OZ Home Loan
  1. 01 Getting ready
  2. 02 Pre-approval
  3. 03 Choosing a loan
  4. 04 Offer and formal approval
  5. 05 Settlement

The route

Five stages, start to settlement

Nothing here is a rule you have to follow — it is the order the process actually happens in. The value is knowing which decisions belong to which stage, because most costly mistakes are decisions made one stage too late.

  1. 01

    Getting ready

    The months before you apply for anything, when your deposit, your spending record and your existing credit limits decide what will be possible later.

    Three to twelve months, depending on the deposit

    • How much deposit are you actually aiming for?
    • What else has to be paid on top of the deposit?
    Open stage 01
  2. 02

    Pre-approval

    A lender looks at your full position and indicates what it would lend, subject to a property. It is what lets you bid or make an offer with a number you can stand behind.

    Two days to three weeks, then valid for roughly three months

    • Is this a real assessment or a calculator result?
    • When should you get it?
    Open stage 02
  3. 03

    Choosing a loan

    Comparing what is actually different between products, which is usually the structure and the fees rather than the number on the poster.

    A week or two, in parallel with looking at properties

    • Fixed, variable, or split?
    • Offset account, redraw, or neither?
    Open stage 03
  4. 04

    Offer and formal approval

    From the moment you have a contract on a specific property to unconditional approval on that property.

    One to four weeks, and shorter if you bought at auction

    • Auction or private treaty?
    • Does the valuation agree with the price?
    Open stage 04
  5. 05

    Settlement

    The day the money moves, the title transfers, and the loan actually starts. Mostly handled by your conveyancer, with a small number of things that are yours alone.

    Usually 30 to 90 days after exchange, set in the contract

    • Are the settlement figures right?
    • Is the building insured from the right moment?
    Open stage 05

General information about how the Australian home buying and lending process works. Thresholds, concessions and scheme eligibility are set by federal, state and territory agencies and change; each page links to the agency that sets the rule. Reviewed 17 August 2026.