What happens in the lead up to Moving Day?

July 31, 2017
Kathryn Coleman

You’ve successfully negotiated to buy the perfect home. Your loan is approved. What happens next?  Today we talk you through what happens behind the scenes and closer to getting those keys in your hot little hand and what you can do to ensure things run smoothly.


It’s an exciting time, buying a home, particularly when it’s your first...Everything seems to happen all at once.  You find the house of your dreams and the endless house hunting is over.  You pay your deposit, exchange contracts and receive formal approval from the lender.  What follows is a team of hardworking professional who all play an important role to make the property yours.

Here’s what you need to know.

Each contract is different but in Queensland settlement is 30 days after contract date as standard.  During this time your legal team completes all the paperwork to transfer ownership of the property into your name.

On settlement day your conveyancer/solicitor will meet with your lender and the seller’s representative to sign and hand over documents and cheques. These documents are lodged with the land titles office.  From here new owner details are registered.

Meanwhile, your lender will register the mortgage against the title. This remains in place until the loan is paid off. Your Mortgage Choice broker will continue to liaise with your lender, who will provide the funds to purchase the property or payout an existing loan.

Borrowers are not heavily involved in this stage but there are things that can be done by you to ensure things go well.

  1. Set a date for a final inspection of the property.  Make a note of any last things you might want to check and ensure all inclusions (such as dishwasher etc) are still at the property
  2. Check your finances – your lender will require an undertaking and direction to pay if there is some of your own cash required at settlement.  Depending on your lender this account may need to be held with the same bank as your new home loan.  There will be some final day calculations that may alter the funds required on the day.  Your solicitor will advise you of these adjustments and they normally relate to taxes and rates (water and council).  Your solicitor will ensure any existing mortgage is paid off and any caveats are removed, then make sure all clauses on the sales contract are fulfilled.
  3. Post Settlement - Once settlement has been successfully completed your solicitor or conveyancer will contact you to confirm you are now the proud owners. It’s an exciting time and shortly after you should take possession of the keys.  Settlement is an involved process with a bit of “red tape” to get through.  Even though you are probably keen to move in it’s a good idea to have a buffer of time, even the next day to book in removalists rather than paying by the hour for them to sit around waiting to unload furniture.  Gives you the opportunity to do any cleaning, painting or styling before the furniture arrives

With the keys in your hand, settlement is finalized and it’s time to start making the property your home!

Just remember your Mortgage Choice broker will be there every step of the way from pre-approval to settlement of your new home and in the future years of wealth creation.

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Posted in: Upgraders / movers

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