Settlement process.

Preparing for settlement.

When you make an offer.

You’ll sign a contract of sale that includes details such as the settlement date, offer price, anything to be included in the sale (like furniture or other additions), dates that things will happen like finance and inspections, and everything the seller needs to do.

Your settlement agent or solicitor will help you understand what building inspections to carry out. Sometimes you won’t be allowed to carry out inspections until after an auction.

Be sure to read the small print before you sign. Also see if there’s a ‘cooling off’ period. Keep in mind that there’s no cooling off period in WA.

After your offer’s been accepted.

The necessary property inspections will now be done. If these inspections aren’t passed, speak to your settlement agent or solicitor about next steps, including potentially terminating the contract.

After you apply for full loan approval with the bank.

At this stage, you’ll work with your settlement agent or solicitor to get your documents ready for settlement. A time and location for handover will be organised.

It’s also a good time to arrange building insurance, which you may need in order for settlement to go through.

After your loan’s been unconditionally approved.

When the bank confirms they’ll give you a home loan, you’ll receive contract documents. Send them back to the bank along with your building insurance documentation. Settlement will be booked once the bank verifies the contracts.

A week or so before settlement day.

You’ll have a settlement inspection where you can check that everything’s as you’d expect. Refer back to the offer documentation to make sure everything is as agreed in the contract, such as pest, electricity and building inspections. Check all the basics - like taps and electricity are working.

If everything’s alright and you’re happy to progress, sign the inspection document. If there’s a problem, you can ask for the owners to resolve any issues, a decrease in the price, or money from the sellers.

What happens after settlement?

Settlement’s done, you’ve got the keys to your new place, and you’re probably working your way through a moving in to-do list. But what about the banking and money side of things now you’ve bought a house and got a mortgage?

Straight after settlement.

What happens automatically?

• Your deposit will leave your bank account
• You’ll get a settlement statement from your settlement agent explaining all the credits and debits required to pay for things like stamp duty, government titles and the property.

What’s up to you.

• Make sure your salary is going into the right account so you’re prepared for any direct debits
• Arrange for your mail to be redirected to your new address
• Update your address wherever you need to – such as with your insurance providers, bank and other financial institutions, super providers, employer, utility providers, driver’s licence and vehicle registration authority in your state or territory, and the Australian Tax Office
• You can download the Bankwest App to track and manage your home loan on the go, or do it in online banking.

When do mortgage repayments start?

Depending on your home loan repayments, your first repayment is due a month after the settlement date. Use the Home Loan Application Tracker to learn more.

Managing your home loan anytime.

• If you choose to link your home loan to an offset account, the sooner you use it, the sooner you could start saving on home loan interest. Here’s how to make the most of an offset account
• If you’ve got a Complete Fixed or Complete Variable Home Loan Package and you choose to get an eligible credit card with it, here's how to activate your card
• Brush up on how to read your home loan statement
• If you’re making principal and interest repayments, keep in mind that a higher proportion of your minimum monthly repayments goes towards the interest amount in the first half of the loan term, rather than the loan amount (principal).