4 Tips for a Smooth Settlement Process

Our team aims to book settlements as efficiently as possible, but there's a few simple things that brokers can do to help them along the way.

Our settlements team have settled thousands of loans between them, so naturally they’ve picked up some tips and tricks along the way. Progressing your unconditional approval towards a booked settlement as quickly and smoothly as possible is our team’s top priority, and there’s a few things you can do to help them achieve this.

Here’s a few tips that you can use to avoid common delays and help us get you settled quicker.

1. Send the discharge authority 2 weeks prior to expected settlement and get the outgoing bank ready


One of our most common reasons for a delayed settlement booking is a hold-up in getting the discharge authority from the outgoing bank on time. A good way to avoid this is to aim to get this document a little while before settlement, and to send it through to the outgoing bank (and make sure to give us a copy) early. Priming the outgoing bank well ahead of time can also help not getting stuck pre-booking.

2. Advise your customers that we require a pre-settlement call to all individual borrowers after unconditional approval


An issue we sometimes encounter is that brokers and their customers don’t realise that each borrower on the loan must conduct a pre-settlement call with our customer service team before the settlement can go ahead. This call usually takes place about one week after we issue the loan documents.

Brokers can help us out by explaining this requirement to their customers ahead of time so they can make sure to pick up the phone when we ring. We also recommend that brokers ask their customers not to leave the country pre-settlement to avoid a hold-up at this stage.

If one or more borrowers on the loan do not speak English, be sure to tell us this on your loan application. If this is the case, your BDM or underwriter will be able to tell you what steps to take to prove that your borrowers understood the loan documents, which usually involves obtaining Independent Legal Advice and Independent Financial Advice, and providing evidence that loan documents have been translated by a licensed interpreter.

Borrowers who don’t speak English very well still need to complete the pre-settlement call, to the extent that they are able.

3. Make sure the Certificate of Currency for your Insurance lists ‘Permanent Custodians Limited’ as the interested party


This part has often been a tripping stone for our brokers and customers, but it’s important to get it right to avoid a delay. When requesting a certificate of currency from your insurer, the interested party representing Bluestone MUST read “Permanent Custodians Limited”, NOT “Bluestone” “Bluestone Mortgages” or even “Permanent Custodians Ltd.”. This is the official name of our credit provider.

4. Provide all final payout figures for debts with supporting statements before settlement


The day before your customers’ settlement is due to be completed, our solicitor will reach out to confirm final payout figures for any debts they are consolidating. For easiest turn-around, either provide these figures, supported with current statements showing payment details and amounts owing, ahead of time or make sure you have them ready to go when the call comes.

We hope that these tips will help you be prepared for some common settlements hurdles so together we can achieve a fast and easy turnaround. If you have any questions or feedback for our settlements team, please feel free to reach out to them directly at or 02 8115 5045, or get in touch with your BDM.