How Long Does Buying a House Take? Timeline Inside

The home search: how long does this phase take?

The initial phase, finding and deciding on the right property, is often the most variable part of the process. For many Australian buyers, this stage can last anywhere from 3 weeks to 6 months, and sometimes longer, depending on several personal and market factors:

• Market conditions: A highly competitive seller's market (low inventory) can significantly extend the search time as buyers face more bidding wars and limited choices.

• Buyer's readiness: Buyers who have clearly defined their budget, location and non-negotiables tend to move faster than those who are still exploring options.

• Financing pre-approval: Securing a mortgage pre-approval before you start searching is crucial. It clarifies your budget and demonstrates to agents and sellers that you are a serious buyer, speeding up your ability to make an offer.

• Inspection and due diligence: After finding a house, the time required for building, pest and strata reports must be factored in before a formal offer.

Having your finances clearly mapped out reduces stress and allows you to act decisively when the right house appears. HeyNest connects you with an expert broker who can secure your pre-approval swiftly, ensuring you are market-ready and shortening the overall house buying timeline.

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The offer and finance approval stage

Once your offer is accepted, the focus shifts to securing formal finance and completing legal steps. This stage usually takes 4–6 weeks in Australia.

• Valuation: The lender arranges an independent property valuation (around one week) as part of their approval process.

• Formal approval: After valuation, the lender finalises their assessment of both the property and your finances, leading to unconditional approval. At this point, the contract of sale becomes legally binding.

• Contract exchange: Both parties sign the contract. In New South Wales, a cooling-off period often applies, while other states, such as Queensland, have different rules.

Common delays:

• Complex financials: Self-employed or multi-income borrowers often require longer assessments.

• Property issues: Low valuations or poor building reports can delay or derail approval.

An independent HeyNest broker simplifies this stage by matching you with the right lender and managing communication to speed up formal approval.

Stop Stressing: Why a Broker is the 'Smart, Chill' Way

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Settlement: finalising your home purchase

Settlement is the period between contract exchange and taking possession of the property, typically 30, 60 or 90 days, depending on the agreement.

During this time:

• Legal work: Your solicitor or conveyancer completes title searches and transfer documents.

• Final walkthrough: You inspect the property before settlement.

• Funds transfer: On settlement day, your lender releases funds to the seller’s representative, and ownership transfers to you.

From offer acceptance to settlement, the process generally takes 2–3 months. Ensuring documents and funds are correctly prepared is vital. HeyNest’s digital platform and expert brokers coordinate every step, keeping the process efficient and stress-free until you receive your keys.

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Frequently asked questions

What is the fastest way to buy a house?

The fastest way is to secure pre-approval first, target auction properties and have a conveyancer ready to act immediately upon winning.

How long does a mortgage approval take in Australia?

Standard conditional pre-approval can be fast (a few days), but formal, unconditional approval usually takes 2-4 weeks after finding a property.

What is a "cooling-off period" and how long is it?

It's a short period (usually 5 business days in NSW, shorter/non-existent in other states) after signing a contract where the buyer can withdraw, often forfeiting a small deposit.