Buying your first home runs in stages, and the stage you start with is working out what you can borrow and save, well before you look at a single listing.
This article walks Brighton residents through the timeline in order, from early planning to settlement day. It also shows where South Australian support fits in, so you can plan each step with confidence and bring the people who matter to you into the process.
How Long Does It Take to Buy Your First Home?
There is no fixed timeline, because it depends on how much you have saved and how ready your finances are. Some buyers are ready to start looking within a few months, while others spend a year or more building a deposit and tidying up their finances.
A useful way to think about it is in four stages: planning and saving, getting pre-approval, searching and making an offer, then the loan application and settlement. Each stage has its own decisions, and moving through them in order stops surprises later.
Stage One: Plan Your Budget and Deposit
Start by working out what you can comfortably repay each month, then build your deposit around that figure. A first home buyer budget should include your living costs, any debts and the upfront costs on top of the deposit, such as stamp duty (where it applies), legal fees and loan registration fees.
Your borrowing capacity is a lender's view of what you could borrow, and it can differ from what feels affordable day to day. Talking it through early lets you set a target that suits your life, whether you are buying solo, as a couple or with family support.
If you are saving a deposit, the First Home Super Saver scheme lets eligible buyers release voluntary super contributions towards a first home. The ATO limits contributions to $15,000 in a single financial year and $50,000 in total, and tax is withheld on release. Super contributions are locked away until you meet a condition of release, so this suits money you will not need for other things. Speak with your accountant about how it affects your tax position.
Which Low Deposit Options Can Help You Buy Sooner?
The Australian Government 5% Deposit Scheme lets eligible first home buyers purchase with a 5% deposit without paying Lenders Mortgage Insurance (LMI). Eligible single parents or legal guardians can use a 2% deposit. You apply only through a participating lender, and the scheme is not available directly from Housing Australia.
The main trade-off is that the loan is larger, so repayments and total interest are higher than with a bigger deposit. The scheme also has property price caps. In South Australia the cap is $900,000 for the capital city and regional centres category and $500,000 for other areas. The exact cap depends on the suburb and postcode in Housing Australia's postcode search tool, so check the Brighton postcode before you start searching.
You can also receive a gift deposit from family, and lenders will have their own rules on how that is documented. Our first home buyers page explains the range of home loan pathways we can look at together.
Ready to get started?
Book a chat with a Mortgage Broker at Blackfish Finance today.
Why Get Pre-Approval Before You Start Looking?
Pre-approval shows you a likely borrowing limit before you make an offer, so you can search within a realistic range. It is not a final approval, and it is subject to the lender's assessment of the property and your circumstances at the time.
It usually involves the lender reviewing your income, spending, savings and debts. Taking care of small things beforehand, such as reducing credit card limits you do not use, can make that review smoother.
Pre-approval generally has an expiry period set by the lender. If your search takes longer than expected, your broker can help you request an extension or reassess.
South Australian Grants and Stamp Duty Relief
In South Australia, the First Home Owner Grant is $15,000 for eligible new homes only, and stamp duty relief applies to new homes, off-the-plan apartments and vacant land to build on. Neither is available for established homes.
For contracts entered into on or after 13 February 2025, you are not eligible if you or your spouse or domestic partner own or have owned residential property in Australia. You must live in the home for at least six continuous months, starting within 12 months of settlement. The grant and the relief are applied for separately.
If you plan to build, our construction loans options work differently from a standard purchase, because funds are released in stages. Your broker can map out when each payment is due.
What Happens From Offer to Settlement?
Once your offer is accepted, you move from searching to the formal loan application, and the lender orders a valuation and checks the property. Your conveyancer or solicitor handles the contract and the transfer, while your broker keeps the loan on track.
Consider a couple in Brighton who get pre-approval and set a price range that sits within the relevant price cap. They find a home at the upper end of that range, and their broker lodges the full application with the lender straight after the contract is signed. The valuation comes back in line with the price, the lender confirms final approval, and they settle on the agreed date. The result is a smooth finish because the budget, cap check and approval were all done before the offer.
Before settlement, you will need building insurance in place and funds ready for any remaining costs. Settlement is also when your loan starts, so it helps to set up your repayments and consider features such as an offset account, which can reduce interest, though some lenders charge a higher rate or fee for loans that include one.
Planning Beyond Settlement
After you move in, it is worth reviewing your loan as your life changes. Whether you chose a fixed or variable interest rate, a loan health check helps you see if your loan still suits you. Fixed rates give certainty but can limit extra repayments and carry break costs if you exit early, while variable rates move with the market but allow more flexibility.
If you want to see how repayment levels could shift, try our mortgage repayment calculator.
As an example, at an illustrative rate of 6.75% p.a., a $500,000 loan over 30 years has monthly repayments of about $3,243. This is only an illustration, and actual rates vary by lender and your circumstances.
Call one of our team or book an appointment at a time that works for you, and we will build your timeline around your goals, your family and your pace.
Frequently Asked Questions
How long does it take to buy a first home?
It depends on your savings and how ready your finances are. Most buyers move through four stages: planning and saving, pre-approval, searching and offering, then loan application and settlement.
Can I buy a first home with a 5% deposit?
Eligible first home buyers can use the Australian Government 5% Deposit Scheme through a participating lender, without paying LMI. The loan is larger, so repayments are higher, and price caps apply.
Does the South Australian First Home Owner Grant apply to established homes?
No. The $15,000 grant applies to eligible new homes only, and stamp duty relief applies to new homes, off-the-plan apartments and vacant land to build on.
Why get pre-approval before house hunting?
Pre-approval shows a likely borrowing limit so you can search within a realistic range. It is not a final approval and depends on the lender's later assessment.
