![[object Object]](/lib_lphGCikIbVHjRWIV/w8mzrofmgaa9b3om.png?w=52){kind=small}
Buying or selling a home in Melbourne can feel like a sprint at the end of a marathon. You've sifted through listings, queued at inspections, navigated finance and finally exchanged contracts. Then everyone asks the same question, sometimes in a whisper on the tram heading back to the CBD: 'So, how long does settlement actually take?'
If you're using PEXA, Australia's electronic conveyancing platform, the good news is that settlement day itself is usually quick. Most routine PEXA settlements take around 30 to 45 minutes once everything is 'Ready/Ready'. That's the status that unlocks the digital handshake between your conveyancer, the banks and Land Use Victoria.
Below, I'll give you the quick answer, followed by a friendly deep dive tailored for Melbourne buyers and sellers. We'll cover funds clearing expectations, why 'Ready/Ready' matters, what can delay things, when you'll get the keys and how to track the whole show from your mobile.
The Quick Answer
On the day: Once your PEXA Workspace hits 'Ready/Ready', most standard settlements complete in roughly 30 to 45 minutes. Complex matters or multiple linked deals can take longer.
If something isn't ready: PEXA checks readiness at the scheduled time. If the Workspace is not Ready/Ready, the platform automatically rolls the booking to the next available slot, typically every 30 minutes that business day.
When the money lands: Many vendors see sale proceeds within a couple of hours, although banking rules mean it can take up to three business days. Plan for the outside range to avoid stress.
Keys and possession: In Victoria, once settlement is complete, buyers can collect keys from the agent and take possession. Agents act after they receive the order on agent confirming settlement.
If you're only here for the short version, that's it. For the rest of us who like to know what is happening behind the curtain, let's unpack the moving parts so your big day in Melbourne runs on time.
What is PEXA? Electronic Conveyancing Explained
PEXA stands for Property Exchange Australia. It is the secure online workspace where your conveyancer, the banks and Land Use Victoria collaborate to complete settlement and lodgement digitally. Electronic lodgement is now the standard approach in Victoria, supported by Land Use Victoria's e lodgement programme. It reduces manual handling and speeds up registration compared with paper.
PEXA also publishes tools and guidelines to help settlements run on schedule, including transfer guidelines, readiness resources and bank checklists. These matter, because much of settlement day timing depends on everyone doing their bit early.
Understanding 'Ready/Ready' Status: The Key to Settlement Timing
Inside your file sits a shared PEXA Workspace. During the lead up, participants sign documents, complete State Revenue Office duty steps, balance the Financial Settlement Schedule and confirm source and destination funds. When both the lodgement side and the financial side are complete, the Workspace turns Ready/Ready. That status is the system's green light to start settlement at the booked time.
If it is not green at that moment, PEXA automatically pushes the matter to the next slot on that day, typically at 30 minute intervals.
This is helpful in practice. If one bank is still finalising a figure at 2.30 pm, the matter can roll to 3.00 pm without everyone scrambling for a new date. The key is to build a little buffer into your day, especially if you are lining up removalists across the inner north or south eastern suburbs.
PEXA Settlement Duration: What to Expect
You'll hear friends ask this exact question at Saturday open homes: how long does settlement take on pexa. The honest, Melbourne real answer is that the execution itself is short, often 30 to 45 minutes from the moment the Workspace is Ready/Ready and the scheduled time arrives. If there are several linked deals, or a non major lender with extra checks, expect it to nudge longer.
Where time disappears is usually before the clock starts: chasing a discharge authority, fixing name mismatches, finalising adjustments for council and water, or getting duty signed off with the SRO. Good conveyancing is about clearing these in the days prior, so the on the day bit is pleasantly boring.
Melbourne Settlement Timeline: Week of Settlement
Here is a practical rhythm we see for Greater Melbourne files.
Five to three business days out: Duty position confirmed, adjustments finalised, payout figures requested, lender ready to book. Electronic lodgement is the default pathway for Victoria and uses secure digital signatures, which streamlines this stage.
Two business days out: Financial Settlement Schedule balanced, names and title references checked, any last caveats reviewed. Readiness resources help practitioners avoid day of surprises.
Morning of settlement: Final payout figures and source funds confirmed, digital signing checked. Workspace should display Ready/Ready ahead of the booked slot.
Booked time: If Ready/Ready, settlement runs. If not, it rolls to the next 30 minute slot until it starts or the last timeslot passes.
After completion: Funds disburse and lodgement moves to Land Use Victoria. Many vendors see money within hours; allow up to three business days based on banking processes. Keys released to the buyer via the agent.
Settlement Funds: When Does the Money Clear?
Let's talk money, because that is what your removalist and your next purchase care about.
Vendors: Many see cleared sale proceeds within a couple of hours, especially with modern payment rails. Banks still have their own cut offs and risk checks, so you should allow up to three business days in your planning.
Purchasers: Your lender pushes funds as part of the PEXA Financial Settlement Schedule, then you become the registered owner once Land Use Victoria processes the lodged documents. Electronic lodgement sits within LUV's programme and is faster and cleaner than paper.
Keys and Possession in Victoria
You will often hear the phrase 'order on agent'. It is the signal the agent is waiting for before handing over keys. In Victoria, once settlement is completed, buyers can collect keys from the estate agent and take possession. Build travel time if you are crossing the West Gate or Monash in peak traffic, and let the agent know early if you will arrive close to closing time.
Common Settlement Delays and How to Avoid Them
Not Ready/Ready at the booked time: PEXA will roll to the next slot, but this still pushes back your day. Ask your conveyancer the afternoon before to confirm status and any last figures.
Bank discharge or loan documents late: Even one missing authority can block readiness. PEXA's transfer guidelines and bank checklists exist to keep lenders on track, yet diaries get busy. Nudge early.
Linked settlements: If you are selling and buying across Melbourne on the same day, one file's delay rolls into the other. Build a buffer between bookings, for example 12.30 pm then 2.30 pm.
Platform or connected party outages: Rare, but they do happen. Recent reporting highlighted industry concern about outages across the ecosystem that can stall scheduled files. Your practitioner will liaise with the parties and reschedule if needed.
Manual or special lodgements: A handful of instruments still involve manual steps with Land Use Victoria, which can alter processing, although the mainstream transfer flows are electronic.
PEXA Security: Using the PEXA Key App
Settlement involves big numbers, which is why secure channels matter. PEXA Key is a free app for buyers and sellers that lets your practitioner share bank details securely and send status updates. It is designed to reduce email risk and includes a secure communications guarantee. If you are nervous about scams, this is a simple, high impact step.
Melbourne Specific Settlement Tips
Pick your timeslot with real life in mind: Book a mid afternoon slot if you are crossing the city to collect keys, so you avoid the sharpest end of the morning peak. If the Workspace is not Ready/Ready, you have natural 30 minute roll windows.
Confirm utility connections three business days out: Give retailers time to process. It makes moving in after work far less fraught.
Rates and water adjustments: Your statement will reconcile council and water usage to settlement, which is normal here. Query anything that seems out of season, for example a winter water spike in a vacant unit.
Apartments and building managers: For inner city moves, check lift bookings and loading dock times well before Friday.
Public holidays and bank cut offs: Victoria's calendar can pinch end of month Fridays. If you are tight on a refinance and a purchase, ask to settle a day earlier.
Keep a flexible plan B: Even well run files can roll once or twice on the day. A little slack with removalists or a short term overlap on your lease can save your weekend.
After Settlement: What Changes and When
When PEXA finishes, documents are lodged to Land Use Victoria electronically and the title will register once LUV processes the dealing. The e lodgement programme's goal is speed and accuracy compared with paper workflows. For specialised paper based instruments lodged electronically under section 104, processing can take longer because manual steps are involved, which is why clean, electronic transfers are preferred.
Frequently Asked Questions About PEXA Settlement
What time of day is best to settle in Melbourne?
Late morning to mid afternoon gives you runway for small hiccups and a smoother key handover. If something is not Ready/Ready at 12.30 pm, it can roll to 1.00 pm or 1.30 pm without breaking your day.
Can I move in the same day?
Yes, many buyers do. Get your agent lined up, keep your phone close and secure your removalist with a flexible window. In Victoria, you can collect keys as soon as settlement is complete.
What if the money doesn't appear straight away?
Don't panic. Some vendors see proceeds within hours, others after overnight or up to three business days, depending on the receiving bank. If it feels slow, your conveyancer can check the payment trace.
Does PEXA guarantee on time settlement?
PEXA gives the infrastructure and scheduling, plus guidelines to help everyone be ready, and it measures on time performance across participants. Real world timing still depends on humans and banks doing their job ahead of time.
Is electronic settlement actually standard in Victoria?
Yes. Electronic lodgement through an approved network, like PEXA, is the norm and is supported by Land Use Victoria's programme for faster, secure registration.
Real Melbourne Settlement Example
Imagine you are selling a townhouse in Preston and buying in Cheltenham on the same day. Your sale is booked for 12.30 pm and your purchase for 2.30 pm. At 12.25 pm your sale Workspace shows Ready/Ready, then flips to complete at about 1.00 pm. You receive a confirmation and your proceeds start moving.
Your purchase Workspace is already balanced and signed, so at 2.30 pm it also runs. By mid afternoon you are collecting keys from the agent and texting the removalist to come to the new place. If either file wasn't Ready/Ready at the booked time, PEXA would have rolled to the next slot, generally 30 minutes later, and you would still have time to complete that day.
Final Settlement Day Advice
I know the final week can feel like a blur of emails, bank calls and packing tape. The headline to remember is simple: when your Melbourne file is prepped early, PEXA makes settlement day itself quick and predictable. Aim for Ready/Ready ahead of time, book sensible slots and lean on tools like PEXA Key to keep bank details secure.
Professional Conveyancing Support
If you would like a calm, Melbourne savvy plan for your settlement, we're here to help. Pearson Chambers Conveyancing can:
- Confirm a realistic timeline for your specific file
- Keep your PEXA Workspace Ready/Ready ahead of the booked time
- Map out funds clearing expectations and key handover
- Review your Section 32 for free and flag contract traps before you sign