What Is a Settlement Date?
It involves your new lender receiving your home's title deeds from your old lender.
When refinancing, the settlement date is when your new lender will receive the title deeds to your home previously held by your old lender, and the old loan will be paid out and replaced with your new loan.
Occasionally, stamp or transfer duty must be paid before the settlement date – if you switch to a home loan with a larger balance than the principal of your previous loan.
Learn how to prepare for settlement with Unloan here or find out what documents you need when settling with us.
This article is intended to provide general information only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. Please consider seeking financial advice before making any decision based on this information.
Unloan is a division of Commonwealth Bank of Australia.
Applications are subject to credit approval; satisfactory security and you must have a minimum 20% equity in the property. Minimum loan amount $10,000, maximum loan amount $10,000,000.
Unloan offers a 0.01% per annum discount on the Unloan Live-In rate or Unloan Invest rate upon settlement. On each anniversary of your loan’s settlement date (or the day prior to the anniversary of your loan’s settlement date if your loan settled on 29th February and it is a leap year) the margin discount will increase by a further 0.01% per annum up to a maximum discount of 0.30% per annum. Unloan may withdraw this discount at any time. The discount is applied for each loan you have with Unloan.
There are no fees from Unloan. However, there are some mandatory Government costs depending on your state when switching your home loan. For convenience, Unloan adds this amount to the loan balance on settlement.
* Other third-party fees may apply. Government charges may apply. Your other lender may charge an exit fee when refinancing.
