Your offer’s been accepted and you can breathe a little easier – or go celebrate! This is the time when your lawyer will take over the process of settling the purchase, transferring the property into your name, and get you to sign a few papers.

Not long now until you can move in to your new home.

Offer's accepted

When your offer is accepted – conveyancing

Made your offer, perhaps negotiated with the seller on conditions, and now your offer has been accepted? Great! It’s now time for your lawyer to make sure the conditions in your agreement are met, and start doing the legal work to transfer the property to your name. This legal process – including checking and registering documents to transfer the ownership over – is called conveyancing.

Are you insured?

Your lawyer will also check the property is insured – this is usually a condition of your home loan. If you’re applying for a home loan with Westpac, we can help you arrange all your insurances (like home, contents and personal protection insurance etc) when you apply. You can also check out what you may need in the Insurance section.


What happens on settlement day

Once you’ve made an offer, it’s been accepted and any conditions are met, along comes settlement day. Your lawyer works to settle the deal and does the transfer of ownership, and there’s nothing for you to do but check in with your lawyer to make sure everything’s been settled.

Your lawyer’s work includes:

  • doing a guaranteed title search
  • liaising with the seller’s lawyer to make sure you receive a clear title
  • paying the money to the seller’s lawyer
  • ensuring the seller’s lawyer does their side of the electronic dealing
  • completing the transfer using Landonline
  • final details such as where you get the keys and when you can move in!

The money paid on settlement day takes into account the deposit you’ve already paid on the home to the real estate agent.

After settlement

What’s next after settlement?

Legal stuff

After settlement the lawyer will:

  • provide you with a statement showing all the purchase details
  • send a copy of the title, mortgage and certificate of insurance to your lender
  • give you a copy of the title showing you registered as the new owner.

Your first loan repayment

We’ll let you know when your first repayment is due, so please check that you have sufficient funds on that day. It’s always a good idea to set your repayments for the day after your salary or wages have been paid into your account.

You’ll also get regular loan statements so you can keep an eye on your loan repayments and balance (you can check it online or at your nearest branch anytime).

Keep an eye on your loan

If your circumstances change, ask us how we can help to adapt your loan. You can speed up your loan payments to save money on interest, or if things get a bit tight, we could look at ways to help lower your repayments.

Look into managing your loan

When your fixed term is ending

If you have a fixed or capped rate loan we’ll be in touch before the fixed term is due to end, to remind you to consider what you’d like to do next. We can move it straight into another fixed or capped rate – or it may be a good time to restructure your loan.

Read about restructuring your loan