After weeks of searching for your new home, months of planning, trying to find the right one, you are at the very end and the hammer is about to be struck down. You are about to become a home owner, and you are about to take on most likely the largest financial obligation you have ever had.

So what can get you over the line and make you the lucky buyer? It could come down to something as simple as your settlement terms. Going in to your buying stage, being pre-approved and having the money ready and easily accessible can make the difference between buying or missing out.

Offering a 10 day settlement will offer some big advantages in to getting you over the line, so here are a few reasons you should be offering a 10 day settlement.

1. It provides the money to the vendor extremely quickly.

For the vendor, the main aim is to get their money as soon as possible and move on. Most vendors have already planned their next steps, and offer a 30/60/90 day settlement out of requirement, however settling early can provide the vendor an opportunity to move on to their next project.

2. The vendor can make interest on the money quicker.

From an economical point of view, settling early helps the vendor, especially financially. If they settle with in ten days, and receive a cheque for say $700,000 – they can deposit this in to the bank and start earning interest. A 3 month fixed term deposit can earn up to 2.8% so economically they can be earning nearly $5,000 – a home that settles in 10 days instead of 90 could add huge value to the buyer economically.

3. It prevents things dragging out.

One of the annoying things about a settlement is that it takes a lot of time to get things done. If you known you are under time pressure you always will find a way to get things done. Also, if you have done most of your planning, e.g figured out your current living arrangements, and also been pre-approved for the amount you are spending, you will be to move on things quickly and get things happening.

4. It’s what will get you over the edge.

95% of property buyers will be going in with the mindset of offering a 30,60,90 day settlement, many don’t want to settle quickly as they are unprepared, need to get their finance sorted, (maybe even need to sell their house) – therefore, offering a short settlement can be the difference. Some buyers are happier to take a lower price, knowing they will get the money sooner, rather than wait a few months for a few more thousand dollars. The peace of mind and security it offers the vendor can’t be underrated.

Where it gets tricky?

Generally settlements less than 14 days can be tricky as there are a bunch of things that need to be done in that time frame. The biggest issues are having water, land tax, rates etc all confirmed and ready to be changed over in time. If you are not pre-approved you essentially have no chance of offering this kind of settlement as approvals can take weeks if not months to get over the line.

On top of that, vendors generally won’t be prepared for such an offer, so it needs to be explained clearly why it is in their best interests to have a quick settlement. If it is explained that they can get the money sooner, and also free their own personal debt up much quicker than they had anticipated, then they will be keen to undertake this.

A 10 ten day settlement should be attractive to both parties, and provide a good set up for both of you to move on to the next phase in your life. As a buyer, it gives you a strong advantage that most people would not have thought of. Instead of taking a backward step and being dictated to by the price, take a step forward and offer something that they would not have anticipated.


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  1. You forgot to mention the time it takes banks to Settle these days too – especially when they lose Titles, which happens often.

    Seller is then at fault and charged penalty interest for late Settlement. 30 days could be achievable if a buyer gets finance approval on the day of acceptance of the offer, but 10 days is pushing it to the outer limits…

  2. Hi Todd, Ten days is the most unrealistic settlement period I have ever heard of for a normal sale that involves normal families. The seller most often has a mortgage that can’t be released that quick, because they can’t release a mortgage until the property is unconditional, when are they doing the building and pest. Perhaps they should forgo that as well to speed up the process??. 7 days for a building and pest is the standard time frame, and you are asking to settle 3 days after that, when are the owners doing their packing??????

  3. I am hesitant to suggest this because:

    • Mortgage transfers take time
      * The Seller needs time to pack up and move
      * People will be under pressure and may need to pay default interest
      * If things go wrong, then it will be all MY fault for suggesting the 10-day pressure and my reputation will be shot
      * I am unlikely to get a resale from the Buyers if they have a bad experience

    The focus should be on caring for my clients and not getting settlement and my comm quicker.


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