The home buying process for nurses and midwives typically spans four to eight weeks from pre-approval to settlement, though timelines vary depending on property type and lender turnaround.
Many registered nurses assume the hard work ends once a lender approves their application. The approval is a milestone, but what follows involves coordinating solicitors, building inspections, valuations, and final loan conditions before you receive the keys. Understanding each stage helps you avoid delays and make decisions that protect your position.
Getting pre-approval before you start looking
Pre-approval gives you a clear borrowing limit and shows sellers you're a serious buyer. Most lenders assess your income, expenses, and deposit to confirm how much they'll lend, usually valid for three to six months.
In our experience, nurses who secure pre-approval before attending auctions or making offers have more negotiating power. Consider a midwife working in a public hospital who obtained pre-approval for a loan amount based on her base salary plus penalty rates. When she found a property within her approved range, she could move quickly without waiting for conditional finance approval. The vendor accepted her offer over a higher bid that was subject to finance because her pre-approval reduced settlement risk.
Making an offer and signing the contract
Once you've found a property, you'll either bid at auction or submit a written offer through the agent. If the seller accepts, you'll sign a contract of sale and pay a deposit, typically 10% of the purchase price, though this can sometimes be negotiated lower.
The cooling-off period in most Australian states gives you three to five business days to withdraw from the contract if you change your mind, though you'll forfeit a small percentage of the deposit. Auction purchases don't include a cooling-off period, so you're committed immediately. Your solicitor or conveyancer should review the contract before you sign to identify any unusual clauses or issues with the title.
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What happens during the formal application stage
Your formal application converts pre-approval into unconditional approval. The lender orders a property valuation to confirm the purchase price aligns with market value and reviews any conditions from the pre-approval stage, such as updated payslips or evidence of your deposit source.
Valuations occasionally come in below the agreed purchase price, which affects your loan amount and may require you to increase your deposit or renegotiate with the vendor. We regularly see this with off-the-plan purchases or properties in areas with limited recent sales data. A registered nurse purchasing an apartment interstate submitted a formal application only to have the valuation come in $20,000 below the contract price. She negotiated with the vendor to split the difference, reducing the purchase price by $10,000 and increasing her cash deposit to cover the remaining shortfall. The lender approved the adjusted loan amount, and the purchase proceeded.
Understanding offset accounts and loan features
Most home loan products for owner-occupied properties include the option to attach an offset account, which reduces the interest you pay by offsetting your account balance against the loan principal. A variable rate loan with offset typically offers more flexibility than a fixed rate, though you'll need to weigh this against interest rate certainty.
Some nurses and midwives choose a split loan structure, fixing a portion of the loan for rate stability while keeping the remainder on a variable rate with offset access. This approach works well if you're making regular additional repayments but want protection against rate increases on part of the debt. When comparing loan packages, look at annual fees, redraw restrictions, and whether extra repayments are permitted without penalty.
Arranging building and pest inspections
A building and pest inspection identifies structural issues, termite damage, or safety concerns before you're locked into the purchase. Most contracts include a building and pest clause that allows you to withdraw or renegotiate if the inspection reveals major defects.
You'll need to arrange the inspection during the cooling-off period or ensure the contract includes a suitable clause. The inspection costs around $400 to $600 depending on property size and location, and the report usually takes a few days to complete. If the inspection uncovers significant problems, your solicitor can help you negotiate a price reduction or request the vendor complete repairs before settlement.
Finalising loan conditions and unconditional approval
Before the lender issues unconditional approval, you'll need to satisfy any outstanding conditions such as providing insurance quotes, updated bank statements, or evidence of sold assets. Some lenders also require you to attend a loan interview or sign declarations confirming your circumstances haven't changed since application.
Once all conditions are met, the lender issues a formal loan offer, and your solicitor works toward settlement. At this point, you'll also need to arrange home and contents insurance, as most lenders require proof of insurance before releasing funds.
What to expect at settlement
Settlement is the final legal process where ownership transfers from the vendor to you. Your solicitor and the vendor's solicitor meet, usually electronically, to exchange documents and funds. The lender transfers the loan amount to the vendor, and you provide any remaining deposit or costs not covered by the loan.
Settlement day is when you receive the keys and become the legal owner. You'll also pay stamp duty, legal fees, and any adjustments for council rates or strata levies the vendor has prepaid. Your solicitor will provide a settlement statement outlining all costs a few days before the scheduled date, so you know exactly how much to transfer.
Once settlement completes, your first loan repayment is usually due within a month. If you've arranged an offset account, linking it immediately helps reduce interest from day one. Most lenders provide online access to your loan account within a few days of settlement, allowing you to monitor repayments and make additional contributions.
The process from application to settlement involves multiple professionals and coordinated timing. Call one of our team or book an appointment at a time that works for you to discuss how we structure applications to avoid common delays and ensure you're prepared for each stage.
Frequently Asked Questions
How long does the home buying process take from pre-approval to settlement?
The process typically takes four to eight weeks from pre-approval to settlement, though timelines vary depending on property type, lender processing times, and how quickly you satisfy loan conditions. Off-the-plan purchases or properties requiring extensive building reports can take longer.
What happens if the property valuation comes in below the purchase price?
If the valuation is lower than the agreed price, the lender will base the loan amount on the valuation figure, which may require you to increase your deposit to cover the shortfall. You can also negotiate with the vendor to reduce the purchase price or withdraw from the contract if you have a finance clause.
Do I need a cooling-off period if I buy at auction?
No, auction purchases do not include a cooling-off period in most Australian states. Once the hammer falls and you sign the contract, you're legally committed to the purchase. This is why having pre-approval and completing due diligence before auction day is important.
When do I need to arrange home insurance?
You should arrange home insurance before settlement, as most lenders require proof of insurance before releasing loan funds. Insurance should commence from settlement date, as you become responsible for the property once ownership transfers.
What costs do I need to cover at settlement apart from the deposit?
At settlement, you'll pay stamp duty, legal or conveyancing fees, any adjustments for prepaid council rates or strata levies, and the balance of your deposit if you paid less than 10% upfront. Your solicitor provides a settlement statement detailing all costs a few days before the scheduled date.
