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Frequently Asked Questions – Settlement/Post Settlement

Frequently Asked Questions – Settlement/Post Settlement

  • When is my first loan repayment due to be paid?

    Usually your first repayment is due within 30 days of your loan settlement date. However, there may be exceptions to this rule:

    • you can elect for it to be due earlier when completing your loan documents, thus changing the due date of your first repayment
    • some lenders have a default due date of the last business day in the month

    In summary, it is best to confirm with us when signing your loan agreement.

  • How do I transfer the funds from my old offset account to my new offset account?

    Once you receive your new offset account details (BSB & Account Number), you can do the following:

    • Option 1: transfer the funds through internet banking from your existing lender (via pay anybody / transfer funds) to another bank
    • Option 2: go into a branch of your existing lender and request for funds to be transferred to new offset account

    Please note that Option 2 may cost you an over the counter transaction fee.

  • What actually happens at settlement?

    Your settlement agent will meet with the settlement agents of the bank and the seller, to exchange cheques and documents. The bank’s and your settlement agent will provide cheque payment to the seller’s settlement agent in exchange for the transfer of land document. The bank’s settlement agent will then take the transfer of land document and register it (together with the mortgage documents) at Landgate. Once the transfer of land is lodged with Landgate, the title for the property will be transferred into your name. The change of name on the property title will take approximately 2 – 3 weeks to be reflected in Landgate’s records.

  • What happens after settlement is booked? What do I need to do at that point?

    Once settlement has been booked, we will send you a settlement confirmation along with the details of your loan and the repayment setup that has been specified. You should check the details of your loan/repayment structure and confirm that the loan setup has been completed according to your request. If there are any issues or problems, you should contact us immediately.

  • Can we take the signed loan documents into a branch of the lender/bank?

    Yes – however, we prefer clients to return the loan documents via the return envelopes provided. That way we can check that the documents have been signed correctly, prior to returning them to the lender. Our staff are trained to ensure that the documents are signed correctly, while the branch staff is not required to check the documents before putting them in their mail system to be sent for approval.