Your offer’s been accepted – congratulations! You’re on your way to becoming a first home owner. But just when it feels like the hard part is over, the time between signing the contract and getting the keys can feel like it drags on forever. There are still a few important steps to go, so here’s what to expect next in the order they usually happen.
Appoint a solicitor or conveyancer
To finalise your purchase and guide you through to settlement, you’ll need to appoint a legal representative such as a solicitor or conveyancer. They’ll review your contract and represent your interests throughout the whole process. You can work with a local solicitor or conveyancer, use one of the many online services available, or get a recommendation from your real estate agent, friends, or family.
Your solicitor or conveyancer will also check for any special conditions on the property title, such as easements or covenants. If you’re buying an apartment or townhouse, they’ll confirm what type of land title applies and explain your ongoing responsibilities as an owner.
Pest and building inspections and valuation
Make sure both you and your solicitor or conveyancer are satisfied with the results of the pest and building inspections. If the reports reveal major structural issues, it’s worth considering the potential repair costs before moving forward.
If you already have home loan pre-approval, your lender will also need to conduct a property valuation to confirm it’s worth the amount you’ve offered. If the valuation comes in lower, your loan amount may need to be reassessed.
Review contracts
Your solicitor or conveyancer should check for mine subsidence and other potential site risks such as flood or fire zones, and alert you to any unusual clauses in the contract (e.g. a shorter or longer settlement period). They should also make sure council and water rate adjustments are handled correctly, so the previous owner pays their share and you’re not left covering costs for utilities you didn’t use.
It’s also a good idea to read through the contract yourself and review the site plans carefully. Check whether any utility pipes run through areas where you might want to build a deck, pool or garage. Make sure all existing structures on the property appear on the council records – if they don’t, it’s worth investigating to ensure they were properly approved and won’t cause issues down the track.
Contract exchanges
Once you and your solicitor or conveyancer are happy with everything, it’s time to sign the contract. Your solicitor or conveyancer will then exchange contracts with the vendor’s solicitor or conveyancer on your behalf. During this stage, a settlement date is agreed upon, and your solicitor or conveyancer will liaise with your lender to make sure they’re ready to attend your settlement appointment.
Pre-settlement inspection
Before settlement day, you’ll have the opportunity to complete a final inspection of the property. This step is crucial because it ensures everything is in the same condition as when you signed the contract and that all agreed inclusions are present. Take the time to check that appliances, plumbing, electrical fittings, and heating or cooling systems are working correctly, and look for any unexpected damage or missing items. If you notice any issues, raise them with your solicitor or convenyancer immediately so they can be resolved before funds are exchanged. A thorough inspection helps avoid surprises and gives you peace of mind that your new home is ready to move in.
Settlement
On settlement day, your solicitor or conveyancer, the vendor’s, and your lender will finalise the purchase and exchange funds. Your bank will hold the property title for safekeeping until your home loan is fully repaid – at which point, the title will be transferred into your name. Once everything’s complete, your solicitor or conveyancer will confirm that you’re officially a first home owner!
After settlement, your lender will usually send you an email or letter with your new home loan details including your loan number, repayment amount and frequency, and the date your first repayment is due.
