tip: Don’t forget to update your pet registrations, Medicare, superannuation funds, and your employer. You can also set up a mail redirection service to catch anything you miss.
- Moving Arrangements
If you plan to move in right after settlement, make sure your removalists or hire truck are booked and ready. However, avoid scheduling your move early in the day as delays in the settlement process can happen.
Tip: Wait until your conveyancer confirms that settlement is complete before arriving at the property or organising access.
- Know What Happens on the Day
On the day of settlement, your conveyancer and lender take care of the paperwork, fund transfers, and title registration. Once everything is confirmed, you’ll be notified and can collect the keys — usually from the real estate agent.
Tip: Be patient and stay available in case your conveyancer needs to reach you during the day.
Final Thoughts
Settlement day should be a celebration — not a stress-fest. By ensuring everything is organised ahead of time — from finance and insurance to utilities and address updates — you’ll be ready to step into your new home with confidence and peace of mind.
Need more personalised guidance? Your conveyancer or solicitor is your best resource in the lead-up to settlement. Don’t hesitate to reach out if you’re unsure about any part of the process.