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Already replied to your PM, but it depends on the lender. Some open the account fairly quickly, for others it can be an overnight process. Some banks still have computer systems that date back to the 80s.

Normally the funds to complete the purchase (deposit you still have to pay and stamp duty, etc) will be deducted directly from the LOC. It sounds like everything is being set up to settle on the same day which is a bit unusual but not a problem. In this case the surplus funds from the LOC...