There's no single national settlement period — how long you have between signing the contract and settling depends on the state, your contract, and how quickly your finance and paperwork come together. Most residential settlements land somewhere between 30 and 90 days, and the date is fixed in the contract rather than left open.
Standard settlement periods by state
Each state has a typical default, though the date is ultimately whatever you and the seller agree in the contract:
| State | Typical settlement period |
|---|---|
| Queensland | Around 30 days from the contract date |
| New South Wales | About six weeks (42 days) from exchange |
| Victoria | 30 to 90 days from the day of sale; 60 days is common in metropolitan Melbourne |
These are conventions, not fixed rules — a shorter or longer period can be negotiated. For the timing rules, the time of day settlement must occur, and what happens if a deadline is missed, see time and settlement in property contracts.
What the settlement length depends on
- Your finance. The single biggest factor — the period needs to be long enough for final loan approval, a valuation and signed loan documents.
- Cash vs mortgage. A cash purchase can settle faster than one that relies on a lender.
- A linked sale. If you're selling and buying together, the two settlements usually need to line up, which can stretch the timeline.
- The type of property. Off-the-plan and house-and-land purchases can settle much later — on completion of the build.
Can you change it?
The easiest time to set the settlement length is when you make the offer: a period that matches how long your finance realistically takes is far simpler than trying to extend it later. Once you're in the contract, moving the date usually needs the other side's agreement, and leaving it late risks penalty interest or default. If your settlement looks like it might run over, see why settlements get delayed, and what to do if yours is at risk.
The takeaway: expect 30–90 days depending on your state and finance, treat the contract date as fixed once you've signed, and set a realistic period up front rather than hoping to change it.
