Step 2 –  Speak with a mortgage broker

First, mortgage brokers are experts in home loans. They’ll guide you through the entire process, making it smooth and stress-free. From answering your questions to offering valuable advice, they help you understand loan types, interest rates, and repayment options — so you can make confident, informed decisions.

Second, brokers have access to a wide network of lenders. This allows them to quickly compare loan products and find competitive rates that suit your needs. Because they handle a large volume of loans, they often have stronger negotiating power — meaning they can secure lower interest rates and better deals than most borrowers could find on their own.

Step 2 – Submitting Documentation

After speaking with your mortgage broker, they’ll present several loan options tailored to your needs — whether you prefer a fixed or variable interest rate, require an offset account, or want the lowest possible fees and rates. Once you choose the loan that suits you best, you’ll need to provide supporting documentation.

This usually includes proof of identity, income, employment history, bank statements, and details of your assets and liabilities (such as HECS debt and credit cards). These documents help lenders evaluate your financial position and determine your borrowing eligibility. Preparing them early can speed up the approval process. Be sure all information is complete and accurate to avoid any delays. For a full checklist, refer to our guide on home loan documentation.

key point to remember: lenders carefully review your bank statements to assess your spending habits. Excessive discretionary or gambling expenses can reduce your borrowing capacity. Since most lenders require at least three months of statements, it’s wise to start managing your spending well in advance — presenting healthy financial behaviour can make a strong impression when applying for a loan.

Step 3: Submitting Home Loan Application

Once you’ve gathered all your documents, your mortgage broker will complete and lodge your home loan application on your behalf. This is your formal request for finance, so check every detail for accuracy and completeness — errors or omissions can slow down or complicate approval.

 Step 4: Receiving Conditional Approval

After assessing your application and supporting documents, if the lender considers you creditworthy, they’ll issue a conditional approval. This means your loan is approved in principle, subject to specific conditions — such as a satisfactory property valuation. While it’s not a final approval, it indicates the amount the lender is likely willing to finance, helping you search for properties within your price range. Keep in mind that you’ll still need to cover your deposit and additional costs like stamp duty and conveyancing or solicitor fees.

(Solicitor fees are the costs you pay to a solicitor (or conveyancer) for handling the legal aspects of buying or selling a property.)

Step 5: Finding a Property and Valuing It

Now comes the exciting part — house hunting! With your budget in mind, start exploring properties online on Domain.com.au and RealEstate.com.au in your preferred areas. Check recent sales to get an idea of true market values, as listing prices and auction guides are often underquoted.

Attend multiple open inspections to see properties firsthand, since photos can hide flaws, and go to auctions to familiarize yourself with the process. Once you’ve found a property you like, ask your mortgage broker to arrange a valuation. This confirms that the property is worth the sale price and is essential for final loan approval. Keep in mind: if you offer more than the valuation, the lender may not approve the full loan amount.

Step 6: Speak to a Solicitor or Conveyancer

Once you’ve identified a property you want, it’s time to engage a solicitor or conveyancer to assist you. They will review the contract of sale, highlighting any important details you need to know. Your solicitor or conveyancer will guide you through the legal steps, including signing contracts, paying the deposit, exchanging contracts, and final settlement.

 Step 7: Pay Deposit and Sign Contract on The Property

Once your solicitor or conveyancer has reviewed the contract and you decide to proceed with the purchase, you’ll pay the deposit (typically 5–10%) when the contract is signed and exchanged. This step formally commits you to buying the property. Following this, there is a settlement period, usually around six weeks, during which you must finalise your loan and complete any other required documentation. Your mortgage broker and solicitor or conveyancer will guide you through each step of this process.

 Step 8: Receiving Unconditional Approval

Once the property valuation is confirmed and all other conditions are satisfied, the lender will issue unconditional approval for your loan. This means the lender is officially committed to financing your purchase, giving you the confidence to move forward with the next steps.

 Step 9: Reviewing and Signing Loan Documents

After your loan receives unconditional approval, the lender will provide the loan documents for your review. These documents detail the mortgage terms, including the loan amount, interest rate, repayment schedule, fees, and other legal conditions. Carefully review everything—ideally with a legal professional—to ensure all terms match what was agreed and there are no unexpected clauses. Once you’re satisfied, sign the documents so the lender can proceed with setting up your loan.

 Step 10: Settlement Day – Receiving Keys to Your Home

Settlement day is the final stage of buying your home. On this day, the legal representatives for both the buyer and seller complete the transfer of property ownership. All required documents are exchanged, and the lender pays the remaining balance of the purchase price to the seller. Once settlement is complete, you receive the keys and officially take ownership of your new home.