First Home Buyer Timeline

This is the longest stage for most people. You are building a deposit, covering upfront costs and showing lenders a consistent pattern of saving. It is also the time to tidy up your credit: pay bills on time, reduce credit card limits and avoid taking on new debt.

Check whether you might be eligible for a government scheme. The federal 5% Deposit Scheme was expanded from 1 October 2025, with no income caps and higher property price caps, which may shorten this stage considerably for some buyers. Rules change, so confirm the current details.

Once your deposit is close, talk to a broker about pre-approval. We review your income, expenses, debts and savings, compare lenders and submit an application. Turnaround times vary between lenders and can stretch during busy periods.

Pre-approval usually lasts around 90 days. It gives you a realistic price range and lets you make offers or bid at auction with more confidence.

Between pre-approval and settlement, try to keep your finances as steady as possible. Changing jobs, buying a car on finance or opening a new credit card can all mean the lender needs to reassess your application, and in some cases the approval amount can change.

This stage depends on the market and how flexible you are on location and property type. Go to open homes, compare recent sales and think about what matters to your household over the next five to ten years, not just today.

When you make an offer on a private sale, ask for a finance clause and a building and pest clause. At auction there is usually no cooling-off period and no finance clause, so your pre-approval and budget need to be solid before you raise your hand.

It helps to agree on your non-negotiables before you start, such as the number of bedrooms, school catchment, commute time and whether you are open to a renovation. A clear brief makes it easier to move quickly when the right place comes up and to walk away from the ones that do not fit.

Once your offer is accepted and contracts are signed, your conveyancer reviews the contract and your lender orders a valuation. If the valuation and documents check out, the lender issues formal (unconditional) approval and loan documents for you to sign.

Cooling-off periods differ by state. In Queensland it is generally five business days and in NSW it is generally five business days for residential property, but conditions apply, so check with your conveyancer.

If the valuation comes in lower than the purchase price, the lender bases the loan on the lower figure. That can mean you need to find extra cash or, in some cases, pay LMI. It does not happen often, but it is one reason to keep some of your savings in reserve until formal approval comes through.

Settlement is the day the money changes hands and the property becomes yours. Your lender, conveyancer and the seller's representatives handle the transfer, usually electronically. You will do a pre-settlement inspection a few days before to check everything is as agreed.

After settlement, set up your repayments, any offset account and your home insurance, and keep a buffer for the costs that tend to pop up in the first few months.