How can I contribute my money at settlement?

On settlement day of your property purchase some of the money will come from your lender. The remainder needs to come from your savings and, if you're lucky, there might also be a gift from parents!
 
There are two options for arranging your contribution. You can use a combination of these if it suits you.
 
1. This is the often the simplest of the two options. Put the money in a transaction account, in your name, at your lender. If you are a new customer to the lender this account may have been setup when your loan was approved. You should deposit a bit more than you expect to need, say $1,000 if possible. It's important there isn't any shortfall of funds otherwise the settlement won't happen that day. Note that funds must also be 'clear' for the bank to use on the day of settlement, so don't try depositing a cheque at the last minute! 
 
2. By giving bank cheque(s) to your conveyancer. It doesn't matter who arranges a bank cheque (EG you or a parent). Your conveyancer will advise who the cheque(s) are payable to, and exactly how much each needs to be. However, they often they do calculations only a day prior to settlement....will you have time to rush around getting cheque(s) from your bank and delivering to your conveyancer?
 
You can also discuss with your conveyancer to see if they have a preference or can offer other options. Some solicitors offer their "trust fund account" for you to deposit money prior to settlement.
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