The timeline
What happens and when. Settlement is typically 30 to 90 days after exchange.
Searches and finance
Your conveyancer orders property searches (title, council, water, strata if applicable). Your lender begins formal processing and orders a valuation. You sign nothing yet.
Approval and documents
Your lender issues formal (unconditional) approval. Your conveyancer receives search results and raises any queries with the vendor's solicitor. Rate adjustments are calculated.
Loan documents
Your lender sends mortgage documents through your conveyancer. You sign them. This usually happens 1 to 2 weeks before settlement.
Pre-settlement inspection
You walk through the property one last time. Check that everything included in the contract is there and the property is in the same condition as when you exchanged.
Keys
Funds transfer electronically via PEXA. The title is registered in your name. You collect the keys from the agent. The whole process takes a few hours.
Settlement periods by state
| State | Typical period |
|---|---|
| NSW | 42 days (6 weeks, standard contract default) |
| VIC | 30 to 60 days (no statutory default, negotiated) |
| QLD | 30 days (REIQ contract default) |
| WA | 30 days (REIWA contract default) |
| SA | 28 to 42 days |
| TAS | 30 days |
| ACT | 30 days |
| NT | 28 to 42 days |
Settlement periods are negotiable. Offering the vendor's preferred date can strengthen your offer. Ask the agent what they need.
The pre-settlement inspection
This is your right under the contract. You walk through the property 1 to 2 business days before settlement to confirm it is in substantially the same condition as when you exchanged contracts. Bring your contract so you can check the inclusions list.
Walk through your home.
Room by room. Tap each item as you check it. Take photos of anything that concerns you.
Front door and entry
Start outside. This is where the vendor handed over the property. Look at it like you have never seen it before.
What your conveyancer handles
You do not need to manage any of this directly. Your conveyancer does it all. But it helps to know what is happening behind the scenes.
Property searches
Title, council, water, strata, land tax, bankruptcy. These confirm the property is what the vendor says it is.
Rate adjustments
Council rates, water rates, and strata levies are split between you and the vendor as at settlement date. If the vendor pre-paid, you reimburse the portion after settlement. If they underpaid, it comes out of their proceeds.
Lender coordination
Your conveyancer ensures mortgage documents are correct, the bank funds on time via PEXA, and the mortgage is registered on title simultaneously with the transfer.
Stamp duty
Calculated, arranged, and paid at or before settlement. First home buyer concessions and grants are applied here.
Transfer documents
Prepared, verified, and lodged with the state land registry. After settlement, the title is updated to show you as the registered owner.
PEXA workspace
Your conveyancer sets up the electronic settlement workspace, invites all parties, confirms figures, and manages the settlement process on the day.
What you need to do
Arrange building insurance
In NSW, risk passes to you at exchange. Arrange insurance from that day. In VIC and QLD, risk typically passes at settlement, but many lenders require insurance from exchange regardless. Ask your conveyancer which date applies.
Sign loan documents
Your lender sends these through your conveyancer, usually 1 to 2 weeks before settlement. Sign and return promptly. Do not change jobs, take on new debt, or make large purchases during the settlement period. Any change to your financial situation could delay approval.
Arrange utilities
Contact electricity, gas, water, and internet providers 1 to 2 weeks before settlement to arrange connection or transfer to your name from settlement date.
Pre-settlement inspection
Book this 1 to 2 business days before settlement. Bring your contract so you can check the inclusions list. Take photos of everything.
Have settlement funds ready
The balance beyond your deposit (your contribution, not the loan) must be in your nominated account ready for drawdown. Your conveyancer will tell you the exact amount and when it needs to be available.
Settlement day
Settlement happens electronically through PEXA. You do not need to be anywhere. Your conveyancer manages the entire process. Here is what happens:
Your conveyancer and the vendor's solicitor log into the PEXA workspace and verify all figures.
At the scheduled time, your lender releases the loan funds.
Funds are distributed simultaneously: the vendor receives their proceeds, their existing mortgage is paid out, the agent receives their commission, stamp duty is remitted, and legal fees are settled.
PEXA lodges the transfer and your mortgage with the state land registry. The title updates to your name.
Everyone receives confirmation. Your conveyancer notifies you that settlement is complete.
You collect the keys from the real estate agent. This usually happens within 1 to 2 hours of settlement completing.
The day you get the keys
Change the locks
You do not know how many copies of keys exist. Budget $150 to $400 for a locksmith.
Take meter readings
Photograph electricity, gas, and water meters. Report readings to your providers.
Confirm insurance is active
Your building insurance should already be running. Confirm with your insurer.
Test smoke alarms
The vendor should have ensured they work. Replace batteries if needed.
Photograph everything
Every room, the exterior, fences, any existing damage. This is your baseline record.
Meet your neighbours
Introduce yourself. They can tell you about bin days, local quirks, and any ongoing issues.
What can go wrong (and what to do)
Most settlements go smoothly. But knowing what could happen helps you stay calm if it does.
Delayed settlement
The party that causes the delay pays penalty interest (typically 10% per annum on the purchase price, calculated daily). Your conveyancer can issue a Notice to Complete, giving the other party 14 days to settle or face termination.
Vendor has not vacated
If the contract says vacant possession, the vendor must be gone. You can delay settlement, negotiate a daily occupation fee, or issue a Notice to Complete.
Damage found at pre-settlement inspection
Document everything. Your conveyancer negotiates a retention (funds held in trust) or a price reduction. For major issues, you may delay settlement.
Lender valuation comes in low
Your lender lends against the valuation, not the purchase price. You cover the gap from savings, renegotiate the price, or (if within your finance condition) withdraw.
Missing fixtures or chattels
If items listed in the contract are gone, your conveyancer negotiates compensation or replacement before settlement.
Important: This guide is general information only. It does not constitute legal advice. Settlement processes, timelines, and penalty interest rates vary by state and contract. Your conveyancer will manage the process for your specific transaction.
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Last reviewed: March 2026.