For formal approval we’ll need to get just a few more documents together and then that’s it! We’ll do all the administrative steps from there to turn your pre-approval into a settled home loan.

You can officially start planning your house warming! The last step is to dot the i’s and cross the t’s; that is, to finalist the legal and financial aspects of your home.

We’ll be with you throughout these final steps, and beyond, for any questions you may have.

What happens on settlement day?

Settlement day is the day you can pick up the keys to your new property and officially start the next chapter of your life. On settlement day, lots of things happen at once. Having a mortgage broker takes the stress out of this final part of the process so you can focus on the excitement of moving into your home.

On settlement day:

The sale is completed when the money is sent

You’ll receive the title of the property and the vendor’s solicitor or bank will arrange for the Registrar General to register the transfer and home loan (if applicable).

Both parties are required to advise the agent in writing that settlement has occurred, allowing the agent to release the keys to you

Once the settlement process has been finalized your legal representative or agent will notify you when you can go and collect your keys. Then the house is yours.

Tips for repaying your mortgage sooner

Now that you’re on the property ladder, what’s next? Here are some tips on how you can pay off your home loan earlier and take the next steps to becoming a property investor.

Make Extra Repayments

Both parties are required to advise the agent in writing that settlement has occurred, allowing the agent to release the keys to you

Mortgage Offset Account

A mortgage offset account is a savings account into which your salary and other cash can be deposited. The money in this account is then offset against your loan and so reduces the interest you pay.

Make an annual lump sum payment

By depositing a lump sum such as a tax refund or a work bonus, you can apply it directly to your loan balance. This will reduce the amount of interest you will pay and save you money.

Opt for a redraw facility

A redraw facility allows you to make extra payments by putting savings or ‘rainy day’ money into your loan, while allowing you to withdraw it if you need to down the track.

We’ll review your loan with you periodically to make sure your home loan suits your long-term financial goals.

What happens next? How else can we help?

Have all bases been covered

Your property is now rightfully and legally yours. You should consider covering yourself against unforeseen circumstances such as theft, fire and flooding by getting home and contents insurance.

Insure Yourself

Because a mortgage is often a life-long commitment, we recommend that you get insurance that will cover you if you are unable to work due to illness, injury or other unforeseen circumstances.

Nothing is too small or too big

Once you’ve settled into your new home, we can help you secure additional finance, whether it’s for buying a new car, a renovation or planning for a future property investment.

We’ll keep you informed

Once you’ve moved in and you’re making repayments, it’s easy to forget about your mortgage. But staying up-to-date on interest rates and new products could save you money. That’s why we’ll be here to let you know if anything changes.

Get in touch with us to start planning your financial future.