Steps to buying a house

The sequence from first thinking about it to having keys in hand. Roughly 6-12 months for most Australian buyers, this is what each stage looks like.

7 min read·Reviewed 27 October 2026·Ratesniffers Editorial Team

1. What is my borrowing capacity in week 1?

Before you walk into open homes, get a realistic borrowing capacity estimate. A lender will need your income, debts, and rough living expenses. The number you're given is the upper bound, most buyers borrow 80-90% of their stated capacity to leave breathing room.

2. How much deposit and savings do I need in weeks 2-4?

Confirm you have at least 5% genuine savings (held in your name for 3+ months) plus enough to cover stamp duty, conveyancing, building & pest inspection, and a buffer for moving costs. The First Home Owner Grant and stamp duty concessions vary by state, check what your state offers.

3. What happens during pre-approval, in weeks 4 to 6?

Get a credit-assessed pre-approval from a lender that suits your scenario. This becomes your auction-day passport.

4. How do I house hunt in months 2-6?

Set up alerts on Domain and realestate.com.au. Inspect 20-40 properties before bidding seriously, you need a feel for what value looks like in your suburb. For each suburb you're targeting, pull 3-month median sales data so you know whether the asking prices are realistic.

5. What happens when I make an offer or bid at auction?

Auction: pre-approval in hand, conveyancer briefed in advance, building & pest done before the auction (you can't get a cooling-off period at auction). Private treaty: make a written offer subject to finance and B&P inspection. NSW + ACT contracts include a 5-business-day cooling-off period, other states vary.

6. What happens at unconditional approval and settlement, in weeks 4 to 8?

Once accepted, your conveyancer handles the contract review and settlement booking. Your lender finalises the formal approval (sometimes called "unconditional") within 1-3 weeks. Settlement is typically 30-42 days from contract signing.

For pre-approval, serviceability, valuation and settlement in more detail, see Ratesniffers' loan application and approval hub.