Do I need to attend settlement day in person?

Neither buyers or sellers of property need to attend settlement day in person, as long as they have an official representative to meet the lender instead. You should engage a solicitor or conveyancer to be there on your behalf.

Can settlement be delayed and what happens if it is?

Yes, settlement can be delayed for a few reasons. This could be because the buyer finds a problem during the final inspection or because the lender isn't ready to release the finance. Delayed settlements elsewhere can also have an impact. Sellers waiting to move into their next property could delay settlement if that next property isn't ready yet. You can get an approved extension to the settlement date, but if you don't you may face some repercussions. 1. The buyer may end up having to pay penalty interest. 2. A default notice could be issued giving you a time period within which to settle. 3. A rescission notice will formally end the contract. 4. If the buyer cannot settle and the contract is rescinded, the buyer will likely forfeit the deposit. 5. The seller can claim for damages.

When do I get the keys after settlement?

You can pick up the keys to your new property as early as settlement day itself.

How long does settlement take in Australia?

Settlement of a home loan can take between 30 to 90 days from the date the contract of sale is signed.

Can I move in on the day of settlement?

Yes, if you're ready to move in on settlement day and settlement happens early enough in the day for you to move, you can move in straight away!

What are the costs involved on settlement day?

The biggest additional cost that comes on settlement day is the transfer duty (stamp duty). Other costs include certain utility bills and council tax. The seller may have already paid these costs for the year and so the buyer needs to make sure they pay their proportion from the day they take ownership.