Within 3 or 4 days of receipt of the signed loan offer, the lender moves your file to their settlements area who liaises directly with your conveyancer to book a settlement time on the agreed day.
A week or so before settlement, your conveyancer calculates the precise amount of council rates / water rates and lets you know the exact shortfall you need to contribute by way of a bank cheque or transfer from your account. On settlement day the conveyancer liaises with the lender on your behalf and arranges to transfer ownership of the property into your name. All you have to do is collect the keys from the agent!