Buying your first home: a timeline from start to finish

While the classic double-brick on a quarter-acre block may no longer be realistic for many buyers, the desire for Australians to secure a place of their own hasn’t faded. If anything, the urgency has increased.

Money magazine has put together a timeline in that walks readers through each stage, from early research to collecting the keys. 

“Buying a home comes with its own language, deadlines and emotional highs and lows. There’s jargon, paperwork and negotiation, and a whole cast of professionals to consult along the way,” said Vanessa Walker, managing editor of Money magazine.

Twelve months out – start your research 

“Before you surrender your Saturday mornings to driving around and viewing homes for sale, the process begins with a cheeky scroll,” said Walker.

You browse listings, track suburb prices, compare commute times and check school zones, often building spreadsheets without meaning to. You notice which homes linger online and start asking why. 

“This research phase continues throughout your journey. As you learn more about budgets, neighbourhood quirks and your own priorities, your idea of a home that ticks the boxes for you starts to evolve,” said Walker.

9 months out – get your money in order 

Understanding what you can borrow (and what you can comfortably pay) usually requires expert guidance.

First-home buyers should speak to a mortgage broker as soon as they begin thinking seriously about buying. 

While mortgage brokers can provide credit assistance and guidance, they don’t offer broader financial advice. That’s where a financial adviser could come in. They help buyers understand how a mortgage fits within their long-term financial wellbeing. 

Working with both professionals can be helpful: the adviser sets your financial boundaries, and the broker finds loans that fit within them. 

3 months out – lock in pre-approval

Pre-approval is a lender’s early indication of how much they may lend. It’s not a guarantee, but it gives you a firm budget and signals to agents that you’re serious. 

You’ll provide payslips, bank statements, ID and a breakdown of expenses. Your broker packages the application to meet lender requirements. Pre-approval typically lasts about 90 days. 

Bianca Patterson, director of Calculated Lending says home buyers should exercise significant caution when making financial changes after receiving pre-approval. 

"Even seemingly minor decisions such as opening a new credit card or interest-free payment facility, taking out a personal loan, using savings for a large one-off purchase, or paying out an existing liability without advice can materially affect their borrowing position," she says.  

Another option is a buyers agent, who represents the buyer’s interests: researching properties, assessing value, negotiating with agents and helping to avoid costly mistakes. Fees typically range from 1.5% to 2.5% of the purchase price.   

8 weeks out – hit the open homes 

With pre-approval sorted, open homes become your weekend routine.

“You’ll meet real estate agents, skilled negotiators who work for the seller (and not for you) but can still offer helpful local insight,” said Walker.

It’s also the right time to shortlist conveyancers who review contracts and manage settlement. Your broker or adviser can usually recommend a few. 

Melissa Barlas, founder of Melbourne conveyancing firm Conveyed, says it’s worth considering whether you need a conveyancer or a lawyer. 

"Both can do conveyancing – the legal work behind making you the property’s legal owner," she says. "But if you need representation, face a dispute or require legal advice, that’s where a lawyer is handy." 

6 weeks out – make an offer 

“Once you’ve found the right property, things move fast,” said Walker. 

Your conveyancer handles the legal side of transferring ownership and ensures the process runs smoothly. They’ll review the contract for potential issues such as easements, unusual clauses or unapproved structures. 

At this stage, your broker reconfirms your borrowing capacity and you submit your offer. In competitive markets, expect counter-offers. If accepted, you’ll pay a small holding deposit. 

2 weeks out – prepare for settlement

Settlement preparation involves signing loan documents, organising building insurance and confirming your funds.

Your conveyancer coordinates with your lender, the vendor’s lawyer and the settlement platform to ensure everything is ready. 

A pre-settlement inspection, usually 24–48 hours beforehand, lets you confirm the home is exactly as agreed.  

Check appliances, ensure repairs have been completed and make sure all keys, remotes and fixtures are still in place. 

You’ll also need to cover additional fees: loan application fee, mortgage registration fee, transfer fee and outstanding council/water rates.

Settlement day and settling in

Your lender transfers the funds, the property title is registered in your name and the home legally becomes yours. 

Your conveyancer manages the process. The agent hands over the keys. 

Move-in day is when the property finally becomes your home.

Over the first few weeks, you’ll discover its quirks – morning light, hot water temperament, friendly (or noisy) neighbours. 

Your adviser may check in about next financial steps, while your broker can help with offsets, extra repayments or refinancing.

"Buying the property is one milestone. Managing the loan well is the next,” said Walker.

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First published in Money magazine’s February 2026 magazine. Out February 2, 2026.