First-Time Homebuyer’s Guide: A Step-by-Step Breakdown
30th September, 2024
How long does it take to buy a house from start to finish? It’s one of the most common questions asked by first-time buyers—and for good reason. Buying a home is a big step, and understanding the full timeline helps reduce stress and sets realistic expectations. While there’s no one-size-fits-all answer, the process typically takes between 8 to 14 weeks, depending on factors like loan approvals, inspections, and settlement procedures. Some buyers may move faster, while others experience delays due to financing or paperwork.
So, what does the timeline really look like? Let’s break down each step of the home-buying process and how long you should expect it to take.
Step 1: Getting Your Finances in Order (1-3 Weeks)
Before you start searching for a home, you need to figure out your budget. This involves assessing your finances, checking your credit score, and getting pre-approved for a loan.
The home-buying process can be broken down into several key steps:
✔️ Assess Your Finances – Calculate how much you can afford for your home deposit, stamp duty, legal fees, and mortgage repayments. (1 Week)
✔️ Get Pre-Approved for a Loan – A mortgage pre-approval typically takes between 3-7 business days, depending on the lender. (1-2 Weeks)
✔️ Consider First-Home Buyer Grants – If you’re a first-home buyer, applying for the First Home Owner Grant (FHOG) or stamp duty concessions can add a few extra days. (1 Week)
Pro Tip: Getting pre-approved before house hunting gives you an edge when making an offer—it shows sellers you’re serious.
Step 2: House Hunting & Finding the Right Home (2-8 Weeks)
Once your finances are sorted, it’s time to start looking for the perfect home. The duration of this step depends on:
✔️ How Quickly You Find a Suitable Home – Some buyers find a property within a week, while others take months to decide. (2-8 Weeks)
✔️ Market Conditions – If demand is high, competition can make the process longer.
✔️ Property Inspections & Research – Visiting homes, comparing prices, and doing due diligence takes time.
Pro Tip: Make a list of must-haves vs. nice-to-haves so you don’t waste time viewing homes that don’t fit your needs.
Step 3: Making an Offer & Negotiation (1-2 Weeks)
Found the right home? Now it’s time to make an offer.
✔️ Submitting an Offer – Once you make an offer, sellers may take 24-72 hours to respond.
✔️ Negotiation & Counteroffers – If negotiations take place, expect an extra few days to a week.
✔️ Offer Acceptance & Signing Contracts – Once agreed, you’ll sign a Contract of Sale and provide a deposit.
Pro Tip: A strong pre-approval can speed up negotiations and increase your chances of getting your offer accepted.
Step 4: Loan Finalisation & Property Inspections (2-4 Weeks)
Even if you’re pre-approved, finalising the home loan isn’t instant. Your lender will:
✔️ Conduct a Property Valuation – Ensuring the home is worth the purchase price. (1-2 Weeks)
✔️ Review Your Financial Situation – Double-checking your income, debts, and credit score. (1 Week)
✔️ Approve the Mortgage & Issue Loan Documents – Once finalised, you’ll sign the mortgage agreement. (1-2 Weeks)
During this time, building and pest inspections are also arranged. If any issues arise, negotiations may delay the process further.
Pro Tip: Avoid taking out new loans or credit cards during this period—it could impact your final loan approval.
Step 5: Settlement & Getting the Keys (4-6 Weeks)
Once your loan is approved, settlement begins. This is when all legal and financial transfers take place, leading up to official homeownership.
✔️ Conveyancing & Legal Paperwork – Your solicitor/conveyancer will manage the transfer of ownership. (2-4 Weeks)
✔️ Final Inspection – Before settlement, you’ll inspect the home to ensure it’s in the agreed condition. (1 Day)
✔️ Settlement Day! – Funds are transferred, and you officially receive the keys to your new home. 🎉 (1 Day)
Pro Tip: Most settlements take around 30-45 days, but some sellers may agree to a shorter timeline if needed.
How to Speed Up the Home Buying Process
If you’re in a hurry to buy, here are some time-saving tips:
✔️ Get Pre-Approved Early – Have your financing in place before house hunting.
✔️ Work with a Good Real Estate Agent – They’ll help you find homes faster and handle negotiations.
✔️ Be Flexible with Settlement Terms – Shorter settlement periods can sometimes help win over sellers.
✔️ Choose a Reliable Conveyancer – Delays often happen due to legal paperwork—choose a pro who keeps things moving.
Pro Tip: If everything runs smoothly, it’s possible to buy a home in as little as 6-8 weeks!
Conclusion
So, how long does it take to buy a house from start to finish?
Typical Timeline: 8-14 weeks
Fast-Tracked Timeline: 6-8 weeks
Delayed Timeline: 3-6+ months (due to financing or legal issues)
If you have any questions or need assistance in your home-buying journey, don’t hesitate to reach out to our experienced team at SHERLOCK Homes Group. We’re here to help you every step of the way!
Need expert guidance? Let’s get you into your new home ASAP!
Visit us at: 📍 104/34 Charles Street, South Perth WA 6151
Follow us on Instagram: @sherlockhomesgroup
Call today for a FREE homebuyer consultation!
Please note that the information provided in this blog is intended for general informational purposes only, and shouldn’t be construed as professional advice. It also may have changed between now and its time of publication, so we can’t guarantee its accuracy or completeness. As such, this means that we aren’t liable for any loss or damages arising from the use of the information provided in this post.