The steps and the clocks
| Step | What the source says | Source |
|---|---|---|
| Pre-approval | A lender's conditional approval lasts 3 to 6 months. It involves a credit check. | NSW Government |
| FIRB decision (foreign persons) | It can take up to 30 days to consider an application after full payment of the fee | ATO |
| Cooling-off (NSW) | 5 business days after exchange, ending 5pm on the fifth business day. 10 business days off the plan. | NSW Government |
| Full (unconditional) approval | Needs a more detailed application, including a valuation of the property. No timeframe is published. | NSW Government |
| Settlement (NSW) | Usually around 6 weeks after contracts are exchanged | NSW Government |
Rules and times differ by state. The table uses NSW for pre-approval, cooling-off and settlement because that is the state page that gives figures. Other states' cooling-off rules are in the signing guide.
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A worked example of the sequence
These steps do not overlap for a buyer who needs approval, so the times add. Take the published figures and put them in order:
- FIRB decision: up to 30 days after the fee is paid
- Contracts exchanged on the day approval arrives: 0 days (assumed, and any gap adds time)
- Settlement about 6 weeks later, which is 6 × 7 = 42 days
Total: 30 + 42 = 72 days, or just over 10 weeks, from paying the fee to settlement. That leaves out finding a property, document gathering, the lender's assessment and the valuation, none of which have a published time. The Foreign Investment website says Australian citizens living abroad and holders of permanent residency visas do not need to apply, so they skip the 30 days. The FIRB guide explains who has to apply.
Pre-approval windows matter here. A 3-month pre-approval is roughly 90 days, and the 72 days above would use most of it before counting any property search. Whether a lender will extend or renew one is the lender's policy, and the NSW page notes that applying involves a credit check.
What brokers say about timing
These are broker claims, not official figures or lender commitments:
- Odin Mortgage's expat page (updated 2 October 2026) says traditional mortgage applications take 6 to 12 weeks for expats, that fast-track assessment through dedicated expat teams takes 5 to 7 days against 3 to 4 weeks, and that its average settlement time is 28 days against a 45 to 60 day market average.
- Home Loan Experts says FIRB approval typically takes 30 days, but this can vary with the situation and how complete the application is.
- Odin's separate non-resident page (updated July 2024) says FIRB endorsement usually takes 1 to 2 months. That differs from the ATO's "up to 30 days after payment" wording, so treat the ATO page as the reference.
The figures describe each broker's own process and are not comparable with each other.
What slows things down
- Appointments abroad. Hunter Galloway says embassy appointments in some cities book out weeks ahead. The Australian High Commission in Singapore says people without an appointment will not be seen. The certification guide lists the steps involved.
- Incomplete applications. Home Loan Experts says FIRB time depends on how complete the application is. Hunter Galloway says one wrong lender application costs a credit enquiry and weeks.
- Several lender applications. NSW Government says applying with several lenders could negatively affect your credit score. The credit guide covers how enquiries are recorded.
- Signing arrangements. If someone else will sign, a registered power of attorney may be needed first. The power of attorney guide shows the state differences.
- Moving the deposit. The deposit transfer guide covers payment timing.
- Off-the-plan finance. NSW Government says that if you will need to borrow, the finance might be needed several months or even years after you agree to buy. See the off-the-plan guide.
How it interacts with contract dates
Finance has to line up with the contract. In Western Australia, the Commissioner for Consumer Protection says there is no mandatory cooling-off period, so it is very difficult to back out once a written offer is signed. The buyer should name the pre-approving lender in the "Finance Clause Is Applicable" box on the offer, because the contract may no longer be binding if that lender does not grant the loan, and without a named lender the buyer would be bound to accept any loan offered. The step-by-step guide shows how the stages fit.
Keep reading
- Translating and certifying overseas documents for an Australian home loan
- Power of attorney for buying Australian property from overseas
- Signing a contract and settling on an Australian property from overseas
- Buying off the plan in Australia from overseas
- Sending money to Australia for a property deposit
- Australian credit score and credit file for expats and new arrivals
Frequently asked questions
How long does a pre-approval last?
NSW Government says pre-approval lasts 3 to 6 months. It is conditional: NSW says you then need full approval, which needs a valuation of the property, and pre-approval does not mean a loan is certain. Lenders set their own conditions and expiry dates, so the lender's letter is the reference.
How long does FIRB approval take?
The ATO says it can take up to 30 days to consider an application after full payment of the fee. Home Loan Experts says typically 30 days, depending on the situation and completeness of the application. Citizens and permanent residents do not need to apply.
How long between exchange and settlement?
NSW Government says around 6 weeks after contracts are exchanged. This figure is for NSW. Other states have their own practices, so check your state's government guidance and the dates in your contract with your conveyancer.
Can the process be done faster from overseas?
Brokers describe fast-track assessment, such as Odin's claim of 5 to 7 days against 3 to 4 weeks. Those are its own claims, not official timeframes, and the official pages reviewed give no way to shorten the ATO's consideration period.
Does being overseas add time?
It can. Appointments for witnessing and identity checks, translation and time zones can all add steps. None of the sources gives a figure, so ask your lender, conveyancer and broker for dates rather than relying on averages.
Sources
- Getting conditional home loan approval, NSW Government
- Contracts and deposits when buying property in NSW, NSW Government
- Buying property off the plan, NSW Government
- Residential real estate, Foreign investment in Australia (Treasury)
- Apply to buy residential property as a foreign person, ATO
- Commissioner's blog: Don't be hasty when buying a home, Consumer Protection WA
- Land, property and mortgage documents, Australian High Commission Singapore
- Australian expat mortgages, Odin Mortgage (broker, secondary source)
- Non-resident home loans, Odin Mortgage (broker, secondary source)
- Non-resident mortgages, Home Loan Experts (broker, secondary source)
- Australian expat home loans, Hunter Galloway (broker, secondary source)
Checked 7 October 2026.
Expat Finance is an independent guide. It is not a lender, mortgage broker or credit provider, it does not hold an Australian credit licence, and it does not give credit, legal, tax or migration advice. It is not affiliated with any bank, the ATO or the Foreign Investment Review Board. General information only, not legal, tax, migration or financial advice.