You’ve popped the champagne, unpacked most of the boxes, and the ‘Sold’ sticker is peeling off the real estate sign. For many new Australian property owners, settlement day feels like the finish line after a marathon of inspections, offers, and paperwork. But what if it’s actually the start of a new set of challenges you didn’t expect?
The reality of property ownership in Australia is that the moment you get the keys, you step into a new world of financial, legal, and regulatory responsibilities. That celebratory feeling can quickly sour when a surprise tax bill lands in your letterbox, you discover a nasty title encumbrance, or your loan structure suddenly feels like a lead weight in a rising interest rate environment. The old Aussie attitude of "she'll be right" can be a costly one.
This is when your professional team, including your broker, accountant, and solicitor, becomes even more important. Their work doesn’t end at settlement. For smart property owners, this is when their real value starts. Here’s when you should call them after the settlement.
The shifting sands: Navigating Australia's regulatory maze
You’d be forgiven for thinking that once the property is legally yours, the red tape is behind you. Unfortunately, the Australian property landscape is fraught with regulatory gaps and evolving compliance rules that can trip up even the most careful owner.
There aren’t clear guidelines for financial disclosure after settlement, which can leave you open to unexpected tax bills and refinancing risks. ASIC has noted the growing risks from market changes, and regulators are looking into bigger issues in the housing market. Homeowners need to stay alert as things keep changing.
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.
What does this mean for you? You need to know about the new rules your broker must follow. ASIC has increased its compliance fees, so brokers are updating their processes and keeping better records of their advice. When you talk to your broker after settlement about refinancing or changing your loan, ask how they’re handling these new rules. Their response can show you how reliable their advice is.
Your accountant: More than just a tax time necessity
After settlement, your accountant is often the professional you’ll need to contact most, especially if you change how you use your property. The Australian tax system is complex, and property tax rules can be especially tricky.
The big one is Capital Gains Tax (CGT). Any investment property bought after 20 September 1985 is subject to CGT when sold, unless a specific exemption applies. The most common is the main residence exemption, but this is where people get caught out. What happens if you live in your new home for a few years, then get a job in another city and decide to rent it out?
This is when you should call your accountant. If you don’t get a market valuation when you first start renting out your home, you could face a big tax bill later. Without that valuation, the ATO might use your original purchase price to work out your capital gain, not the value when it became a rental. This could mean paying tax on years of growth while it was your home. Getting a valuation sets the property’s cost base and can save you a lot of money. It’s essential.
Once your property is a rental, you can claim new deductions like mortgage interest, maintenance, property management fees, council rates, and insurance. You can also claim depreciation on the building if it was built after September 1987. Your accountant can help you get the most from these deductions by preparing a depreciation schedule.
If you move into a property you’ve been renting out, call your accountant again. You need to tell the ATO it’s no longer earning rental income. You’ll lose some deductions, but you might qualify for a partial CGT exemption. The ATO’s 6-year rule lets you treat a property as your main home for up to six years after moving out, as long as you don’t claim another property. These rules are complex, so keep good records and get expert advice.
Your solicitor: The legal lifeline when things go wrong
Your solicitor or conveyancer is key to finalising your property purchase, but their help can be just as important after settlement. Problems after settlement are more common than many people realise, and trying to fix them on your own can lead to bigger issues.
One of the most common reasons to contact your solicitor is a problem with the property title. You might assume that the title transfer is a simple administrative step, but delays and discrepancies can occur. An undiscovered easement, a restrictive covenant, or a caveat lodged by a third party can seriously complicate your ownership rights. Your solicitor is the only person qualified to navigate these disputes and clean up the title.
Disputes over the property's condition are another major headache. You conduct your final inspection, everything looks fine, you settle, and a week later, you discover that the hot water system is faulty or that the beautiful integrated dishwasher shown in the marketing photos has been replaced with a cheaper model. If the item was listed as an inclusion in the contract of sale, you may have legal recourse against the vendor for a breach of contract. Your solicitor can draft the necessary notices and negotiate a resolution.
Boundary disputes are a classic neighbourhood nightmare. The fence isn't where you thought it was, or your new neighbour claims your carport encroaches on their land. These situations can escalate quickly and require a solicitor with a strong grasp of Australian property laws to interpret surveys and negotiate a solution.
Being proactive can help you avoid many of these problems. Stay in touch with your solicitor, do a careful final inspection, and check your settlement statement to make sure all the numbers are right. Missing these steps can cause last-minute disputes and delays.
Fee transparency and consumer rights: Don't get stung
Even with a good professional team, disputes can happen, often about money. Hidden fees are a common problem after settlement with brokers and solicitors. These can include admin charges, disbursement costs, or other fees that weren’t made clear at the start. In some complex cases, like class actions, a common fund order can also lead to 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.
Resources are available. Your state's Law Society provides information on challenging legal costs, and bodies like the Australian Competition and Consumer Commission (ACCC) are the go-to for lodging complaints. Legal Aid Queensland and other state bodies also offer clear guides on your basic consumer rights. If the professional refuses to budge, seeking independent legal advice on your options is the next logical step.
The human factor: Building trust across cultures
In Australia, about 21% of people speak a language other than English at home. This means cultural background and language barriers can make it harder for some people to seek 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 use these professional services less often. 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 an ongoing process. Treating settlement as the end is a common mistake. Your property is probably your biggest asset, so it’s important to protect and manage it with expert help. Keep your professional team close. Calling your broker, accountant, or solicitor after settlement isn’t a sign of trouble; it’s a smart move that helps you get the most from your investment.
