Settlement
Settlement is the day the balance of the purchase price is paid, the title transfers to the buyer and the lender's mortgage is registered; in Victoria most settlements are completed electronically.
Settlement, explained.
Between contract and settlement the lender issues formal approval, loan documents are signed and returned, the valuation is confirmed, insurance is put in place and the conveyancer adjusts rates and other outgoings between the parties.
The common causes of a delayed settlement are late loan documents, a valuation shortfall, a discharge the outgoing lender has not processed, and funds for duty and costs that are not cleared in time.
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The Learn section is general information about lending in Australia. It does not take account of your objectives, financial situation or needs, is not credit assistance, and is not tax, legal or financial advice. Lender policies, government schedules and regulations change; check the current position with the relevant body or with us before relying on it.
