You’ve done it ...your offer’s been accepted. Cue the champagne, right? Not so fast. For many Australian first-home buyers, the steps between "sold" and "settlement" feel like a mystery. What happens now? Who does what? And how do you make sure nothing gets missed? If that’s you, overwhelmed, excited, and unsure, you’re not alone.
Let’s walk through what actually happens after you say “yes” to your first home.
What Happens After You Make an Offer?
Once your offer is accepted (either privately or at auction), you’ll sign a contract of sale and pay a deposit (usually 10%). But that’s just the beginning of the home buying settlement steps.
Depending on the contract, you might have conditions attached, like "subject to finance" or building inspection. These conditions generally need to be satisfied before the contract becomes unconditional. Your solicitor or conveyancer can explain how this applies in your situation.
Going Unconditional: What It Means
Going unconditional means the contract conditions have been met. At that point, your solicitor or conveyancer will confirm the legal implications with you.
You’ll need to:
- Get formal loan approval from your lender
- Pay any outstanding balance of your deposit
- Check whether your lender requires home insurance before settlement, as requirements can vary (many lenders require it before settlement)
- Notify your conveyancer or solicitor to start the legal work
The Settlement Period: What to Expect
The time between going unconditional and settlement is usually 30–90 days. During this time:
- Bank Valuation: Your lender may send a valuer to assess the property’s worth.
- Loan Documents:You'll sign your official mortgage contract.
- Final Inspection: typically done 1–2 days before settlement. Your conveyancer or solicitor can advise you on what to look for during this step.
- Legal & Funds Transfer: Your conveyancer works with the seller’s legal team and your bank to finalise the paperwork and payments.
- Settlement Day: You get the keys!
How to Stay on Track (and Stress-Free)
This is where nerves kick in for many buyers. You’ve made the biggest purchase of your life, and now it feels like you’re waiting — with zero idea what’s happening behind the scenes. But you’re not powerless.
- Keep in regular contact with your conveyancer and lender
- Use a checklist to track tasks (deposit paid? insurance arranged?)
- Prepare early, don’t leave signing docs or inspections to the last minute
The good news? Each of these steps is well-worn territory for the pros you’ve hired. Your job is to stay calm, ask questions, and stay organised.
Don’t Let the Final Steps Trip You Up
The journey from offer to ownership might feel like a black box, but it doesn’t have to. Understanding the process can help you feel more informed and prepared as you move toward settlement. You’ve already done the hard part: finding the right place. Now it’s about following through without any surprises.
Want a full checklist and timeline to guide you from contract to keys?
Download the free First Home Buyer e-book. It includes:
- A step-by-step settlement checklist
- Final inspection tips
- Insurance reminders
- Scripts to talk to your lender or solicitor
- And a full roadmap from deposit to moving day
It’s designed to give first-home buyers a clearer understanding of each step from contract to keys. Grab it now and eel more organised as you work through each stage of the home-buying process.
