The Home Loan Process — Application to Settlement

Q: How long does the home loan process take?

From application to settlement typically takes 4 to 6 weeks. A broker manages the process and can expedite timelines.

How does the home loan process work? The process runs from pre-approval through property search, formal application, valuation, conditional then unconditional approval, and finally settlement (when you get the keys). With a broker managing the process, the typical timeline from application to settlement is 4 to 6 weeks.

Step 1: Pre-approval

Before you start looking at properties, get pre-approved. This confirms how much you can borrow and shows sellers you are a serious buyer. Read our pre-approval guide for details on the process.

Step 2: Find a property and make an offer

Once you find a property within your pre-approved budget, you make an offer through the real estate agent. In WA, offers are typically made in writing with conditions — finance approval, building and pest inspection, and sometimes a satisfactory valuation.

Step 3: Formal application

Once your offer is accepted, your broker submits the formal loan application to the lender. This includes your income documents, identification, details of the property, and the signed contract of sale. The lender orders a property valuation.

Step 4: Approval

The lender issues conditional approval once the valuation is satisfactory and your application meets their criteria. Once all conditions are satisfied (including building and pest inspections if applicable), you receive unconditional (formal) approval. At this point, the contract becomes binding.

Step 5: Settlement

Settlement is when ownership transfers from the seller to you. Your solicitor or settlement agent handles the legal transfer, the lender releases the funds, and you collect the keys. In WA, settlement typically occurs 30 to 60 days from the date of the contract. Read our complete home loans guide for more context.

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Frequently asked questions

How long does the home loan process take?

From formal application to settlement typically takes 4 to 6 weeks, depending on the lender, valuation timing, and document readiness. With a broker managing the process, timelines are usually shorter.