Once a sale has been agreed and the contract is signed, the lender does a check to make sure they’re happy with the sale price. Your broker then contacts the lender, and your pre-approved loan becomes fully approved. A formal loan is offered to you, and your broker will help you fill out the paperwork.
Once signed and delivered, the approved loan is transferred to your lender’s settlements area. The lender and your conveyancer then liaise to ensure the settlement (including payment to the vendor for the property) is processed on the agreed settlement date.
Before settlement takes place, there may be an additional payment required to cover council and water rates. One the day of settlement, property ownership will transfer to you. Your conveyancer will let you know when the transfer has taken place, and you can scoot down to the estate agent and collect the keys!