What happens after settlement?

Settlement’s done, you’ve got the keys to your new place, and you’re probably working your way through a moving in to-do list. But what about the banking and money side of things now you’ve bought a house and got a mortgage?

Here’s what to do and expect after settlement to help smooth your transition to being a new home owner.

2 minute read

Straight after settlement

What happens automatically?

  • Your deposit will leave your bank account
  • You’ll get a settlement statement from your settlement agent explaining all the credits and debits required to pay for things like stamp duty, government titles and the property.

What's up to you

  • Make sure your salary is going into the right account so you’re prepared for any direct debits
  • Arrange for your mail to be redirected to your new address
  • Update your address wherever you need to – such as with your insurance providers, bank and other financial institutions, super providers, employer, utility providers, driver’s licence and vehicle registration authority in your state or territory, and the Australian Tax Office.
  • You can download the Bankwest App to track and manage your home loan on the go, or do it in online banking.

When do mortgage repayments start?

Depending on your home loan repayments, your first repayment is due a month after the settlement date. Our Home Loan Application Tracker will tell you the exact day and month.

See more info about how to make repayments.

Managing your home loan anytime

  • If you choose to link your home loan to an offset account, the sooner you use it, the sooner you could start saving on home loan interest. Here's how to make the most of an offset account
  • If you’ve got a Complete Fixed or Complete Variable Home Loan Package and you choose to get an eligible credit card with it, here's how to activate your card
  • Brush up on how to read your home loan statement
  • If you’re making principal and interest repayments, keep in mind that a higher proportion of your minimum monthly repayments goes towards the interest amount in the first half of the loan term, rather than the loan amount (principal)
  • Consider making extra repayments – use our repayments calculator to see how much you could save on home loan interest and the time you could shave off your mortgage. Even small additional payments you make now could make a huge difference in the long term.

About this article

We take care of all the BS (bank stuff) so you can access the knowledge you need to make informed decisions. When we write a guide or article, we take steps to make sure the information is relevant, accurate and most of all, helpful.

Keep reading

We take you through what to do at various stages to help you better understand and prepare for settlement.

Even little changes you make now can have a big impact on how much you end up saving.

We're ready to help

Get in touch with a Home Lending Specialist, and they'll respond within one business day. You can talk on the phone, meet at a branch, or have a Mobile Lending Manager come to you.

Lending and eligibility criteria, and fees and charges, apply for our home loans. The Complete Home Loan Package consists of an eligible home loan, one optional eligible credit card per customer and up to nine optional Offset Transaction Accounts per loan.

The information contained in this article is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this article without first obtaining specific professional advice. Also to the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL / Australian credit licence 234945, its related bodies corporate, employees and contractors accept no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this article.