Approval feels like the finish line. It is roughly the halfway point. Here is the whole run from formal approval to keys, in order, with the places delays actually come from.
1. Formal approval (also called unconditional)
The lender has assessed you, valued the property and cleared its conditions. This is the one that counts — conditional approval and pre-approval both still have things outstanding.
If your contract has a finance clause, this is the point your broker or solicitor notifies the vendor that finance is satisfied. Do not let that date slip: miss it without an extension and you can be in breach.
2. Loan documents
The lender issues the contract. Increasingly this is electronic, sometimes still paper. Read the loan amount, the rate, the term and the fees, and check they match what you agreed. Mistakes are uncommon but they happen, and they are far easier to fix now.
Return them promptly. This is one of the two most common places a settlement gets delayed, and it is entirely within your control.
3. Your conveyancer takes over the property side
While the loan documents are moving, your conveyancer or solicitor is doing searches, checking title, preparing transfer documents and calculating adjustments — the split of council rates, water and strata fees between you and the vendor for the settlement date.
They will tell you the exact figure to have ready and when. That number is usually a little different from what you expected, because of the adjustments.
4. Certified and ready
The lender confirms documents are in order and books settlement with the other side. If you are required to have building insurance in place from settlement — most lenders require it — arrange it now and send the certificate through. This is the other common delay.
5. Final inspection
Usually in the few days before settlement. Check the property is in the condition it was when you signed, that anything included is still there, and that agreed repairs were done. If something is wrong, tell your conveyancer immediately — before settlement you have leverage, afterwards you have very little.
6. Settlement day
Mostly electronic now. Funds move, the title transfers, the mortgage is registered. You generally do not need to be anywhere. Your conveyancer confirms it has happened, and the agent releases the keys — often the same afternoon.
7. The first month
- Your first repayment is usually due about a month after settlement.
- Set up the direct debit and check the first one goes through.
- Council and water will transfer into your name; watch for the first notices.
- If you have an offset, move your savings into it — surprisingly often forgotten.
Where delays really come from
In our experience, three things: loan documents sitting unsigned on a kitchen bench, insurance certificates not provided, and the other side not being ready. The first two are yours. Deal with them the day they land and you remove most of the risk of a late settlement.
And one rule that matters right through this period: change nothing. No new credit cards, no car finance, no job change. Lenders can and do re-check before funding.
Before this: pre-approval · Common questions · Book a consultation
General information only — it does not take your objectives, financial situation or needs into account, and is not credit assistance or legal advice. Settlement processes and timeframes vary by state and by lender. Easy Loan Finance is a Credit Representative (CRN 568863) of Beagle Finance Pty Ltd, Australian Credit Licence 383640.
