How does the settlement process work?
Once you’re approved, you will need to go through the settlement process. The steps are slightly different, depending on whether you’re purchasing or refinancing.
Settlement process for purchasers
- Identify your property
Make an offer on the home you want. - Review your purchase contract
Sign the purchase contract and pay your deposit. Your settlement date and any other conditions (e.g., finance clause) will be included in the contract. - Hire a conveyancer
A conveyancer will need to legally transfer the property to your name. They will deal with your lender and the seller’s conveyancer. - Research building insurance
Depending on your property, you may need insurance to cover you in case something happens to your property. This protects you and the lender. - Home loan approval
Once you supply the purchase contract and any other outstanding information or documents, your home loan application assessment can be completed. - Confirm your identity
This can be done digitally through a secure online portal or in-person at Australia Post. We will email you after approval with details on how to complete this step. - Receive your home loan contract
You will receive an email with your home loan contract and other settlement documents from our mortgage services partner, MSA National. - Sign your loan and mortgage documents
Read your home loan contract and other documents included in the pack in detail and make sure you’re comfortable with them. If you are, sign and send back to the team at MSA National. MSA National will keep you updated via email and SMS about the status of your settlement. If you are unsure of anything in the documents, make sure you contact your lender or conveyancer to discuss before signing. - Final inspection
The property needs to be in the same condition as when it was sold. If not, you should speak to your conveyancer. - Organise your utilities
You can now start to arrange gas, electricity, internet, and anything else you might need. - Change of address notice
Your conveyancer will advise your new local council, water company, strata (if applicable), and Land Tax department of the change in ownership of your new property. - Settlement
Prior to settlement, your conveyancer will prepare a settlement adjustment statement outlining the costs breakdown, including stamp duty concessions, conveyancer fees, and potential other expenses. It is recommended to consult your conveyancer regarding the timing and preferred method of making the funds available. On your settlement day, the ‘drawn down’ amount will be transferred to the seller. This is when your home loan officially begins.
Settlement process for refinancers
- Identify your refinancing goals
Understand what you hope to gain from refinancing and do research into the loan products that suit your needs. - Choose your new loan
Explore home loan products on the market and understand how much it will cost to refinance - there are often fees involved. Once you’ve found the right product for you, apply for your new loan. - Approval and valuation
Your new lender will need to approve your application and value your property. At Qantas Money, this can occur in minutes when you apply as part of our online process. - Notify your existing lender
Some lenders may require you to tell your current lender that you’re planning to refinance, so that they can provide information to the new lender. At Qantas Money, we will manage this step on your behalf. However, if you are approved to refinance your loan with us, you will need to manage the discharge of your existing mortgage directly with your previous provider. - Receive and sign your documents
Now that your loan has been approved, you will receive your new loan documents. Review these carefully, then sign and return them so that you can progress to settlement. - Settlement
Once your lender receives the signed paperwork, they will arrange your settlement. This includes closing your old loan, establishing the new one and paying any set up or discharge fees. A conveyancer may be required if you are changing your ownership structure. This is when your refinanced home loan officially begins.
Need more information about refinancing? Visit the ‘Refinance’ section of our FAQ.
