7. Settlement

Settlement is the final step of the process where solicitors/conveyancers and Financial Institutions meet to exchange all documents and monies.

Once your loan has been formally approved, your solicitor/conveyancer or current lender (if you are refinancing) will be notified by us to arrange a date for settlement.

If your loan is to purchase a property, the settlement date will generally be in terms of the Contract for Sale. However, to ensure that there is no delay to settlement it is crucial that documentation be forwarded to Rate Star well in advance of the settlement date.

Refinancing

If you are refinancing, a Rate Star Loan Representative will contact your current lender to agree to a suitable date for settlement. To ensure that settlement can proceed, you will need to provide your current lender with a signed "Discharge Authority". This form can be obtained through your current lender.

Properties in Victoria and Western Australia

For properties that are purchased in Victoria and Western Australia, Transfer Stamp Duty will be transferred from your bank account on or before the date of settlement. Your solicitor/conveyancer will be able to provide you with the exact figure that will be required.

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