Buying your first home can feel overwhelming, but the process doesn’t need to be a mystery. This step-by-step guide explains the typical timeline to buying your first property, from saving your deposit through to settlement day. Discover how long each stage usually takes, what to expect along the way, and how a mortgage broker can guide you through the process with confidence.
Timeline to Buying Your First Home: Step-by-Step Guide
Buying your first home is an exciting milestone, but it often feels like there are a hundred steps to get there. The truth is, while the journey can take months (or even years if you’re still saving your deposit), once you understand the typical timeline, the process becomes far less daunting.
Below, I’ll walk you through each stage of the first-home buying journey, how long it typically takes, and how to prepare.
The First-Home Journey at a Glance
Here’s a snapshot of the major stages:
- 1Save your deposit (6–24 months, depending on savings capacity).
- 2Secure pre-approval (1–2 weeks).
- 3Search for and purchase a property (4–12 weeks, sometimes longer).
- 4Get formal approval and exchange contracts (1–2 weeks).
Settle and move in (4–6 weeks).
Step 1: Saving Your Deposit (6–24 months)
For most first-home buyers, saving the deposit is the longest part of the process. A standard lender typically requires at least 5-10% of the purchase price, plus additional funds for stamp duty and other costs, unless you’re eligible for government schemes, Stamp Duty concessions or use a guarantor loan.
Tips to accelerate savings:
Step 2: Getting Pre-Approval (1–2 weeks)
Once you’ve saved enough for a deposit, the next step is to obtain pre-approval from a lender. This gives you a clear budget and confidence to make offers.
Pre-approval usually takes 5–10 business days, depending on the lender. A broker can often speed this up by knowing which lenders process applications more efficiently.
Step 3: House Hunting & Making Offers (4–12 weeks)
This is often the most exciting stage, and also the most unpredictable. Some buyers find their dream home in the first week; others take months.
On average, first-home buyers in metro areas take 1–3 months to find the right property. Factors include market competition, budget flexibility, and location preferences.
Step 4: Formal Approval & Contract Exchange (1–2 weeks)
Once your offer is accepted, you’ll need to move quickly to secure formal approval. The lender will order a property valuation, reassess your finances, and issue formal loan documents.
This stage generally takes 7–14 days, after which you’ll exchange contracts and pay the deposit (usually 5–10%).
Step 5: Settlement & Moving In (4–6 weeks)
Settlement is the final stage, the day the property legally becomes yours. Most contracts allow 30–45 days for settlement. During this time, your solicitor or conveyancer handles legal paperwork, and your broker ensures loan funds are ready to transfer.
On settlement day, you receive the keys and can move in.
Pros and Cons of a Longer vs Shorter Timeline
Shorter timeline (6–9 months total):
✅ Get into the market quickly before prices rise.
✅ Build equity sooner.
❌ Requires aggressive savings or financial assistance (e.g., guarantor, government grants).
Longer timeline (12–24 months+):
✅ Allows more time to save and build genuine savings.
✅ Stronger borrowing capacity with less risk.
❌ Risk of house prices or interest rates increasing before you buy.
Why the Timeline Matters for First-Home Buyers
Understanding the timeline helps you:
For example, a couple saving for a $60,000 deposit might take 18 months to reach their goal. If house prices rise by 5% over that period, they may need to extend their savings period or adjust their expectations.
How a Broker Can Help Speed Up the Process
Working with a broker means you don’t waste time applying to the wrong lenders or missing grant opportunities.
Your Home Loan Consultant can: