What happens after settlement?

Buying property in Melbourne can feel like running a marathon settlement day is the finish line everyone talks about. The moment the funds clear and your conveyancer calls with a cheery "Congratulations, you now own the property!", most new owners breathe a sigh of relief. Yet the race is not quite over. A handful of legal, financial and practical tasks still need attention to protect your investment and ensure a smooth move.

1. The First Hour: What Settlement Actually Achieves

At the scheduled settlement time your conveyancer, the vendor's representative and any incoming or outgoing lenders meet online via PEXA or, less commonly, in person. They swap signed documents, loan funds, adjustments for council rates and water, and confirmation of insurance. Once all parties verify the figures, PEXA lodges the transfer with the Victorian Land Registry and disburses money. You become the legal owner of the Certificate of Title, and the vendor's mortgage, if any, is discharged. Consumer Affairs Victoria confirms that from this moment the property is yours, even if the title takes a few days to update on the public register.

The call from your conveyancer

Expect a quick phone call or email telling you "settlement has gone through". Ask two questions:

• When can I collect the keys?
• Has stamp duty been paid or scheduled?

You will need to collect the keys from the agent right away; otherwise, you arrange pick up directly.

2. Collecting the Keys and Taking Possession

Most sales contracts allow you to collect the keys immediately after settlement. Realestate.com.au reminds buyers that keys are typically held at the selling agent's office, not the property.

Tip for Melbourne buyers: If you settle late in the afternoon, many agencies close at 5 pm. Arrange an earlier hand over or ask the agent for an after hours lock box code so you are not stuck waiting until the next business day.

3. Title Registration and Why It Matters

While ownership transfers instantly in PEXA, the Victorian Land Registry can take a few days to update its database, longer if the transfer is paper based. We arrange a follow up search about two weeks later to confirm that the transfer and any mortgage have been registered correctly.

If you purchased with a loan, your bank will retain the electronic Certificate of Title. If you paid in cash, instruct your conveyancer to store the e-Title in their secure custody or download and store the digital notice in multiple safe places.

4. Stamp Duty: Deadlines and Concessions

Victoria requires payment of land transfer duty within 30 days of settlement. Your conveyancer usually arranges this through the State Revenue Office portal and may have already scheduled payment from your loan funds or trust account. Failure to meet the deadline triggers penalty interest.

First-home perk: If eligible, a principal place of residence concession or the first home buyer exemption reduces or eliminates duty on homes up to $600,000 and discounts it on homes up to $750,000. Budget accordingly so concessions are reflected in the final settlement statement.

5. Council Rates, Water and Owners Corporation Fees

Your settlement statement makes prorata adjustments for rates and water. After settlement, your conveyancer notifies the local council, water authority and any owners corporation of the change of ownership. Expect your first council rates notice in your name within one to two quarters.

Keep every rate notice and water bill for your accountant; they prove occupancy dates and are deductible if the property becomes an investment later.

6. Utilities: Lights, Gas, Internet and Bins

Arrange electricity and gas at least three business days before settlement, particularly in densely populated metropolitan Melbourne where retailers often need meter access. We advise booking NBN technicians early because appointment slots vanish quickly in suburbs experiencing strong growth.

After the move, check that:

• Power and gas are on and the meters show a start-of-tenancy read
• The hot water service is lit
• Council bin collection aligns with your suburb's schedule (City of Melbourne collects general waste weekly and recycling fortnightly)

If the property is an investment, tenants usually arrange electricity and gas themselves, but landlords must supply a compliant smoke alarm and safety switch.

7. Insurance: Building, Contents and Landlord Cover

Victorian contracts require buyers to take out building insurance from 4 pm on the business day after signing. Many purchasers upgrade cover on settlement day to include contents or landlord insurance.

Checklist for choosing policies

• Rebuild cost reflecting local labour rates (Melbourne construction costs have increased roughly six per cent last year)
• Sewer back up, flood and storm surge cover important along the Yarra and Maribyrnong rivers
• Temporary accommodation cover if you are renovating before moving in

Keep your insurer's emergency phone number handy for trades outside normal hours.

8. Finances: Mortgage Repayments and Offsets

If you borrowed funds, the first repayment usually falls one month after settlement. Confirm the exact date and amount with your lender.

Set up offset and redraw facilities immediately; every extra dollar in an offset account saves interest from day one. Victorians on variable loans can make unlimited additional repayments without penalty and may qualify for a rate reduction with loan to value ratio below 80 per cent.

9. Address Updates (The Unpleasant Admin Bit)

Within 14 days of settlement, update your address with:

Changing your address early ensures important mail like land tax assessments does not vanish into a black hole.

10. Moving In: Practical Tips for a Smooth Melbourne Move

• Parking permits: Many inner-city councils require temporary permits for removal trucks. Apply online at least a week prior.
• Tram clearways: Avoid booking large trucks during AM and PM clearways on major routes like St Kilda Rd and Brunswick St to sidestep parking fines.
• Seasonal weather: Melbourne's four seasons in one day weather means keeping tarps handy for sudden rain when moving furniture.

Find a Mover suggests connecting essential utilities first so you are not greeted by a dark house on move in night.

11. Building or Pest Defects: What If You Spot a Problem?

Victoria's standard contract provides no automatic warranty for existing dwellings once settlement occurs, barring cases of fraud or misleading conduct. However, brand new homes built by registered domestic builders carry a six year structural warranty and a two year non-structural warranty under the Domestic Building Contracts Act. Lodge warranty claims quickly with the builder in writing and keep photos.

12. Turning Your New Home into an Investment (Optional)

If you plan to rent the property:

• Engage a property manager to advertise the home
• Install compliant smoke alarms, safety switches and ensure gas heaters meet 2025 Victorian rental minimum standards
• Lodge the bond with the Residential Tenancies Bond Authority within 10 business days

Remember: for investment properties, water usage may be passed on to tenants only if the property is separately metered and meets efficiency standards.

13. Common Post Settlement Hiccups and How Your Conveyancer Helps

Complete Conveyancing's 2024 process guide emphasises that a responsive conveyancer often resolves these matters in days, saving you stress.

14. Timeline Cheat Sheet

Print this list and stick it on the fridge it prevents last minute scrambles.

15. Final Thoughts: Enjoy Your New Melbourne Home

Settlement is a milestone worth celebrating, but the real satisfaction comes from settling in, decorating, meeting neighbours, exploring local cafés and watching property equity grow. Tackle the administrative tasks early and you will have more time to savour the good stuff.

Need Help With Your Melbourne Property Settlement?

Need tailored guidance for your upcoming or recent settlement? The team at Pearson Chambers Conveyancing has helped thousands of Melburnians glide through the post settlement maze. Contact us for straight talking advice and a free Section 32 contract review today.

Phone: 03 9969 2405
Email: contact@pearsonchambers.com.au