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Step by step guide to home ownership

Confused about what exactly goes on during the journey towards owning your own home? Check out our handy step-by-step guide.

Can you guess the median house prices of these popular Australian suburbs?*

*Prices are based on three-bedroom homes

Review your answers below.


The home buying process

Once you’ve worked out how much you can afford to borrow and repay, saved your deposit, factored in all the costs involved, and investigated the home loan that’s right for you, now comes the fun part – buying your home! We investigate the steps involved in this page or our downloadable guide below.

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Step-by-step guide to home ownership

There are many steps involved in purchasing a property which can vary between residential and investment properties. This guide explains each step in order as well as what is involved at every stage of the purchasing process.


Download now

Home loan application process

Once you and your Mortgage Choice broker have chosen a home loan that’s right for you, it’s time to submit an application. The process varies between lenders, but we’ve provided a general order of events below.

  • 1

    1 hour

    We'll meet with you to understand your financial & lifestyle goals. We'll search through hundreds of home loans to find the one that's right for you, calculate your borrowing power, work out repayments and answer any questions that you may have.

  • 2
    1 - 2 days

    Once we've helped you choose the loan that's right for you, we'll help you prepare the application and guide you through the process.

  • 3
    3 - 5 days

    The lender will provide conditional approval while they organise the property valuation and conduct a credit check. We'll stay in touch with the lender and keep you informed along the way.

  • 4

    5 - 8 days

    Unconditional (full) approval is formal acknowledgement that your home loan application has been approved.

  • 5

    5-10 day

    Your loan is both a significant financial commitment and a strong financial foundation. We'll cover the cost of a discussion with our FinChoice financial adviser to help you manage your money through this major change, work out a plan for the future, and help protect what you're building along the way.

    Once your loan documents arrive, we'll organise a time to meet and help you complete the document.

  • 6
    5 - 15 days

    Loan settlement: if you're purchasing a property, your solicitor / conveyancer will organise settlement directly with the lender, according to the settlement date on the contract of sale. If you're refinancing your existing home loan, the lenders will liaise directly to exchange the documents.

  • 7

    Total process 4 - 8 weeks

    Keeping in touch: our service doesn't end once your loan settles. We will stay in touch to make sure your home loan is the right solution for your needs now and in the future.

Latest home loan interest rates

Starting from
%*
p.a.
Comparison rate
%#
p.a.

Find out how much you can borrow and the costs involved with our free quick quote!


Quick Quote

How to choose your property

You've done your homework, you’ve saved and saved, now comes the exciting part ... searching for your first home!

Choosing your property: what to consider

Inspect the roof and its insulation, see whether neighbouring properties are in good condition, check for damp patches and cracks inside - particularly if you found problems outside.

Is the location close to transport, medical facilities, schools, shops and restaurants?

Your local Mortgage Choice expert

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Find a FinChoice adviser

How to make an offer

Making an offer for ‘the’ property is nerve-wracking stuff, but it pays to play it cool. 

We answer the most common questions to get you ready for your first home in our Mortgage Minutes!

Is now a good time for first home buyers? With Joel Gibson

What grants and schemes are available for first home buyers? With Joel Gibson

Do I need home loan pre-approval?

How much deposit do I need to save?

I'm a first home buyer, what help can I get?


Getting help from a guarantor

If you are looking to get your foot into the property market with less than a 20% deposit, then getting help from a guarantor can help you avoid paying lenders mortgage insurance (LMI).

Watch our video to understand when you can get help from a guarantor and how they can help in your journey to buying a home.

Additional resources

Our current interest rates

Lender
Interest Rate
Comparison Rate
Lender
Interest Rate
Comparison Rate

Credit criteria, conditions, fees and charges apply. Subject to suitability. The comparison rates in this table are based on a loan amount of $150,000 and a term of 25 years. Warning: This Comparison Rate applies only to the example or examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and costs savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan.

Compare and save on your mortgage

See the latest great deals from over 25 lenders, including the big four banks. Our online comparison tool lets you compare rates and features of thousands of loans to find one that's right for you~.

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