What to Do After Your Loan Is Unconditionally Approved: A Step-by-Step Guide to Settlement

For Property Purchasers

1. Finalise Pre-Settlement Requirements

• Sign Loan Documents: Ensure all loan documents are signed and returned to your lender promptly.

• Arrange Building Insurance: Organise home insurance effective from the settlement date.

2. Obtain a Certificate of Currency

A Certificate of Currency confirms that your property is insured and is often required by lenders before settlement.

• Contact Your Insurer: Request the certificate, ensuring it lists your lender as an interested party.

• Provide Details: Include the property's address and the lender's information.

• Mortgage Matrix Review: Send a copy of your current policy to your mortgage Mortgage Matrix for review and advice.

3. Conduct a Pre-Settlement Inspection

Inspect the property to ensure it's in the agreed condition before settlement.

4. Prepare for Settlement

• Confirm Settlement Date: Coordinate with your solicitor or conveyancer to confirm the settlement date.

• Arrange Funds: Ensure you have the necessary funds for settlement, including stamp duty and other costs in the correct account, your solicitor or conveyancer will be able to advise you on this. 

• Utilities: ensure that the property bills, internet and other utilities are changed over on the date of settlement, you can call in advance to advise the provider. This ensures you don't end up paying for the previous owner's bill.

For Refinancers

1. Complete a Discharge Authority Form

To refinance, you'll need to discharge your existing mortgage.

• Obtain the Form: Request a discharge authority form from your current lender. This is typically available on their website or by calling your existing lender.

• Provide Details: Include information about your loan, property, and new lender. Please ensure that Mortgage Matrix is listed on the discharge form as a representative email: admin@mortgagematrix.com.au, and mobile is 0413 173 990.

• Mortgage Matrix Notification: Before sending the form to your lender, provide a copy to your mortgage Mortgage Matrix for their records and review. If you are provided a blank copy by your bank we'll do the hard work and complete the form for you.

• Submit the Form: Return the completed form to your current lender promptly.

2. Update Your Certificate of Currency

Your new lender will require a Certificate of Currency for the refinanced property.

• Contact Your Insurer: Request an updated certificate listing the new lender as an interested party.

• Provide Necessary Information: Include the policy number, property address, and new lender's details.

• Mortgage Matrix Review: Send a copy of your current policy to your mortgage Mortgage Matrix for review and advice.

3. Prepare for Settlement

• Review Payout Figures: Obtain the payout figure from your current lender, including any fees.

• Arrange Funds: Ensure your new loan covers the payout amount and any additional costs.

• Confirm Settlement Details: Work with your lender to finalise the settlement date and process.

Updating Your Certificate of Currency

A Certificate of Currency is essential for both purchasers and refinancers to prove the property is insured.

• Access Online: Many insurers allow you to download the certificate via their online portals.

• Contact Customer Service: If online access isn't available, call your insurer to request the certificate.

• Include Lender Details: Ensure the certificate lists your lender as an interested party.

• Mortgage Matrix Review: Provide a copy of your insurance policy to your mortgage Mortgage Matrix for their review and guidance.

Completing the Mortgage Discharge Process

Discharging your mortgage is a critical step in refinancing or paying off your loan.

• Request Discharge Authority Form: Contact your lender to obtain the necessary form.

• Mortgage Matrix Notification: Before sending the form to your lender, send a copy to your Mortgage Matrix for review and assistance.

• Complete and Submit: Fill out the form with accurate information and return it promptly.

For detailed instructions and to access a Discharge Authority Form, visit your lender's website or directly request the form from your lender.

By following these steps, you can navigate the period between unconditional loan approval and settlement with confidence, ensuring a smooth transition whether you're purchasing a new property or refinancing an existing loan.