Queensland
You typically become responsible for the house from 5pm the next business day after the date you sign the contract – this is before settlement.
New South Wales
You are responsible for damage from the settlement date. However, lenders will usually make sure you have cover in place before the settlement date.
Australian Capital Territory
You are responsible for any loss or damage to the property when you exchange contracts so the lender will require you to have home insurance in place by the contract date.
Victoria
You are responsible for damage from the settlement date. However, lenders may require you to have cover in place before the settlement date.
Tasmania
You become responsible for any damage to the property on the exchange of contracts so you need to have home insurance in place by the contract date.
South Australia
You're responsible for loss or damage to the house when you sign the contract – this is before settlement – so you'll need to have home insurance in place by the contract date.
Western Australia
You become responsible for the house either when you're given possession of the property or the date the whole of the purchase price is paid – whichever date comes first.
Northern Territory
You become responsible for the property either when you're given possession of it or the date you pay the whole of the purchase price – whichever date comes first.
