When buying a property, your contract outlines crucial finance and settlement dates guiding the transaction process. But what do these two key dates actually mean and what happens on each one? Here we explain the difference simply to provide helpful clarity.

We know loan applications create anxiety. But proper preparation and guidance can ensure smooth sailing.

Here's how to optimise the financing process when buying property:

• Early Collaboration is Key : Partnering with an experienced mortgage broker early, prior to purchasing, understand your options and required steps. We help you gain insight into costs and borrowing power upfront, minimizing hiccups later.

• Proactive Planning Prevents Pitfalls : Once contracted, quickly submit all documentation needed to avoid delays. Pre-approvals position you strongly by demonstrating accessible funding early. We work diligently to secure approvals within finance clause timeframes.

• Know Your Contract Rights : If lenders don't confirm finance in time, extensions can be negotiated. Otherwise, exit clauses protect deposit refunds. We closely monitor progress, and liaise with conveyancers around critical contract timings.

Settlement Date:

The settlement date is specified in the contract of sale by the seller, typically 30-90 days from signing. On this day, the legal transfer of the property takes place:

• You pay the outstanding balance of the purchase price.

• Ownership officially transfers via the property title registering in your name.

• You take possession with the right to access and use the property.

Settlement involves the facilitation of your and the seller's legal representatives and lenders to finalize the transaction.

At settlement, outgoing expenses like rates and fees also get adjusted between the parties. The seller covers costs up to and including settlement day, but responsibility shifts to you as the new owner thereafter.

How Investors Mortgage Can Help:

Knowing what to expect during the settlement process ensures you can prepare accordingly. At Investors Mortgage, we are committed to providing you with the knowledge and support you need for a seamless property journey. Don't hesitate to reach out now to discuss your financial goals.

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