Property purchase time line


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Steps in the finance and property process

  1. Pre contract:

    1. Get a pre approval in place (first major event in the finance process)
    2. Find a conveyancer or solicitor to go through the contract
    3. Start looking for property
  2. Signing of contract (first major event in the property process)

    1. This starts the cooling off period (which is 5 days in NSW unless agreed otherwise)
    2. The timeframe from signing of the contract to settlement is 42 days in NSW (unless agreed otherwise)
    3. Pay 0.25% of the purchase price to the RE agent as a holding deposit
    4. Get full contract to conveyancer / solicitor
    5. Get signed first page of contract to the finance broker to start valuation process
    6. Organize pest and building inspection
    7. Obtain formal / unconditional approval from lender (second major event in the finance process)
  3. Contract Exchange (second major event in the property process)

    1. You are now committed to the purchase
    2. The lender will prepare the mortgage documents which need to be signed and returned (originals)
    3. The timeframe from here to settlement is about 37 days
    4. About 5 days before settlement the conveyancer / solicitor will request funds to complete to be deposited into a trust account.
    5. For settlement the lender requires insurance to be in place
  4. Settlement (Third major event in the property as well as finance process)

    1. The finance and property settlement takes place at the same time
    2. Ownership changes from vendor to purchaser
    3. You can now pick up the keys from the real estate agent and enjoy your new home!
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