Getting a home loan can seem complex, even if you’ve bought property before. Here are the most common steps from application to settlement.
Getting started on your home buying journey
Buy with confidence with our video guide to the home buying process, from planning your purchase to settlement and beyond.
1. Apply for conditional pre-approval to search with confidence
Conditional pre-approval provides an estimate of how much you can borrow based on the information you provide to us. Applying for conditional pre-approval is important as it will help you understand what you can afford and give you the confidence to make an offer when the right property comes along.
To help you with the home loan process and to apply for conditional pre-approval, make an appointment with a Home Lending Specialist
Ask your Home Lending Specialist for a personalised property report for your preferred suburb or property. They’ll also estimate your upfront buying costs (e.g. stamp duty, legal fees)
Find a solicitor or conveyancer who can help you with the contract and any other legal documents.
Estimated time to complete home loan application: 15mins – 48 hours
3. Secure your property & pay the deposit
You can use the Contract of Sale to negotiate your offer on a property. Once accepted, both you and the vendor (seller) sign this contract, which confirms selling price, settlement terms and any other conditions for the sale.
Arrange a property and pest inspection
Check with local and state governments about zoning and future developments that may affect your home
Sign the contract and pay the deposit – usually 5-10% of the property price
4. Your home loan’s been approved, so it’s time to sign
Once your loan application and documents are submitted, we’ll review them and complete any necessary checks we need to do at our end (e.g. property valuation, credit checks, building documents) before we provide formal approval and your loan offer documents.
Complete stamp duty forms (if applicable) – your solicitor or conveyancer will organise this
Review your loan documents, either in person with your Home Lending Specialist or in NetBank with our SmartSign service. You will need to sign the loan documents
Estimated time for home loan approval (once documents submitted): 1-5 business days
5. Settle & move in
Settlement is when the purchase of the property is completed and it officially becomes yours. We will arrange a settlement date, time and location with your solicitor or conveyancer and notify you by SMS as soon as settlement is completed.
Arrange a pre-settlement inspection with the seller’s real estate agent
Make sure you have enough money in your nominated CommBank transaction account 48 hours before the settlement date – your solicitor will advise how much you’ll need
Pick up your keys from the seller’s real estate agent
Estimated time from application to settlement: 4-6 weeks
Congratulations! You’ve bought your home
Each home buying journey is different. Your Home Lending Specialist is there to guide you through these steps and help with anything specific to your situation.
Our staff may receive payments for business they refer to other persons in the Bank who specialise in certain products and/ or services and may be eligible for prizes including overseas travel and gift vouchers. Our staff may also receive benefits such as tickets to sporting and cultural events, corporate promotional merchandise or other similar benefits from product providers whose products they may sell or for business they may refer to product providers. We receive commission for selling CommInsure Home Insurance and Loan Protection Insurance. The commission amount ranges between 0% to 20% of every annual premium amount. Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian credit licence 234945. Registered office: Ground Floor, Tower 1, 201 Sussex Street, Sydney, NSW 2000.