You’ve celebrated, unpacked, and watched the ‘Sold’ sticker fade from your new home. For many Australians, settlement day feels like the end of a long journey. But it might actually be the beginning of new, unexpected challenges.
Once you obtain the keys, you assume new financial, legal, and regulatory responsibilities. That excitement can fade fast if you get a surprise tax bill, find a title issue, or your loan becomes harder to manage as interest rates rise. Relying on the idea that everything will work out can ultimately prove costly.
This is when your broker, accountant, and solicitor become even more important. Their job isn’t finished at settlement. In fact, this is when they can offer the most value. Here’s when you should reach out to them after settlement.
The shifting sands: Navigating Australia's regulatory maze
It’s easy to think that once the property is yours, the paperwork is over. But Australia’s property rules keep changing, and even careful owners can get caught out by new regulations.
There aren’t clear rules for financial disclosure after settlement, so you could face surprise tax bills or refinancing problems. ASIC has warned about these growing risks, and regulators are investigating larger issues in the housing market. It’s essential for homeowners to remain vigilant as things continue to evolve.
Your broker's role, in particular, is being reshaped by these changes. ASIC is pushing for clearer responsibilities between brokers, accountants, and solicitors, expecting them to work more collaboratively on complex cases. A Financial Services and Credit Monthly Update from July 2025 hints at more stringent oversight, meaning your broker needs a much deeper understanding of the tax and legal minefield you're now in.
So what does this mean for you? You should be aware of the new rules your broker must follow. ASIC has increased compliance fees, prompting brokers to update their processes and maintain more accurate records. When you talk to your broker about refinancing or changing your loan, ask how they’re managing these changes. Their answer can demonstrate the reliability of their advice.
Your Accountant: More Than Just a Tax-Time Necessity
After settlement, you'll likely rely on your accountant more than ever, especially when repurposing your property or navigating tax complexities. Australia’s tax system can be confusing, and property tax rules often catch people off guard.
Capital Gains Tax & Main Residence Exemptions
Selling a property acquired after 20 September 1985? Unless exempt, CGT kicks in. Many people get tripped up by the main residence exemption, especially when renting out a former home. Without a proper market valuation at the outset of the rental, the ATO may use your purchase price instead, taxing you on gains that occurred before the rental. A timely valuation sets a cleaner cost base and can save you significantly.
Deductions & Depreciation for Rental Properties
You can claim various expenses such as mortgage interest, maintenance, property management, insurance, and council rates. If your building was constructed after September 1987, depreciation is eligible too. Your accountant can optimise these deductions and provide a depreciation schedule to reduce your tax liabilities.
Transitioning to Owner-Occupied Status & the 6-Year Rule
If you move into a rented property, it’s essential to update your accountant because deductible claims change and CGT considerations arise. You may benefit from the ATO’s 6-year rule, which treats your home as the main residence for up to six years after you move out, provided you don’t claim another. Due to the complexity, professional advice and meticulous records are indispensable.
Want to dive deeper? Check out Tax App’s helpful guide, Unlocking Tax Benefits with Investment Property, for a comprehensive breakdown of CGT strategies, deductions, and negative gearing insight.
Your solicitor: The legal lifeline when things go wrong
Your solicitor or conveyancer is essential for finalising your property purchase, but their help is just as important after settlement. Problems after settlement are more common than most people think, and attempting to fix them yourself can exacerbate the situation.
Title issues:
A common problem after settlement is with the property title. Transferring the title might seem simple, but delays and mistakes can happen. Unknown easements, restrictive covenants, or caveats can complicate matters. A title search is crucial for identifying any potential issues and ensuring you have a clear title. Your solicitor knows how to handle this. Hindsight Legal explains how title defects, encroachments, and building issues can be identified and addressed during the conveyancing process.
Disputes over property condition
You may find that things go wrong after a final inspection. For example, a hot water system might fail, or a listed inclusion could be swapped for an inferior model. If an item was contractually included but is missing or altered, your solicitor can draft notices, negotiate with the vendor, and seek a resolution.
Boundary disputes
Boundary issues such as incorrectly placed fences or encroachments can quickly escalate. A solicitor versed in Australian property law can guide dispute resolution before it gets out of hand.
Staying proactive:
To avoid problems, keep in touch with your solicitor, do thorough pre-settlement inspections, and check your settlement statement carefully. Missing these steps can lead to last-minute disputes and expensive delays.
Fee transparency and consumer rights: Don't get stung
Even with a good team, disputes can still arise, often over financial matters. Hidden fees are a common issue after settlement with brokers and solicitors. These might include admin charges, disbursement costs, or other fees that weren’t clear at the start. In some complex cases, such as class actions, a common fund order can also result in unexpected deductions.
So, what can you do if you feel you've been stung? The first step is always direct communication. Request a clear, itemised breakdown of the charges and compare it to your original cost agreement. If you’re not satisfied, you have rights. The Australian Consumer Law (ACL) protects you from misleading conduct, including a lack of transparency regarding fees and charges.
There are resources to help. Your state’s Law Society has information on challenging legal costs, and the ACCC is where you can make complaints. Legal Aid Queensland and other state groups also have guides on your basic rights. If your professional won’t help, getting independent legal advice is the next step. he human factor: Building trust across cultures
In Australia, about 21% of people speak a language other than English at home. Due to this, cultural backgrounds and language barriers can make it more challenging for some individuals to access financial or legal advice.
Trust is the cornerstone of any professional relationship, but it's not built the same way in every culture. Some cultures place more trust in family and community networks than in formal institutions. This can be rooted in different societal norms or negative experiences with legal and financial systems in a person's country of origin. This means that for many culturally diverse Australians, the default isn't to pick up the phone to a solicitor they've never met.
This leads to a trust gap. Studies show that Australians from diverse backgrounds tend to use these professional services less frequently. Language barriers are a big reason. It’s tough to feel confident dealing with property issues if you don’t fully understand the language being used.
The onus is on the professionals to bridge this gap. Smart brokers, accountants, and solicitors are actively working on their cultural competence. This isn't about stereotypes; it's about active listening, respecting cultural practices, and creating an inclusive environment. It means using qualified interpreters and translated materials, rather than relying solely on a client's family member to translate. It means building relationships with community organisations to understand specific concerns and needs. Some firms are making a real effort to create diverse and inclusive workplaces, recognising that a team that reflects the community it serves is better equipped to build genuine trust.
Owning property is a long-term process. Many people mistakenly believe that a settlement is the end of the matter. Your property is likely your most significant asset, so it’s essential to protect and manage it with expert assistance. Stay in touch with your professional team. Calling your broker, accountant, or solicitor after settlement isn’t a sign of trouble; it’s a smart way to get the most from your investment.
