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    Just gone unconditional? Here’s what you need to do

    Congratulations, you did it! You worked hard to get pre-approved for a mortgage, spent countless Sundays at open homes, negotiated a great home and finally went unconditional. It’s relief, excitement and nerves all mixed into one.

    But once you’ve signed the sale and purchase agreement, what do you need to organise before settlement? Aseem Agawal, Head of Mortgages at Global Finance, says, “When the euphoria has settled, it’s time to come back to the ground — there are six important boxes to tick before you move in.”

    1. Lock in mortgage details

    Once you’ve gone unconditional, it’s time to lock in the details of your mortgage. Confirm everything with the bank as soon as possible so it can have your loan documents ready for settlement. Here’s what you’ll need to decide:

    Mortgage structure. It pays to tailor your mortgage to suit your specific financial situation. Learn more about your loan options here.
    • Confirm interest rate. The rate you lock in will depend on your loan structure, LVR and any market changes. Speak to your bank to figure out what yours will be and how long you want to secure it.
    • Check repayments. It’s great to know your exact repayment schedule so you can start to budget.
    • Ask about cashback. Find out if you qualify for cashback and what your bank’s clawback policy is. For example, if you change banks in two years, will they want that money returned?

    2. Organise insurance coverage

    Your new home will likely be your biggest asset, so insurance should be a top priority. The bank will already require you to have home insurance, but Aseem says you should also look into life, income and health insurance before settlement.

    “You need to make sure that you and your family are protected, along with the asset you’re buying.” Head of Insurance at Global Finance, Yamini Agarwal, says that ideally, you should consider insurance before going unconditional.

    “As soon as you put in your mortgage application, you should also put in your insurance application. It takes time, and you can always ask for the policy to start after you go unconditional.”

    3. Call the movers

    Your purchase agreement includes your settlement date — the day you can move into your new home. That means you can call your landlord to give notice, start packing, sort the furniture you want to take and book the movers if you need them. Aseem also recommends scheduling some time for settlement day. “If you can, take a few days off work before and after the settlement so you can oversee the move.”

    4. Make necessary appointments

    Most banks will require you to have an account with them for automatic repayments. If you don’t have one already, you’ll need to book an appointment, as the process can take a few days. If you decide it’s easier to move all your banking over, give your original provider sufficient notice. Aseem says it’s also important to lock in a date with your lawyer. “Go over everything with your lawyer in person, and sign all the necessary documents to get you ready for the settlement date.”

    5. Organise any repairs or DIY jobs

    It’s always better to make repairs before you move in, so there’s less clutter in your way. Replacing light bulbs, carpet cleaning, painting, and deodorising are all simple and inexpensive tasks you can do yourself. But for the bigger repairs, Aseem says it pays to book them in early.
    “As tradespeople become harder to pin down, pre-booking repairs you noticed during the home purchase will ensure nothing lingers for too long.”

    6. Ask the realtor for a final inspection

    A final inspection before settlement is essential to ensure you’re getting what you pay for. It’s your last chance to view the condition of the house you’re buying and to check that nothing has changed since you last saw it. If the sellers agreed to repairs or alterations, now’s the time to ensure they’ve all been done well. Aseem says it’s up to you to check this.

    “Your real estate agent should organise a final inspection, but they don’t always contact you. Make sure to hassle them.”

    A stress-free settlement

    Being prepared is the best way to ensure a smooth settlement. If you can have all your mortgage and insurance documents signed and ready to go, you remove any risk of delay. Book your appointments, organise repairs, start packing your things, and go for one final check of your new home. That way, when settlement day rolls around, all you’ll have to worry about is the housewarming party!

    Need help getting your first home purchase over the line? Call the experts at Global Finance today.

    The information and articles published on this website are true and accurate to the best of the Global Finance Services Ltd knowledge. The information given in articles on this website should not be substituted for financial advice. Financial advice should always be sought. No person or persons who rely directly or indirectly upon information contained in this article may hold Global Financial Services Ltd or their employees liable.