3 essential tips to avoid surprises on settlement day.

At FinancePath, we know that settlement day is an exciting milestone — it’s the moment you officially become the owner of your new home. But while it’s thrilling, settlement day can also come with its share of last-minute surprises. With proper planning and the right support, you can minimise potential issues and ensure a smooth handover.

Here’s your guide to avoiding common settlement day pitfalls and making your big day a success.

Common settlement day surprises to watch for

Settlement day is crucial, but it’s not always free of surprises. Here are some potential issues to be aware of and how you can prevent them:

1. Last-minute fees

As settlement day approaches, you may encounter unexpected fees such as adjustments to council rates, strata fees, utility bills, or other closing costs. To avoid surprises, it’s a good idea to set aside a small buffer fund to cover these last-minute expenses without disrupting the settlement process.

2. Unsettled utility accounts

Sometimes the previous owners may not have finalised or transferred their utility accounts, which can delay the activation of services like electricity, gas, and water. Work with your conveyancer well in advance to ensure these accounts are settled, so there are no delays when it’s time to move in.

3. Document readiness

To ensure a smooth settlement, it’s essential that all documents, including final loan approvals, insurance confirmations, and proof of identity, are in order. Double-check these details with your conveyancer and lender ahead of time to avoid any last-minute delays or complications on settlement day.

4. Outstanding repairs or condition issues

During your pre-settlement inspection, you may notice repairs or maintenance work that hasn’t been completed as per the agreement. If this happens, it’s important to resolve these issues before settlement day arrives to avoid delays or disputes.

5. Title transfer delays

Occasionally, settlement can be delayed due to issues like unresolved ownership disputes or pending property registrations. Keeping in regular contact with your conveyancer can help address any potential issues early, ensuring everything is on track for a smooth settlement.

Since settlement dates can sometimes change unexpectedly, staying in close communication with your conveyancer, lender, and having a small buffer fund can help you stay prepared for any last-minute adjustments.

How to prepare for settlement day

1. Stay organised with your paperwork

Ensure all the necessary documents are completed and submitted promptly. Your conveyancer will handle the paperwork for transferring the property title, while we at FinancePath will guide you through everything related to your home loan. Prior to settlement, you’ll receive a settlement statement from your conveyancer or solicitor, which will detail the exact amounts due.

2. Complete a pre-settlement inspection

Before settlement day, you’re entitled to inspect the property to confirm it’s in the same condition as when the sales contract was signed. This inspection is crucial to ensure there are no surprises or hidden issues when you step into your new home.

3. Organise insurance

Most lenders require building insurance to be in place before settlement, either from the time you sign the sales contract or by settlement day, depending on your state or territory. Confirming your insurance ahead of time will give you peace of mind knowing that your home is covered from day one.

Looking forward to your move-in day

Settlement day is an exciting step towards homeownership, and with proactive planning and the right support, you can ensure everything goes smoothly. At FinancePath, we’re here to help guide you through the settlement process, ensuring that your loan and home-buying experience are seamless. If you need any assistance or have questions along the way, don’t hesitate to reach out — we’re here to make your move-in day a success!

Contact FinancePath today at 1300 780 440 for expert mortgage advice and support throughout your home buying journey!