Taking out a home loan can be one of the biggest financial decisions you’ll ever make, but it doesn’t have to be complicated.
At Stryve Finance, we believe that understanding the home loan process is key to making smart, confident property decisions. Whether you're buying your first home, upgrading to your forever home, or financing a renovation, knowing what to expect at each stage of your mortgage journey can save you time, money, and unnecessary stress.
In this comprehensive guide, we’ll walk you through the full home loan application process in Australia from evaluating your financial position to getting final settlement. As experienced mortgage brokers, we go beyond what banks offer, providing personalized advice and unique lending solutions, including specialised renovation loans for homeowners looking to enhance their property’s value.
Let’s break down each step, clearly and simply. So you can move forward with confidence.
What Is a Home Loan?
A home loan, also known as a mortgage, is a financial agreement where a lender provides you with funds to purchase a property, typically a home or investment property. In return, you agree to repay the loan over a set period (often 25 to 30 years), along with interest and fees.
In Australia, home loans come in a variety of types, and choosing the right one depends on your financial goals, property plans, and whether you’re buying, refinancing, or renovating.
Common Types of Home Loans:
- Variable Rate Home Loan: Interest rates fluctuate with the market. Offers flexibility and often allows extra repayments without penalty.
- Fixed Rate Home Loan: Locks in your interest rate for a set period (usually 1–5 years). Provides certainty over repayments.
- Split Loan: Combines both fixed and variable portions. Best of both worlds for stability and flexibility.
- Interest-Only Loan: You pay only interest for an initial period, delaying principal payments. Often used by investors.
- Renovation Loan (Stryve Finance Specialty): Tailored for homeowners looking to upgrade or improve their property. Funds can be structured upfront or released in stages as renovations progress.
For more detail, we have produced a special article talking about the type of home loans. Hopefully, it can inform you to decide which home loans are suitable for your situation.
Stryve Tip: Not all banks offer renovation-specific loans, that’s where our expertise gives you an edge. Whether you're adding a bathroom, opening up your kitchen, or doing a full structural revamp, we help you find the right finance strategy.
Who Can Apply for a Home Loan in Australia?
Applying for a home loan is a major milestone and it’s more achievable than many people think. In Australia, most residents who meet standard lending criteria can apply for a mortgage, whether for a first home, investment property, or renovation.
Basic Eligibility Requirements:
To qualify for a home loan with most lenders in Australia, you typically need to:
- Be at least 18 years old
- Be an Australian citizen, permanent resident, or hold an eligible visa
- Have a stable and verifiable income (PAYG or self-employed)
- Have a good credit history
- Provide a deposit: usually at least 5–20% of the property’s value
- Be able to demonstrate your ability to repay the loan based on current income and living expenses
Different Types of Borrowers We Support:
At Stryve Finance, we work with a wide range of clients, including:
Types of Home Loans
| Loan Type | Pros | Cons | Best For |
|---|---|---|---|
| Variable | - Flexible repayments - Benefit from rate drops | - Unpredictable rates - Harder to budget | Flexible buyers |
| Fixed | - Predictable repayments - Protection from rate hikes | - Break fees - Less flexibility | Budget-conscious |
| Split | - Combines fixed and variable - Spreads risk | - Complex to manage - Not always beneficial | Balanced strategy |
| Interest-Only | - Lower initial repayments - Improves cash flow | - No equity buildup - Higher long-term cost | Investors |
| Renovation | - Funds for improvements - Increases property value | - Requires documentation - Valuation risk | Renovators |
- First Home Buyers: Need help with deposits, government grants, or navigating the unknown? We’re here for it.
- Upgraders and Growing Families: We help you tap into equity and finance your next move with ease.
- Investors: We structure loans for optimal tax efficiency and long-term growth.
- Renovators: Planning a major home improvement project? We specialise in renovation loans that unlock your property’s potential.
Not sure if you qualify? Speak with a Stryve mortgage expert for a free pre-assessment. No obligation, just clarity.
Step-by-Step Home Loan Process in Australia
Buying or renovating a home doesn’t have to feel overwhelming. At Stryve Finance, we break down the home loan process into clear, manageable steps, guiding you from day one through to settlement.
Here’s how it works:
Step 1: Evaluate Your Financial Situation
Before applying for a loan, it’s important to understand your finances. This includes:
- Reviewing your income and expenses
- Checking your credit score
- Calculating how much you can borrow
Use our Borrowing Power Calculator to estimate what you might be eligible for. It’s fast, free, and secure.
Step 2: Get Pre-Approval (Conditional Approval)
Pre-approval (also known as conditional approval) is an indication from a lender that you’re eligible to borrow up to a certain amount, based on your financial situation.
Why is it important?
- Helps you set a realistic budget
- Strengthens your position when making offers
- Shows sellers and agents you’re serious
Stryve Advantage: Our mortgage experts handle the paperwork and compare options across lenders to get you pre-approved, often within 24–48 hours.
Step 3: Find the Right Property
Once you’re pre-approved, you can house-hunt with confidence.
Tips for a smart purchase:
- Research suburbs, school zones, and growth potential
- Factor in renovation potential if you’re planning upgrades
- Request a property report from your Stryve broker
Buying a fixer-upper? This is where our renovation loan expertise comes in. We can help you finance both the purchase and improvement of your dream home.
Step 4: Submit a Full Loan Application
Found “the one”? It’s time to apply for a formal loan.
You’ll need to provide:
- Proof of income (payslips, tax returns)
- Identification (passport or driver’s license)
- Details of expenses, debts, and assets
- Contract of sale or building plans (if applicable)
We package and submit your application to the most suitable lender and negotiate terms on your behalf.
Step 5: Receive Unconditional Approval
Also known as formal approval, this means the lender has completed all checks and officially agrees to fund your loan.
What happens here:
- The lender values the property
- Final assessments are made
- The loan is fully approved
Once you reach this stage, you’re nearly at the finish line.
Step 6: Sign the Loan Documents
You’ll receive a set of official loan documents to review and sign.
We recommend:
- Reading all terms carefully
- Asking your broker or legal advisor for clarification
- Signing and returning promptly to avoid delays
Stryve’s support doesn’t stop here. We walk you through the documents and ensure nothing gets missed.
Step 7: Settlement Day
This is the final (and most exciting) step of the home loan process, the moment your property officially becomes yours.
On settlement day, your lender transfers the funds to the seller or builder, and legal ownership of the property is transferred to you.
What to expect:
- A final inspection of the property (known as a pre-settlement inspection)
- Confirmation of settlement time and legal handover
- Receiving the keys from your solicitor, agent, or vendor
Congratulations, you’re now a homeowner or renovator!
Want to dive deeper? Read our full guide on Home Loan Settlement to learn what happens behind the scenes, how to prepare, and what to watch out for.
Free Tools and Calculators to Help You Plan
At Stryve Finance, we know that clear numbers lead to confident decisions. That’s why we offer simple, smart tools to help you explore your loan options before you even apply.
Whether you’re a first-time buyer or planning a renovation, these calculators will help you estimate costs, compare strategies, and make informed financial choices.
1. EMI Calculator
Estimate your monthly home loan repayments based on loan amount, interest rate, and loan term. Perfect for budgeting and planning your cash flow.
2. Stamp Duty Calculator
Find out how much stamp duty you’ll pay in your state or territory, including potential concessions for first home buyers. Avoid surprises and factor all costs into your purchase.
3. Extra Repayment Calculator
See how making extra repayments can reduce your loan term and save you thousands in interest. Ideal for those wanting to pay off their home loan faster.
These tools are free and easy to use. Need help interpreting the results or planning your next step? Book a free consultation, we’re here to guide you through it.
These tools are for general guidance only and do not constitute financial advice.
Frequently Asked Questions: Home Loan Process in Australia
1. How long does the home loan process take?
Typically, the full home loan process takes between 4 to 6 weeks, depending on the lender, your financial situation, and the complexity of the application. At Stryve Finance, we aim to fast-track approvals with streamlined paperwork and lender relationships.
2. What’s the difference between pre-approval and unconditional approval?
- Pre-approval (also called conditional approval) means a lender agrees in principle to lend you a certain amount, subject to further checks.
- Unconditional approval means your loan is formally approved, and the lender is ready to fund your property purchase.
Pro tip: Always seek unconditional approval before signing a property contract.
3. Can I get a home loan and renovation loan together?
Yes and this is where Stryve shines. We can help structure a single loan that covers both your home purchase and renovation costs, either through construction-style loans or equity release, depending on your circumstances.
4. How much deposit do I need for a home loan?
Most lenders require a minimum 5–10% deposit, but having 20% or more may help you avoid Lender’s Mortgage Insurance (LMI) and access better interest rates.
5. Do I need to use a mortgage broker?
You don’t need one, but working with an expert broker like Stryve gives you access to:
- Dozens of lenders (not just one bank)
- Better negotiation power
- Tailored strategies (especially for renovations)
- End-to-end support without extra cost (we’re paid by lenders)
6. Can I refinance my existing home loan to renovate?
Absolutely. Many of our clients unlock equity in their home to fund renovations. We assess your current mortgage, property value, and goals then recommend the smartest way forward.
Why Choose Stryve Finance?
In a market dominated by big banks and impersonal processes, Stryve Finance stands out by putting your goals, not lender quotas first.
Here’s why Australian homebuyers and renovators trust us:
1. Independent, Expert Advice
We’re mortgage brokers not bank employees. So we work for you, not the lender. We compare loan options across dozens of providers to find the best deal for your situation, not theirs.
2. Home Loan and Renovation Loan Specialists
Renovating? Buying off the plan? Need to refinance and access equity? We do what many brokers and banks can’t. We build custom loan strategies around your property plans, not just your paperwork.
3. Faster Approvals, Less Hassle
No more chasing documents or waiting on hold. We manage the full loan process, keep you informed, and move fast, often securing pre-approval within 1–2 business days.
4. Long-Term Relationships, Not Transactions
We’re not a one-time service. We stay with you throughout your property journey from first loan to final repayment, helping you refinance, invest, or renovate as your needs evolve.
Stryve Finance made the process simple, smooth and stress-free. I felt empowered the whole way through.” - Emma T., Melbourne
Ready to Get Started?
Whether you’re buying your first home or upgrading your current one, the home loan process doesn’t have to be stressful, not when you have the right team behind you.
Book your free consultation with a Stryve mortgage expert today.
We’ll listen to your goals, review your numbers, and build a tailored plan to get you moving sooner. Contact us today!
Dylan Bertovic is the Director and Senior Finance Broker at Stryve Finance, specialising in non-traditional lending solutions. He helps clients across Australia with tiny home loans, construction finance, equipment and asset lending, refinancing, and investor loans. With deep expertise in self-employed and renovation mortgages, Dylan is known for crafting tailored strategies that get results
