5 Booklet 5 of 6 · Settlement
Settlement day: when the property changes hands and the mortgage begins
Settlement is the day the property title is transferred into the buyer’s name and the mortgage begins; the contract of sale sets when it falls and when the full purchase price is due. A solicitor or conveyancer usually finalises it with the lender and the seller, and then the keys change hands.
Before the day
The parts that have to be ready
NSW Government guidance describes the legal work of preparing a sales contract, a mortgage and related documents as conveyancing, and says most people engage a licensed conveyancer or solicitor, though it can be done yourself. Its list of conveyancing steps includes these loan-related parts:
- arranging finance, if needed
- preparing and examining the mortgage agreement
- arranging payment of stamp duties
- calculating adjustments for council and water rates
- overseeing the change of title with NSW Land Registry Services, final checks, and attending settlement.
The loan contract itself must say whether a mortgage is to be taken and describe the property it covers, as far as that can be worked out. And if the contract document says so, the borrower must insure the mortgaged property; Moneysmart notes home insurance may be a condition of the loan.
On the day
Three things change at once
- The moneythe full purchase price falls due
- The titlethe property is transferred into the buyer’s name
- The mortgagethe mortgage begins
Moneysmart describes the transfer of title and the start of the mortgage as happening on the settlement date. The registers themselves are run state by state: each state and territory has an official, such as the Registrar General in New South Wales or the Registrar of Titles in Victoria, Queensland and Western Australia, responsible for its land registry.
If lenders mortgage insurance applies, booklet 4 covers when it is paid.
Regional variations
How three state sources describe it
The steps differ by state. Here is what three state sources say, each about its own state only.
| State | What the official source says |
|---|---|
| New South Wales | The conveyancer or solicitor oversees the change of title with NSW Land Registry Services; their disbursements may include registering the mortgage and registering the transfer. |
| Queensland | Since 20 February 2023, under the Land Title Regulation 2022, certain instruments, including a transfer and a mortgage, must be lodged through an Electronic Lodgment Network unless an exemption applies. eConveyancing lets documents be prepared, signed, settled and lodged digitally. An individual who is not represented by a lawyer and is not a subscriber is one exemption. |
| Western Australia | Landgate’s checklist for a transfer covers its registration fees, the Transfer of Land form, proof from RevenueWA that duty has been assessed, and identity checks on the people signing. A settlement agent or solicitor can handle it, or a buyer can lodge as a self-represented party. A bill to let borrowers sign eligible mortgage documents electronically was introduced on 3 December 2025, and Landgate says current mortgage processes stay unchanged until it commences. |
After the day
What arrives once it is done
A copy of the contract
The information statement (Form 5 of the National Consumer Credit Protection Regulations) says “the credit provider must give you a copy of the final contract within 14 days after it is made”, unless it already gave you a copy to keep.
A copy of the mortgage
If the mortgage is a separate document, a copy within 14 days after it is entered into, on the same condition.
The duty bill
Stamp duty (transfer duty) is a once-only state tax on the transfer of the property, and Moneysmart says it is usually due within 30 days of settlement. First home buyers may pay less or none, and every state and territory has a calculator.
The mortgage on the title
Landgate explains that a Certificate of Title lists the registered interests that affect the land, and that a title shows a mortgage until the mortgage is discharged. Booklet 6 covers taking it off.