Your loan has settled: what happens now
A quick guide to the days after settlement, so unusual balances and account changes don't cause alarm.
- There's nothing you need to do on settlement day itself.
- Surplus funds go to a single nominated account, and old loan accounts usually close on their own.
- Linked savings or transaction accounts are not closed automatically, you'll need to close these yourself.
Settlement day
The banks complete the transfer and finalise your loan. There's nothing required from you.
If there are surplus funds, they go to the single account nominated on your loan. Lenders generally can't split funds across multiple accounts, so you may want to move money between your own accounts afterwards.
The days that follow
Balances and account details can take a little while to update. Unusual-looking balances are normal at first, often interest accrued since your last payment, and they adjust automatically.
Old loan accounts usually close on their own once those balances settle.
Any linked savings or transaction accounts generally need to be closed by you. They aren't closed automatically, so it's worth checking.
What we do next
Once settlement has completed, we run our final checks to make sure everything has landed exactly as it should. We'll then be in touch to confirm it's all done and talk you through the outcome.
If anything looks off, or you'd simply like to talk it through, please give us a call. We're always happy to help.
Any advice on this page is general in nature only and does not take into account your objectives, financial situation or needs. Before acting, consider whether it is appropriate for you and read the relevant disclosure documents. Lending and insurance products are subject to approval, eligibility, terms, conditions and fees. For complaints and further details, see our Regulatory Information page.
Reviewed by Fync’s responsible manager on .