When you are getting close to the settlement of your property you will need to make arrangements for the remaining of your deposit so it is available at settlement. This can be done in two ways,
Transfer to your solicitor
If you transfer it to your solicitor there is usually a few days wait to confirm it is in their account and depending when settlement is the amount may vary slightly meaning you may need to over pay and then wait for a refund.
Allowing the lender to debit your account
To allow the lender to debit your account it must be in an account with them, and be in the account 48 hours prior to settlement. This option is a lot easier, faster and more accurate because they debit the funds to morning of settlement when it is know exactly how much is needed to complete settlement, down to the cent.
Both of these options mean that on settlement day the only thing you need to do is wait to hear from your Solicitor that you are now the owner of the property and arrange to collect keys. The rest is up to your solicitor and the lender.
If you’re not sure how close or far off you are to buying your First home make sure you check out The First Home Buyer’s Program which aims at helping First home buyer’s from saving for their deposit all the way through purchasing their first home and beyond.