How does a home loan settlement work?

Congratulations on your new home loan!

Below you’ll find information on what you can expect around settlement, including some tips to help you prepare.

This information applies to you if you obtained your home loan through a broker. If you applied for your home loan directly with us, your settlement specialist will be in touch.

What happens before my home loan settlement day?

  1. After your loan has been formally approved, our solicitor will prepare the loan documents and send these to you via DocuSign.
  2. When reviewing your loan documents, check the setup of your loan accounts, including offsets if applicable. If any changes are needed, please let your broker know before signing.
  3. Once you’ve signed your Loan Offer and supplied copies of requested supporting documents, they’ll be reviewed by our solicitors, including the settlement date that you have proposed. If you’re signing a Loan Offer for a joint account, please have the primary borrower complete their documents first.
  4. Your solicitors or authorised representative will be notified once the settlement date is confirmed.
  5. Prior to settlement, you’ll need to ensure any settlement conditions are met. These are noted on your formal approval documents. Documentation may need to be sent to our panel solicitors before settlement.

What happens on home loan settlement day?

  1. On settlement day, our solicitors will manage the disbursement of loan funds from Macquarie Bank, including debiting any additional funds that you have authorised.
  2. Once the settlement has been completed, our solicitors process repayments of any personal loans that were part of your credit conditions (if applicable). Any remaining funds will then be disbursed according to your instructions on the Settlement Authority document.
  3. Our solicitors will email your broker a copy of the disbursement letter. Your solicitor or authorised representative will also have a record of the disbursement details. We recommend you obtain a copy from your solicitor or broker to retain for your records.
  4. You’ll then receive an SMS and email confirmation that settlement has been completed.

What do I need to do after settlement?

  1. Read the settlement email which summarises your new home loan. 
  2. Read Getting started with your home loan. You’ll find a checklist to help you get started online and ensure your home loan is set up how you’d like.

How can I avoid settlement delays?

Here are the most common reasons that settlements can be delayed, and how you can avoid them.

Ensure correct personal contact details

It’s important we have your correct address, contact number/s and email address so you receive documents and notifications related to your home loan. You can verify this information against your loan application and loan documentation. If you have an existing account with Macquarie, you can also check this information via Macquarie Online Banking or Macquarie Mobile Banking.
 

Check your account set up

Before signing your loan documentation, we recommend you thoroughly check the setup of your loan accounts, including any offset accounts and the loan accounts they are linked to. You can check this in your Loan Offer under the Financial Table.
 

Have additional funds ready to complete settlement

In some instances, you may need to contribute additional funds to cover all expenses that may apply at settlement. Your solicitor or broker will provide you with details of the total amount needed for settlement. 

  • If you have an existing Macquarie Transaction or Savings account, you can authorise for additional funds to be taken from this account on the Settlement Authority form when completing your loan documents. At least one of the borrowers must be an account holder on the account noted. It’s important this form is correctly completed, and sufficient funds are available in the nominated account to avoid any delays on the day of settlement.
  • If you choose to transfer the additional funds yourself, please ensure you’re arranging a payment method which will arrive in our solicitors’ trust account before your settlement. Learn more about payment options and processing times from Macquarie accounts.
     

Manage personal loans that are part of your loan approval

If you’re required to close or reduce the limit on a credit card or lease as a settlement condition of your loan, you’ll need to arrange this prior to settlement and provide our panel solicitors with evidence to satisfy the settlement condition.
 

Manage credit cards and leases that are part of your loan approval

If you’re required to close or reduce the limit on a credit card or lease as a settlement condition of your loan, you’ll need to arrange this prior to settlement and provide our panel solicitors with evidence to satisfy the settlement condition.
 

Provide updated insurance details

You’ll need to arrange for your Certificate of Currency from your insurance company to note Macquarie Bank Limited as the interested party and provide us with a copy of this when completing the loan documents. The policy will need to start from the day of settlement. This requirement doesn’t apply to strata insured securities.

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Unless stated otherwise, this information is provided by Macquarie Bank Limited AFSL and Australian Credit Licence 237502 (MBL) and does not take into account your objectives, financial situation or needs. You should consider whether it is appropriate for you. Finance is subject to our credit approval criteria. Terms and conditions apply and may change without notice.

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