Step-by-Step Guide
How the Home Loan Process Works
The easiest way to get your head around your options is to chat with a local mortgage broker who gives clear advice and no fancy terms. It should be a relaxed conversation where you can ask anything.
No Jargon, Just Answers
It starts with a conversation
What loan might suit you, how the application works, how long approval takes, settlement timeframes, and what happens after your loan is up and running — these are all things you should feel comfortable asking about.
There's no pressure, no hard sell. Just a straightforward chat about where you're at, where you want to be, and how to get there.
Below is a step-by-step breakdown of how the process typically works, so you know what to expect at every stage.
Your Journey
From First Chat to Getting the Keys
Getting Started
Pre-approved Loan
If you're not sure what you can afford, getting pre-approved is a good starting point — but just keep in mind, not all pre-approvals are the same.
Not every lender even offers them, and the ones that do, treat them a bit differently. Some lenders will give a pre-approval without really checking the details you've provided. Others will properly assess your info and documents.
They can be In-principal approval or Automated pre-approval. So, when you hear "just get pre-approved", it's not always a like-for-like comparison.
In short, pre-approvals can help, but they can also limit your lender options, and not all of them carry the same weight.
Step 1
Pre-approval
Step 2
Legal Support
Legal Side
Conveyancer or Property Solicitor
You'll also need someone to handle the legal side of things. A conveyancer does the standard paperwork, while a property solicitor can go a step further and review the Contract of Sale before you sign.
That can help pick up any issues early and explain things like cooling-off periods so there are no surprises.
On settlement day, they handle the money transfer, stamp duty, and paperwork so the property is legally yours.
Making It Official
Make an Offer & Sign the Contract
Once you've found a place you like, it's time to make an offer and sign the Contract of Sale. This sets the price and the conditions — things like finance approval, building and pest inspections.
This is where having a good property lawyer is worth their weight in gold. They can look over the contract before you sign, explain anything that doesn't make sense, and make sure there's nothing sneaky in there that could trip you up later.
After it's signed, settlement usually takes around 4–6 weeks. Even if you're pre-approved, the lender still needs to check the property before everything is locked in.
Step 3
The Offer
Step 4
Deposit
Securing the Property
Paying Your Deposit
Once the contract is signed, you'll need to pay a deposit. This usually comes straight from your savings — the same deposit funds you've been building up.
That money is held by the real estate agent now in trust, but it's all part of your overall home loan deposit anyway. It's just moving from your savings toward buying the home.
The main thing is to only pay an amount you're comfortable with. There's no need to stretch yourself or feel rushed — it should feel manageable for you.
The Finish Line
From Contract to Settlement
Once the deposit's paid, a lot of things tick along in the background. Your broker locks in your home loan, the bank orders a valuation, and your conveyancer or solicitor takes care of the legal stuff — checking the contract, running searches, and making sure conditions like finance and building inspections are all sorted.
Once everything's approved, settlement gets booked in. Before that day comes around, you'll organise your building insurance and do a final walk-through of the property just to make sure everything looks as it should.
On settlement day, the bank sends the money, stamp duty and fees are paid, and the home is officially yours. You grab the keys — and that's it, you're a homeowner.
Step 5
Settlement
After You Move In
What happens after settlement?
Once settlement is done and you've got the keys, the journey doesn't stop there. Your home loan is now up and running, and there are a few things worth keeping in mind.
Your broker is still here to help — whether it's reviewing your rate down the track, adjusting your repayment frequency, or helping you plan your next move.
Annual Rate Reviews
We'll check in to make sure you're still on a competitive rate and not paying more than you need to.
Repayment Flexibility
Life changes — and your loan can adapt. Adjust repayment frequency, make lump sum payments, or access your offset account.
Future Planning
Thinking about renovating, investing, or upgrading? We can help you plan your next property move when the time is right.
Helpful Tips
Things to Keep in Mind
Don't Rush
Take your time with decisions. A good broker will never pressure you — this is one of the biggest decisions you'll make.
Get Your Docs Ready
Having your payslips, bank statements, and ID ready speeds things up and makes the process smoother for everyone.
Plan for Extra Costs
Stamp duty, conveyancing fees, building inspections, and insurance — budget for these on top of your deposit.
Watch Your Spending
Avoid big purchases or new credit cards during the approval process — lenders check your finances right up until settlement.
Ask Questions
There's no such thing as a silly question. If you don't understand something, ask — that's what your broker is here for.
Get Building Insurance
You'll need building insurance in place before settlement — most lenders require it as a condition of your loan approval.
Ready to Start Your Home Loan Journey?
Whether you're buying your first home or your fifth, Glen is here to walk you through every step — no pressure, just straightforward advice.