Settlement’s done, now what?

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 a checklist of what to do and expect after settlement to help smooth your transition to being a new home owner.

Straight after settlement

  • Your deposit will leave your bank account
  • You’ll get a settlement statement from your settlement agent explaining all the credits and debits to pay for things like stamp duty, government titles and the property
  • Make sure youty6r salary is going into the right account so you’re prepared for any direct debits
  • Your new loan will be up and running – this means that if you have online banking, you can download the Bankwest App to track and manage your home loan on the go
  • 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.

One month after settlement

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.

Managing your home loan anytime

  • If your home loan is linked 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 your offset account
  • If you’ve got a Complete Fixed or Complete Variable Home Loan Package, see how to activate the rewards credit card that comes with it. Find out more about using a rewards credit 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). See how it works.
  • 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. See some tips to save money on your mortgage.

Ask an expert

Get in touch with one of our Home Finance Managers, and they'll respond within one business day.

Things you should know

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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.