Here’s what surprises most first home buyers: the purchase itself is actually the fastest part. Once you’re actively searching with finance in place, the time from offer to keys is typically 10 to 14 weeks. The part that takes years is everything before that.
Get the finance sorted before you start searching. Buyers who have pre-approval move fast when the right property comes up. Buyers who don’t either miss it or make rushed decisions.
The realistic timeline in full
Saving your deposit — months to years
At 20%, this averages around 10 years in a major city. At 5% with the government scheme, it can be compressed to 1–2 years depending on income and location. This is the part of the timeline that most people can actually influence the most.
Getting finance in order — 1 to 4 weeks
Pre-approval can move quickly with the right documentation and a broker who knows which lenders are processing fast right now. Leaving this until after you find a property is one of the most common mistakes buyers make.
Finding the right property — weeks to months
Competitive markets can take 3–6 months of active searching. Some buyers find something in their first month. Pre-approval in hand means you can make decisive offers rather than going home to ‘see if the finance works.’
Offer to exchange — 1 to 3 weeks
Private sales: offer, negotiate, building and pest inspection, formal loan approval, and contracts exchanged. Auction purchases require unconditional finance on the day — which is another reason pre-approval matters.
Exchange to settlement — 4 to 8 weeks
Standard settlement periods run 30 to 90 days, depending on state and negotiation. 42 days (six weeks) is the most common. NSW and Victoria are typically 30–42 days; WA can run longer.
What slows things down
- Applying for finance after finding a property instead of before
- Incomplete documents at the application stage — a single missing payslip can cost weeks
- Valuation coming in below the purchase price
- Choosing a lender currently running slow processing queues
- Title or conveyancing complications that weren’t caught early
What compresses the timeline
- Pre-approval before you start searching — this is the single biggest lever
- All documents are ready before the application is submitted
- A broker who knows current lender processing speeds (they vary significantly right now)
- A proactive conveyancer who flags issues early rather than at settlement
From ‘ready to search’ to keys in hand: for most buyers, 3 to 6 months is realistic. The finance side of that timeline is largely within your control. We work to make sure it never becomes the bottleneck.
This is general information only. Settlement timelines vary by state, property type, market conditions, and individual circumstances. Speak with a licensed conveyancer for guidance specific to your situation.
Sources: Australian Institute of Conveyancers (state settlement standards); PEXA Settlement Data 2025; CoreLogic, Time on Market Report 2025; Housing Australia, First Home Buyer Deposit Data.
