Settlement Day Explained: First Home Buyer FAQs
Settlement day is the final step in buying your first home — but it’s also one of the most confusing if you’ve never been through it before.
Below are the most common questions first home buyers ask about settlement day, with clear, simple answers so you know exactly what to expect.
What is settlement day?
Settlement day is the day the property legally becomes yours.
It’s when the remaining purchase price is paid, your loan funds are released, and the property title is transferred into your name.
Do I need to attend settlement in person?
No, in most cases you don’t.
Settlement is usually handled electronically between your lender, the seller’s lender, and both legal representatives. Your solicitor or conveyancer manages this on your behalf.
What happens on the day of settlement?
On settlement day:
- Your lender releases the loan funds
- Your deposit and loan are paid to the seller
- The seller’s mortgage is cleared (if applicable)
- Ownership of the property is transferred to you
Once this is complete, settlement is confirmed.
When do I get the keys?
After settlement is confirmed, the real estate agent is notified.
You can usually collect the keys later that day — sometimes within hours, depending on timing.
What money do I need ready for settlement?
Before settlement, you’ll be given a final settlement statement outlining any remaining funds required.
This may include:
- The balance of the purchase price
- Stamp duty (if applicable)
- Legal or conveyancing fees
- Adjustments for council rates or water usage
What happens if settlement is delayed?
Delays are uncommon, but they can happen.
They’re usually caused by missing documents, late funds, or issues on one side of the transaction. Having everything prepared early reduces the risk.
What should I organise before settlement day?
Before settlement, make sure you:
- Have your funds ready as advised
- Organise building insurance
- Confirm settlement details with your conveyancer
- Arrange utilities and moving plans
When do loan repayments start?
Loan repayments usually start shortly after settlement.
Your lender will confirm the repayment amount and schedule before or just after settlement is complete.
What changes after settlement?
Once settlement is done, you’re officially responsible for the property.
This means:
- Rates and utilities are now in your name
- Insurance is your responsibility
- You can move in and start setting up your home
Is settlement day something to worry about?
For most buyers, settlement day is straightforward.
The key is preparation — when everything is organised in advance, settlement is usually smooth and stress-free.
Want Help Getting Ready for Settlement?
If you’re approaching settlement or just want to understand what’s coming, a quick conversation can help ensure you’re fully prepared and confident.
