What Happens After Your Offer Is Accepted? A First Home Buyer’s Settlement Guide
Once your offer is accepted and the contracts are signed, you might be thinking: “Now what?”
This next stage, from formal loan approval through to settlement day can feel like a blur if you’re not prepared. But with the right team and plan, it doesn’t have to be stressful.
In this guide, we’ll walk through the key steps after your offer is accepted, explain what your broker and conveyancer actually do, and show you how to avoid delays or surprises before you collect the keys for your first home!
Step 1: Send Your Signed Contract & Get Formal Approval
Once your offer is accepted and both parties (you and the vendor) have signed the contract, your next move is simple:
Send the fully signed contract to your broker as soon as possible.
This is what officially kicks off the formal approval process.
Your Broker’s Role
Once your broker receives the contract, they will:
Confirm your final borrowing position based on the actual sale price
Double-check that your pre-approved lender is still the best fit
Order a valuation on the property, which can’t happen until they have the fully signed contract in hand
Why the Valuation Matters
The bank needs to know the property you’ve chosen stacks up. If, down the track, something went wrong and the property had to be sold, they want confidence they’d recover the loan amount.
That’s why they order an independent valuation, it helps them manage risk and confirms they’re comfortable lending against that specific home.
This step is a big part of getting your formal approval, and the sooner we can order the valuation, the sooner things can move forward.
Formal Approval: What It Means and What Happens Next
Once the valuation is complete, your lender will do one final check of your application, making sure everything lines up with their policies and that the property stacks up from a risk point of view.
Depending on the lender’s workload, this part can be fast (just a few hours) or take a few business days. But when that formal approval comes through, your broker will be the first to know and give you a call to congratulate you.
At this point, you’re officially approved and the focus shifts to preparing for settlement.
Step 2 - Preparing For Settlement
This next stage is all about action. It’s where everything gets locked in and the final paperwork moves behind the scenes. Here’s how it works:
Review and Sign Loan Documents
Once you receive your formal approval letter, your lender will issue your official loan documents, these outline all the terms of your loan and need to be reviewed, signed, and returned before settlement can be booked.
You’ll also be asked to:
Set up your new bank accounts, including any offset accounts (your broker and lender will guide you)
Double-check all the details in your loan contract before signing
Have Funds in your Shortfall Amount
Your broker will prepare a breakdown showing how much of your own money you still need to contribute at settlement, this is often called the shortfall.
Example:
The total deposit needed is $70,000
You’ve already paid $20,000 when you signed the contract
That means your shortfall is the remaining $50,000, which you’ll need to transfer before settlement
It’s important to have these funds ready and sitting in the right account (usually your new offset account), well before the settlement date.
Organise Your Building Insurance Certificate
Before your lender will allow the property to settle, they’ll need to see proof of insurance. Specifically:
Your building insurance must start on or before your settlement date
Your lender must be listed as an interested party on the insurance certificate
Most lenders won’t accept the policy if their name isn’t on it, so be sure to tick this box early to avoid delays.
PEXA Workspace Set-Up (In the Background)
This one mostly happens behind the scenes but it’s an essential part of settlement.
Your conveyancer will:
Set up your PEXA workspace (the secure digital platform used to transfer property ownership into your name)
Collaborate with your broker and lender to finalise documents and funds
Coordinate with the seller’s legal team to ensure everything lines up
Once all parties are ready, settlement will be booked. Your broker will let you know what day and time to expect the transfer to happen.
Step 3: Settlement Day, It’s Official!
After all the planning, paperwork, and prep comes settlement day. It’s when the property officially becomes yours, and your first home journey is complete.
What Actually Happens?
You usually don’t need to do anything, your broker, lender, and conveyancer will do the work in the background.
Funds are transferred.
Ownership is officially updated on the land title.
You’ll get a call to let you know settlement is complete.
Then What?
You’re a homeowner!
You can collect your keys from the agent and take that first walk through your new front door.
If you’ve booked movers or furniture delivery, check what time the agent will hand over access so everything runs smoothly.
Tip: It’s a good idea to keep your phone handy on settlement day in case your broker or conveyancer needs to reach you.
Final Thoughts
Once your offer is accepted, things can move fast but that doesn’t mean you need to feel rushed or overwhelmed. With the right plan and support, this final stage can feel clear and under control.
Here’s what we want you to remember:
Send your signed contract to your broker straight away, it’s the key to starting formal approval.
Your broker and conveyancer work in the background to prepare everything for settlement.
Take care of the little details early like insurance, shortfall funding, and your new bank accounts to avoid delays.
Settlement day is the moment it all becomes real, so pause and enjoy it. You did it.
Whether you’re still searching or already under contract, knowing what happens after your offer is accepted puts you in a stronger position. You’ll feel more organised, and ready to enjoy that first walk through your new front door.
🎧 Want more support?
Listen to Episode 8 of First Home Unlocked for the full conversation, including real examples, behind-the-scenes insights, and what to expect on settlement day. Or book a free Get to Know You Chat and we’ll help you take the next step with clarity and confidence.
