How to Prepare for Closing Day as a First-Time Buyer

Buying your first home is exciting, but closing day can also feel overwhelming. It’s the final step in the property journey before you get the keys. Whether you’re purchasing an established home or buying off the plan, preparation is key to a smooth experience.

For first-time buyers, knowing what to expect on closing day can help reduce stress and avoid delays.

What Is Closing Day?

Closing day is when the legal and financial ownership of the property officially transfers from the seller to you. It’s the day you settle the balance, sign the final paperwork, and get the keys to your new home.

In Australia, this is often referred to as settlement day, and it’s handled by your solicitor or conveyancer, your lender, and the seller’s legal representative.

Marquet & Mary, Rhodes | Off the plan Rhodes, Sydney | Secure with $10k and $1,095 x 74 weeks

Steps to Take Before Closing Day

A smooth settlement starts well before closing day. Being prepared in advance means fewer surprises and a quicker handover.

Key steps to complete:

• Confirm finance approvalMake sure your lender has issued the final loan approval and all documents are signed.
• Complete property inspectionsThis could include a final walkthrough, pest inspection, or builder’s report for off-the-plan purchases.
• Arrange insuranceMost lenders require building insurance to be in place before settlement.
• Review your settlement statementYour solicitor will send a breakdown of costs including stamp duty, legal fees, and adjustments like council rates.
• Double-check fundsMake sure you have enough in your account to cover the remaining deposit and settlement costs.
• Set up utilitiesArrange for electricity, water, and internet to be connected to your new property on settlement day.

These tasks should be completed a few days before the actual closing date to avoid last-minute issues.

Cosmopolitan | Off the plan Parramatta, Sydney | Secure with $10k and $450 x 140 weeks

What Happens on Closing Day?

On closing day, the legal teams coordinate the final transfer of funds and documents. Once everything is in place, the property is officially yours.

Here’s what typically happens:

• Your solicitor confirms that funds have been transferred to the seller
• The title of the property is registered in your name
• Your mortgage is activated and the loan starts
• You or your agent receive the keys to the property

Most of this process happens behind the scenes, but it's a good idea to be available by phone in case your solicitor needs last-minute approvals.

Tips for Off-the-Plan Buyers

If you're buying off the plan, your closing process will involve a few extra steps:

• Final inspection (pre-settlement inspection) to ensure everything matches your contract
• Certificate of occupancy must be issued before settlement
• Developer handover for appliance manuals, warranties, and strata information

Timing can vary depending on when construction finishes, so stay in close contact with your solicitor and developer.

Pyrmont Place | Off the plan Pyrmont, Sydney | Secure with $20k and $797 x 135 weeks

How Coposit Helps First-Time Buyers Prepare

Getting ready for closing day is easier when your deposit has already been paid gradually and stress-free. That’s where Coposit comes in.

With Coposit, you can secure your off-the-plan property with just $10,000, then pay the rest of your deposit in weekly instalments while the property is being built. There’s no loan, no interest, and no big upfront commitment.

By the time settlement arrives, your deposit is already fully paid—making closing day one step simpler.

The Abbotsford | Off the plan Bowen Hills, Brisbane | Secure with $10k and $1,245 x 65 weeks

Closing Day Marks the Start of Your Home Ownership Journey

Preparation is the key to a smooth and stress-free closing. By staying organised, working closely with your solicitor, and understanding each step, first home buyers can approach settlement with confidence. Whether you're buying off the plan or not, knowing what to expect makes all the difference.