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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 

  1. Identify your property 
    Make an offer on the home you want.
  2. Finalise your purchase 
    Sign the purchase contract and pay your deposit. Your settlement date will be confirmed as well.
  3. Purchase 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.
  4. Approval for the exact amount
    Once you supply the purchase contract, we will approve your home loan for your loan amount.
  5. 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. 
  6. 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. 
  7. 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.
  8. Sign your home loan contract
    Read your home loan contract in detail and make sure you’re comfortable with it. If you are, sign the contract and send it back to the team at MSA National. MSA National will keep you updated via email and SMS about the status of your settlement. 
  9. Final inspection
    The property needs to be in the same condition as when it was sold. If not, you should speak to your conveyancer.
  10. Organise your utilities
    You can now start to arrange gas, electricity, internet, and anything else you might need.
  11. 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.
  12. Settlement
    Your loan will then be ‘drawn down’. This means we’ll debit the amount paid to the seller, the cost of stamp duty, plus any other fees, from your loan account. This is when your home loan officially begins - congratulations. 

Settlement process for refinancers

  1. Identify your refinancing goals
    Understand what you hope to gain from refinancing and do research into the loan products that suit your needs. 
  2. 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. 
  3. Approval and valuation
    Your new lender will need to approve your application and value your property. At Qantas Money, this occurs in minutes when you apply as part of our online process.
  4. 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. 
  5. 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.
  6. 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 will be needed to manage the transfer of your home loan registration and property title to your new lender. This is when your refinanced home loan officially begins - congratulations.

Need more information about refinancing? Visit the ‘Refinance’ section of our FAQ. 

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